Kidder Mathews closed the $42.5-million sale of The Chateau at the Village development site in South Lake Tahoe, CA that’s entitled for up to 380 residential units. The property at 4125 Lake Tahoe Blvd. was acquired by Newark, CA-based Kawana Holdings from Owens Realty Mortgage, which had foreclosed on the property.
The site includes eight acres of an original 11.5-acre Village development, where site infrastructure work was underway, though stood dormant since original entitlements were granted.
The site is entitled for “tourist accommodation units,” typically hotels or condos, though the new owner hasn’t indicated what type of product may be developed or a construction timeline.
Owens Realty owns the remaining acreage on Lake Tahoe Boulevard. It includes a 23,588-square-foot commercial building, which is fully leased, and another roughly 20,000-square-foot building that is being leased up.
Kidder Mathews’ Jeffrey Hutchins, Benjamin Pollock and David Wientjes brokered the deal.
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