Whole Foods, Chase Bank sites for sale in South Lake Tahoe
November 12, 2018
SOUTH LAKE TAHOE, Calif. — Two of the parcels that are part of the Bijou Market project in the heart of town are on the market.
The plot that will house a Whole Foods 365 is for sale for $14 million, while an adjacent parcel that will be the site of a Chase Bank is available for $4 million. Both just recently went on the market.
Those structures are still under construction, however, they appear to be further along than the other buildings on the larger project site. Those buildings, located at the corner of Ski Run Boulevard and U.S. 50, will house a Panda Express, Five Guys and other tenants that have not been disclosed.
The Panda Express and Five Guys were identified in a map attached to the real estate offering sheets. That parcel is not on the market at this time.
The shopping center is expected to be fully operational by spring of 2019, although the opening dates of individual businesses will vary, according to Halferty Development Company, which purchased the property from the city of South Lake Tahoe in 2017 for $2 million.
The contractor wanted to complete the Whole Foods first, according to a Halferty official, who declined to share her name because the company has a general policy against speaking with the media.
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The Halferty employee referred inquires regarding the sale of the two properties to the broker, Scott Crowle of Cushman & Wakefield. Crowle declined to comment, citing instructions from the developer, Halferty.
Both Whole Foods and Chase have secured leases for their respective locations, making the parcels essentially turn-key properties. Whole Foods' lease is through May 2039 while the Chase lease is through December 2028, according to the offering sheets.
The Chase Bank site is 3,000 square feet. The Whole Foods site has two buildings: a larger 25,000 square-foot space and a smaller 3,000 square-foot building located at the corner of U.S. 50 and Herbert Avenue.
It's unclear what the smaller building will be used for. Some Whole Foods locations around the country, including Boulder, Colorado, have separate structures for wine and liquor. Whole Foods media division did not respond to a Tribune inquiry about plans for the site.
Similarly none of the people contacted for this story would speak about possible tenants for the remaining retail spaces.
Whatever tenants set up shop, they will represent a notable change from what previously stood on the property.
The city of South Lake Tahoe purchased the former Knights Inn from owner Pradip Patel for $5.9 million in early 2017 with the goal of creating a project that would be economically and environmentally beneficial.
Along with the development, the overall project aims to improve the watershed by daylighting the creek, creating stormwater treatment basins, and restoring a portion of the 850-acre watershed that extends up to Heavenly Mountain Resort and down through Ski Run Marina, the Tribune previously reported.