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February 15, 2016

Chateau in South Lake Tahoe under construction

Reno Gazette-Journal

Jessica Garcia

Kidder Mathews, agent, is selling The Chateau at the Village, an 11.5-acre retail and large-scale fully entitled residential development site in the heart of South Lake Tahoe. An initial 23,000-square-foot retail phase was completed last year and is fully leased. A second phase is under construction with completion scheduled for early 2017.

The second phase will include an additional 20,000 square feet of retail and 30 condominium units. Chase International is marketing the Zalanta condominiums. The units range in size from about 1,200 to 2,300 square feet and include a mix of two-, three- and four-bedroom units. Prices range from $895,000 to $2,125,000.

Chateau at the Village is fully entitled for an additional 450 residential or hospitality units. It can be purchased in its entirety or in phases.

"Entitlements for projects in the Lake Tahoe Basin are extremely difficult to obtain and are extraordinarily valuable once achieved," Kidder's Benjamin Pollock stated. "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. Build out of the remainder of the project can be implemented in one or more phases," said Jeffrey Hutchins of Mathews' office.

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