STATELINE, Nev. –  “The Peak”, a development of luxury condos at the top of the Kingsbury Grade, is on its way to officially open by November of this year. Mike Leach, marketing representative at Sierra Sotheby’s for The Peak says it’s “full steam ahead” for the construction process this summer.

The Peak has 43 units ranging from 1,830 to 3,045 square feet, with prices in the range of $1.6 to $4.5 million. It offers amenities like an owner’s lounge, fitness center, concierge service, and a shuttle service to Heavenly Ski Resort. The property caters to those interested in the ski resorts like Boulder and Stagecoach, as well as Nevada’s tax benefits. It also offers vacation home rentals with a permit issued by Douglas County, similar to the Tahoe Village neighborhood that it’s adjacent to.

The Tahoe Village Homeowner’s Association building, pool, and spa are also being demolished, relocated, and built brand new as part of the construction. Leach said that it would be “a big upgrade for the Tahoe Village community” as well as an improvement to the lake views in the area. “People in the community are excited to see this become a beautiful building, rather than a construction zone, and it’ll increase their property values and bring in new neighbors,” said Leach.

This construction is one of the unique new builds in the area, a rarity for the Basin. The site, however, is fairly old. A project previously broke ground there in 2006, which then came to a halt in 2008. However, Sheba Development picked up the property in 2018 and got the building entitled there.

Bobby Laughlin, CEO of New Course Enterprises, got involved last year to finance the project and ensure the building would be finished. New Course is now the majority shareholder, having restructured the project and provided equity capital to fully fund it—but Sheba Development is still responsible for the day-to-day construction operations.

“New Course arranged for all of the capital for the project, and then some. We really want to deliver for the buyers and alleviate concerns from the project’s history,” said Laughlin. He told the Tribune that the construction is fairly straightforward and low risk from here on out.

Laughlin also told the Tribune that the capital invested is by way of the EB-5 market, or employment-based fifth preference category. It’s also known as the Immigrant Investor Visa Program, which provides a method for eligible immigrant investors to become lawful permanent residents by investing capital to finance U.S. businesses that create at least 10 new full-time jobs for Americans and work-authorized immigrants. “I feel really proud about that, because we’re both building these nice homes for people, and also allowing for about 200 people to become green card holders in the U.S.,” said Laughlin”

In the last few months, the presale for the condos has given the developers a lot of confidence in the success of the project, despite the challenging economic environment for properties. Laughlin and Leach both say they feel optimistic about the project and its completion later this year.

Eli Ramos is a reporter for Tahoe Daily Tribune. They are part of the 2024–26 cohort of California Local News Fellows through UC Berkeley.