Millions of dollars expected to be invested in new Chateau at the Village project
Submitted by paula on Thu, 09/29/2016 - 11:53am
The announcement this week of a buyer for the undeveloped portion of the Chateau at the Village has been met with excitement over new investments in South Lake Tahoe.
Owens Financial announced Kawana Meadows Development, LLC entered into a purchase agreement for $42.5 million for eight acres of the project, leaving the 3.5 acres currently home to the Zalanta and completed retail Chateau portion in the hands of Owens.
"We have not made any plans for the future," President and Chief Executive Officer of Owens Financial Group Bill Owens told South Tahoe Now about the portion remaining in his company's hands. "We may sell it, we may keep it, we're not sure."
Officials with the City of South Lake Tahoe had been involved with the buyers during the sales process. Their Development Services Team, City Attorney Tom Watson and City Manager Nancy Kerry met with the Kawana Meadows CEO Will Oswald and members of his team for a couple of hours prior to the sale. They reviewed the previously approved permit and construction documents.
"They expect to invest a substantial amount of capital into our community," said Kerry.
"We are very excited about the prospect of their purchase," she said. "If the sale goes through, it will create both short and long –term jobs, advance the construction of the Chateau site and help us achieve our goal of attracting $1B in capital investment to the South Shore."
Oswald has not returned phone calls to get his comment on the purchase and his plans.
The eight acres were previously permitted for a two-story lodging property with a few hundred tourist accommodation units, all of which come with the purchase. The original plan called for 365 hotel and condo units, 29,450 sq ft of retail, 16,193 sq ft of spa and recreation space, 95,302 sq ft of convention and meeting space, 535 parking places. Some of that is currently being used in the completed portion of the Chateau and Zalanta.
"I appreciate the City of South Lake Tahoe in how they’ve helped us," said Owens. "We thank the community for being supportive in what we’ve been doing up there, we’re very appreciative."
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