Real Estate Insights

If you haven’t heard the news yet, Lake Tahoe Development Company has begun construction on The Chateau at Heavenly Village, which is one more big step towards bringing South Lake Tahoe on par with Aspen and Vail.  A huge $1 Billion redevelopment is underway in South Lake Tahoe and you can now get in on the ground floor! 

The first phase will be selling soon and we have special connections with the broker of the development company to offer their exclusive first phase, not open to the general public, to the clientele of the Eagle Financial and Properties Group. If you’re aware of the first development constructed in South Lake by Heavenly and Marriot Hotels, then you know the value you can get by investing in the beginning phases. But the difference with this development is that it is the first whole ownership real estate opportunity at Heavenly Village.

Below is a recent article showing The Chateau at Heavenly Village progress and positive impact on the community and local real estate market.

Please feel free to contact me if you are interested in receiving more information.

THE CHATEAU AT HEAVENLY VILLAGE ON SCHEDULE AND ON TIME

South Shore’s Major Redevelopment Project Making Headway

( South Lake Tahoe , CA ) – Construction of the Chateau at Heavenly Village is progressing on schedule and taking shape for its 2009 opening.

In 59 days, the crews moved 120,000 cubic yards of earth (equal to 6 percent of the water volume in Lake Tahoe), poured 20,000 cubic yards of concrete (that amount could cover Edgewood Tahoe Golf Course in a half inch of concrete) and used 800 tons of steel rebar (the weight equal to eight Tahoe Queen sternwheelers). The project has employed more than 250 workers to date and many will stay on through the winter. 

The Chateau is a $420 million redevelopment project that will feature two luxury condominium-hotels with 477 rooms, 71,000-square-feet of conference and event space, a complete destination spa, 1.5-acre park, and a collection of shops and restaurants. RockResorts® a luxury hotel company owned by Vail Resorts, Inc., will operate the property and spa when it is completed.

Crews recently met a deadline set by the Tahoe Regional Planning Agency to continue construction through the winter. The deadline is designed to have dirt moved during summer months when the soil is more stable and help protect the clarity of the lake.

“We completed an unprecedented amount of work to get out of the ground and be able to continue vertical construction through the winter,” said Joe Stewart, project manager with SMC Contracting, the general contractor for the project. “We brought in our top crews from northern Nevada and northern California to accomplish the daunting task.”

Through the winter, concrete slabs (floors), columns and walls will continue to be poured. Four large cranes will assist the crews as the construction rises from the ground. The foundation for the parking garage is complete and the spa level foundation is next.

Lake Tahoe Development Co., the project’s developer anticipates completing construction in early winter 2009 for the height of the ski season.   

The Chateau, which continues South Lake Tahoe ’s redevelopment efforts started in 1991, boasts a prime location for year round activities: it’s within 50 yards of the Heavenly Village and gondola access to the ski resort as well as Harveys and Harrah’s Hotel Casinos, and is a short walk to Lakeside Beach and Marina . A proposed pedestrian overpass across Highway 50 will connect The Chateau with the gondola at Heavenly Village reinforcing the area’s philosophy for a central gathering place with convenient pedestrian access and minimal driving.

The project adds financial benefits for the area as well, including an estimated $1.4 million in transient occupancy tax, more than 500 additional jobs, approximately $6.3 million for area school districts and government agencies, $24 million for affordable housing, consistent shoulder season revenue through meetings and conventions estimated to attract 180,000 visitors, $23 million in room revenue and $56 million in annual discretionary spending. 

Recognizing that this redevelopment -- constructed to be Leadership in Energy and Environmental Design® (LEED) Certified, should be visually cohesive and environmentally sensitive, developers are continuing the exterior alpine motif of Heavenly Village (most recent redevelopment phase). The project's exterior materials of native wood and stone in earth tones, along with decorative glass and stucco work, are designed to tastefully blend with Tahoe's natural beauty and integrate with the existing mountain-style architecture prevalent throughout the redevelopment area.  

The project is a partnership between Lake Tahoe Development Co, RockResorts, S&P Destination Properties and the City of South Lake Tahoe .