Tahoe Beach Club to continue construction on pier
Though the larger phases of building have not been planned, the Tahoe Beach Club, a housing development project just southeast of Nevada Beach, will continue to move forward with the construction of a new pier.
“The market is beginning to loosen up,” said vice president Tom Castaneda. “In the meantime, we’re continuing with the construction of the pier.”
The financial markets are looking better than they have in the last few years and Castaneda is hoping to have funding for the construction of the 143-condo project by the fall, he said.
The site of the construction contains Tahoe Shores Mobile Home Park, which would have to be demolished before work could begin. Residents of the park, many of which own their homes, but not the land beneath them, have to be given at least six months notice before being forced to leave.
The $200 million to $250 million project was announced 10 years ago after the development company South Shore Tahoe LLC bought the property for $12.6 million. Plans for the luxury condos have been praised as being environmentally friendly by the Tahoe Regional Planning Agency and won a Leadership in Energy and Environmental Design from the U.S. Green Building Rating System.
The condos, built in classic Tahoe-style estate buildings, are expected to sell for between $1.5 million and $4 million. The lakeshore complex would feature a private club, restaurants, a pool, an athletic club, a country club and a spa. There has been quite a bit of interest in the properties so far, Castaneda said.
“The buyer interest has been extremely strong,” he said. “I’ve got people coming in all the time, wondering when we’re going to move forward.”
Residents of Tahoe Shores have opposed the project in the past, though some have taken a buyout offer from the development company and left.
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STATELINE, Nev. – The CEO of the Economic Development Authority of Western Nevada (EDAWN) told the annual economic update affordable housing is Western Nevada’s biggest challenge.