Construction resumes on Chateau project
Construction on the Chateau project at Lake Tahoe has resumed after a funding fallout halted the project since 2008.
A building permit approved Aug. 16 by the South Lake Tahoe City Council opened the door for construction on the second phase of the commercial area.
According to a permit worksheet submitted May 22 to the City of South Lake by Tahoe Stateline Venture LLC — which is owned and managed by Owens Financial Group, a lending firm based in Walnut Creek, Calif. — the LLC applied to finance construction on 29,000 square feet for “retail and affiliated utility work, street sidewalks, streetscape, parking at the first floor, restrooms, elevators and ramps.”
Lew Feldman, a South Lake Tahoe attorney working with Owens Financial Realistic Group, said getting the earthwork and sidewalk established is the first goal in order to get the project moving.
“They’re getting ready to pour (concrete for) the garage deck, and then they’ll start their construction on top of that,” South Lake Tahoe Public Works assistant director Jim Marino said. “They have major utilities to run still. So there will be some roadwork on Stateline Avenue and Highway 50.”
Construction began more than a week ago.
The area is planned to be used for nightclubs, shopping areas and miscellaneous retail, according to a City of South Lake Tahoe news release.
The worksheet stated the second phase of the project is to cost $15.1 million for labor and materials. Feldman said the total project’s cost of $400 million is still a “realistic guestimate.”
A certificate of merger was recently submitted to the city to consolidate six parcels beneath the retail portion that are to be under construction.
As soon as the earthwork is completed for Phase II, construction that does not move any land can continue after the Oct. 15 construction deadline.
Tahoe Regional Planning Agency spokesman Jeff Cowen said the permits submitted to the agency for the Chateau project in 2007 are still legitimate.
Cowen said as long as the foundation is in place, contractors can build all year; it just needs to be stabilized. He also said if there’s any underground work that goes beyond the 9 cubic feet, it must be completed by Oct. 15.
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