Ski company up for warm welcome
Heavenly Ski Resort’s owner American Skiing Corporation, already slated to construct a gondola from Park Avenue to the resort, will likely become a much larger player in the planned Park Avenue Project.
Approval of American Ski’s proposal to acquire the rights to develop both the Park Plaza and the Lake Tahoe Inn is on the city of South Lake Tahoe’s Redevelopment Agency agenda.
Both properties are part of the proposed Park Avenue Project, a state line redevelopment project scheduled to break ground in less than a year.
City officials hope a revamping of the state line area of South Lake Tahoe will attract more tourists and help reverse a downward trend in South Shore room occupancy and gaming wins on the Nevada side.
Trilogy Development Corporation of Vancouver had agreed at the end of 1997 in concept to purchase the rights to rebuild the Lake Tahoe Inn.
In a letter dated June 22, Trilogy President John deC. Evans said the corporation will not proceed with its plans to acquire the development rights from HKM Partners for the inn.
“Our decision to not proceed was principally based on the Redevelopment Agency’s requirement for a spring 1999 construction start date, a time line that we believed would compromise the quality of the development opportunity,” Evans wrote in the letter addressed to Redevelopment Manager Jaye Von Klug.
ASC, based in Maine, will also acquire the rights for the Park Plaza, a part of the project which Trans-Sierra Investments originally planned to develop as a commercial development and hotel.
Trans-Sierra management abandoned ship and All Seasons Resorts agreed to develop the property as a time share. All Seasons also abandoned ship and now the plans are for ASC to acquire rights from Trans-Sierra.
American Ski plans to build condominiums on the Park Plaza site, ranging in size from studios to two-bedrooms units.
ASC renamed the Park Plaza. It will be called Grand Summit, ASC’s lodging trade name, should the Redevelopment Agency approve the transfer Tuesday.
According to Von Klug, ASC has the capital to proceed with its Park Avenue Project commitments as the company went public, offering stock on the open market in 1997.
American Skiing could not be reached for comment due to time zone differences with its Maine offices.
The Redevelopment meeting begins at 4 p.m. at City Council Chambers, 1900 Lake Tahoe Blvd., followed at 6 p.m. by a City Council meeting.
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