The South Lake Tahoe City Council voted to move forward with the initial phase of The Chateau on Tuesday, June 11, the long-stalled project adjacent to Harveys Lake Tahoe and Stateline Avenue, across the street from the Heavenly Village.
The city council voted unanimously in favor of the development. Construction will start this summer on 27,868-square-feet of retail shops and restaurants. The city council acted on recommendations from the South Lake Tahoe Planning Commission. This phase of construction is scheduled for completion within 24 months.
“The city council demonstrated their ongoing commitment to the long-term economic and environmental viability of the community,” said Carol Chaplin, executive director of the Lake Tahoe Visitors Authority. “This critical step is the first in a series that will put us back on the premier destination map and start this tourism economy humming again.”
With the international economic downturn, financing dried up in 2008.
Owens Financial will fund the retail/dining portion near the state line border in the center of the tourist area along U.S. Highway 50.
Owens Financial is confident to secure a developer for the final phases of the project, which includes a lodging component and convention meeting space.
“This decision brings new life to a project that will be a centerpiece of the revitalized downtown area,” said Brian Haines of Owens Financial. “Visible progress of The Chateau this summer will encourage additional investors.”