The Chateau at the Village is a fully entitled 11.5 acre retail and residential development site in the heart of South Lake Tahoe.
Kidder Mathews, as exclusive agent for the Seller, presents for your consideration the rare opportunity to acquire The Chateau at the Village, an 11.5 acre retail and large-scale residential development site in the heart of South Lake Tahoe, California. Owner will sell portions of the 11.5 acre property separately.
The Chateau is directly across the street from the world class Heavenly Mountain Resort and its retail and dining amenities. It is also within blocks of Edgewood Tahoe Golf Course, “America’s Top Golf Course”, immediately across from the exciting entertainment and gaming venues at Harrah’s, Harveys, and the new Hard Rock Casino and four blocks from the shores of Lake Tahoe, one of the most beautiful lakes in the world. The Chateau at the Village consists of a newly built and occupied mountain facing retail center and fully entitled development rights to 477 residential or hospitality units. The Chateau will be the only newly constructed whole-ownership project at the Village at Heavenly.
In October 2014, the Seller completed construction of the first phase of the project consisting of 31,000 gross square feet of retail space at a cost of $21,500,000. The lease up has been rapid, achieving over 90% occupancy, including the popular McP’s Taphouse Grill, clothing, sundries and jewelry tenants. The next phase of the project, estimated at $48,000,000, consisting of an additional 20,000 GSF of retail, 30 residential units and a common area of +44,000 GSF, commenced construction in September 2015. In addition to the existing retail development, approximately $42,000,000 has been invested in the project, including subterranean parking for 535 stalls and the foundation work for the development.
Entitlements for projects in the Lake Tahoe Basin are extremely difficult to obtain and are extraordinarily valuable once achieved. Due to the strong oversight and authority of the local planning agency, zoning and entitlement restrictions, and lack of available sites it would be virtually impossible to replicate the Chateau opportunity. With all discretionary entitlements and infrastructure improvements in place, the successful bidder will be able to commence additional vertical construction quickly. Buildout of the remainder of the project can be implemented in one or more phases.
The seller of the Property, Tahoe Stateline Venture, LLC (hereafter “Seller”), with the support of the Tahoe Regional Planning Agency, invites experienced real estate developers and investors to complete this remarkable project.
The Chateau at the Village is being offered for sale without an asking price. All investors should base their offer on the "as-is, where is" condition of the property. Transaction guidelines/selection process are detailed under a separate section of this website.