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February 12, 2016

Chateau at the Village in South Lake Tahoe-Phase II Under Construction

SOUTH LAKE TAHOE, CA - Kidder Mathews, as exclusive agent for the Seller, 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, California. Chateau at Lake Tahoe.com. An initial 23,000 square foot retail phase of the project was completed last year and is fully leased. A second phase currently is under construction with completion scheduled for early 2017. This second phase will include an additional 20,000 square feet of retail and 30 condominium units. Chase International is marketing the Zalanta condominiums and is generating strong pre-sales interest with about two-thirds of the units already reserved. The units range in size from about 1,200 sf to 2,300 sf and include a mix of 2, 3 and 4-bedroom units. Prices range from $895,000 to $2,125,000.

Across Lake Tahoe Boulevard from the world class Heavenly Mountain Resort and its retail and dining amenities, 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.

Kidder's Benjamin Pollock stated, "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. Build out of the remainder of the project can be implemented in one or more phases", reported Kidder's Jeffrey Hutchins.

Kidder's David Wientjes said "buyer interest is strong, primarily from private-equity firms, offshore groups, time share groups, opportunity funds and high-net-worth individuals, who are responding to Tahoe's proximity to the Bay Area, its year round destination and the diversity of the area investment such as Tesla's Massive $5 Billion GigaFactory Battery Plant.

Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 550 real estate professionals and staff in 13 offices in Washington, Oregon, California, Arizona, and Nevada. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages 34.5 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.

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