After years of limbo and uncertainty, the Chateau project at the corner of Highway 50 and Stateline in South Lake Tahoe will once again see the light of day.
The city of South Lake Tahoe issued a building permit Friday for the $400 million project, referred to as "the hole" by many locals, which has been stalled since 2008 after financing dried up.
“Thank you to City Council and staff for working extensive hours on getting this project started again and reinvigorating the local economy,” said South Lake Tahoe Mayor Tom Davis.
The Chateau project will consist of street-level retail spaces with complete streetscape improvements along the Highway 50 frontage.
“The developer was able to meet all conditions required by the City Council to complete the retail portion of this project. This project will also inject millions of dollars into the community by putting contractors to work,” said City Manager Nancy Kerry. “The economic impact of this project, along with all of the current projects in town, give a much needed boost to the community,” said Kerry.
The issuance of the building permit includes conditions that require the completion of the retail space as proposed. This agreement signed by Bill Owens of Owens Financial allows the building to proceed. Construction on this project is estimated to be one year.
The commercial space will include an 8,988 square foot two-level nightclub at the corner of Highway 50 and Stateline Avenue. The remaining 18,880 square feet of single-level mixed use commercial space will be located along the highway frontage.