Corporation eyeing vacant lot
Walgreens has expressed interest in building at the southwest corner of Ski Run Boulevard and U.S. Highway 50 in South Lake Tahoe.
The drug store retailer based in Deerfield, Ill., has discussed buying the .783-acre retail lot Sunterra Corporation put up for sale, Walgreens spokeswoman Carol Hively confirmed. She declined to give further details except to say the company is interested in several locations.
The $21 billion company operates 3,446 drugstores in 43 states and Puerto Rico. Over half were developed in the last five years.
Sunterra, a resort that manages properties in North America, Europe and Mexico, filed for Chapter 11 protection May 31 and plans to unload the parcel for $1.9 million.
Sunterra Vice President Eric Butte declined to give further details of the company’s plans.
The company’s financial status and plans have no bearing on its business with Embassy Vacation Resort on Ski Run, Embassy Vacation Resort General Manager Verla Yonker said. Embassy, which is run by the Hilton Corporation, used Sunterra to develop its South Lake Tahoe property.
The 34,000-square-foot lot across the town’s main artery represents prime property to the city. City Manager Dave Childs stressed the importance of making the best decision for the city. The parcel is located in the path of redevelopment.
If Walgreens decides to buy the lot, the drug store would be a good fit, Childs indicated.
“I think they want to be in Tahoe,” he said.
A typical Walgreens store spans 14,500 square feet, carries more than 20,000 items and employs at least 25 people, the 100-year-old company reported. Most of the stores offer drive-through prescription service and one-hour photo finishing.
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