Over the last six years, many locals have named the Chateau Project area “the hole.” Lake Tahoe visitors also wonder what is going on in this construction site on the California and Nevada border next to Harvey’s Resort. This area rests right on the state line, boarding Highway 50 and Stateline Avenue in South Lake Tahoe. This is the location my office was originally located for over 20 years before I was forced to move due to eminent domain. My new location in the Heavenly Village is across the street from this redevelopment area.
The Redevelopment area originally was set out to be a convention center with retail and lodging. The Chateau project has been stuck in bankruptcy courts and with the parties involved trying to come up with a solution. Finally, a new proposal was developed and approved by the South Lake Tahoe City Council on June 11, 2013. The original plan called for 365 hotel and condo units, 29,450 sq ft of retail, 16,193 sq ft of spa and recreation space, 95,302 sq ft of convention and meeting space, 535 parking places. The newly approved plan calls for a partial covering of “the hole” with 27,868 sq ft of retail space and 129 parking places. Construction is expected to be finished before the summer season of 2014. The rest of the project will be completed in phase 2 at a future date once the rest of the parcels involved are ready. View the original and current plans.
This project lies directly across the street from the popular Heavenly Village where my office (Paradise Real Estate) is now located. The completion of Phase 1 and 2 of the Chateau will revitalize the area with more dining and shopping options by next summer.
How this affects Lake Tahoe Real Estate
Progress on the Chateau project shows investors that the City of South Lake Tahoe is going to move forward in creating a cohesive look to the downtown area and making it more enjoyable for Lake Tahoe visitors. The revitalization should increase interest in Lake Tahoe real estate and, in my opinion, both commercial and residential median prices should continue to rise. Also, commercial investors will be more interested investing in South Lake Tahoe for new projects, which increases the value of the entire region.
Now is the time to buy
Homes are still priced at a good value even though we’ve seen several months in a row of rising median prices. With the Chateau project moving forward the value of the surrounding areas will start to rise. The project lies in the Stateline neighborhood and Heavenly Valley and Bijou aren’t far away.
For more information or to begin your search for real estate in South Lake Tahoe, contact me by phone at 530-541-2465 or by email.