City sells parcels to development company as part of Knights Inn project
May 10, 2017
The wheels are in motion for the redevelopment of a stretch of land starting at the corner of Ski Run Boulevard and U.S. 50 in South Lake Tahoe.
At a special meeting on Tuesday, May 9, City Council approved the sale of the developable portions of the parcels currently housing the Knights Inn to Halferty Development for $2 million.
The city recently purchased the parcels from Knights Inn owner Pradip Patel after years of going back and forth and will demolish the structures on the property this July.
The city-owned vacant lot next to the Knights Inn parcels is currently in escrow for $1.1 million, and Halferty will combine and jointly develop the properties to create a new shopping center. Whole Foods 365 will be the flagship tenant.
The non-developable portions of the Knights Inn parcels will be restored by the city in what they are calling the Bijou Park Creek Watershed Project.
"Planned improvements will increase ecosystem/watershed filtration processes, restore parcels located in a Stream Environment Zone (SEZ), reduce nutrients and sediment into Lake Tahoe, reduce localized flooding and initiate larger watershed restoration efforts," according to a press release from the city.