South Lake Tahoe, CA….A cornerstone of South Lake Tahoe’s tourist core, The Chateau will open for business in early summer 2014. The highly anticipated revitalization project, located at the corner of U.S. Highway 50 and the California/Nevada state line, opposite Heavenly Village, will offer visitors and residents new retail and dining choices and continue South Lake Tahoe’s renaissance.
Owens Financial, The Chateau’s investing entity, indicated the project has drawn “multiple inquires” from a mix of local and national retailers. The 27,868-square-foot building will house a two-level restaurant/nightclub as well as mixed use, single-level commercial space for retail shops and restaurants. A stunning streetscape featuring natural stone, cedar furniture and alpine landscaping will be complete by early summer as well, making the center easily walkable and scenic from every vantage point.
Stalled in 2008 amidst the U.S. economic crunch, work resumed on the site in August after Owens Financial earned unanimous approval from the South Lake Tahoe City Council.
“I love it. With the economy improving we are seeing real progress,” said Tom Davis, South Lake Tahoe mayor. “Major investors like Owens Financial are moving the destination forward. South Lake Tahoe is one of the world’s most beautiful places and our community and visitors deserve the amenities to complement our environment.”
SMC Contracting, the general contractor for The Chateau, accelerated the necessary masonry work and is securing the podium deck, concrete columns and walls for the retail level so interior work can continue through the winter. Owens Financial has given priority to local labor. The structure will also include below ground parking.
After the first two phases are finished, plans for the third stage of construction include lodging and more than 20,000-square-feet of meeting and convention space. Owens Financial is also entertaining discussions with national developers on the project’s future phases.
With the passage of the Tahoe Regional Planning Agency’s Lake Tahoe Regional Plan Update in December 2012 the South Shore has been enjoying a redevelopment renaissance. One of the plan’s priorities is streamlining the permitting process with the underlying goal of encouraging thoughtful environmental redevelopment.
The Chateau is a key component of the tourist core’s future which also includes the U.S. Highway 50 South Shore Community Revitalization Project. Currently in the environmental analysis phase, this project reimagines Tahoe South’s corridor between Pioneer Trail and Lake Parkway as a pedestrian friendly main street with studies projecting an increase of $16 to $25 million in annual retail sales.
Other projects adding to the South Shore include the new Landing Resort & Spa. Scheduled to open this fall, the totally renovated property at the water’s edge will offer 77 upscale rooms, a restaurant and spa.
The Edgewood Tahoe Resort Project, approved in August 2012 and anticipated to break ground next building season, is a LEED-designed 194-unit lakefront lodge on the 235-acre Edgewood Tahoe Golf Course.
Across the street from The Chateau, Lake Tahoe Resort Hotel is investing $5 million in room renovations and property improvements.