South Lake Tahoe condo project breaks ground
SOUTH LAKE TAHOE — The Chateau at Heavenly Village has a new name: Zalanta Resort at the Village.
The name change comes as the second phase of a controversial project near Stateline began this week.
Zalanta means “spiritual mountain.”
Lew Feldman, a South Shore attorney representing the project’s owner, said development will take approximately 18 months. Projected construction costs have not yet been announced.
Feldman said the area was cleared last week.
The second phase of construction includes 19,477 square feet of retail space on the ground floor and two-story hotel condominiums, which include 32 units, at the northeast corner of Highway 50 and Friday Avenue.
“The build-out is going to give our town a very finished and upscale look,” Feldman said.
The Chateau project had its hiccups over the years— starts and finishes dating back to 1993, including a fallout in funding following the recession.
The owner, Tahoe Stateline Ventures, (a subsidiary of Owens Realty Mortgage), had to revisit the project since plans were approved in 2007 and 2013.
Previously proposed features, like an event center, were removed after $55 million in public funding vanished when Gov. Jerry Brown dissolved California’s redevelopment agencies.
The first phase eventually opened in July 2014, with all but one retail space filled.
Feldman said he expects a lot of demand for both the retail space and condo hotels.
While a condo unit will be fully owned by whoever purchases one, owners can rent them out as they desire. Amenities within the condo area will include gathering places and a 3.4-acre site with barbecue pits.
According to Feldman, other alpine resorts — like Vail, Colorado and Park City, Utah — offer high-end condos within walking distance to ski amenities.
“There is an undersupply in South Lake Tahoe, and this existing addition will appeal to some second homeowners,” he said.
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