4 parties interested in buying prime SLT parcel
The vacant lot on Ski Run and Highway 50 will likely be developed in 2015. Photo/Kathryn Reed
South Lake Tahoe officials expect to be in escrow this fall on the property at the corner of Ski Run Boulevard and Highway 50.
The City Council in closed session on Sept. 2 appointed Mayor Hal Cole and Councilwoman Brooke Laine to discuss particulars with the interested parties.
Four entities have come forward with letters of intent for the 1½-acre parcel that has an $800,000 price tag.
“We are confident we’ll find a project that will work for us,” Cole told Lake Tahoe News. “There was no mention of who might rent the space. That is what Brooke and I are going to look at.”
On the table will be discussions about commodities such as commercial floor area and coverage.
The city earlier this year bought the land from the now defunct Redevelopment Agency. The agency had acquired it in deals with the prior owner of the timeshare complex that is kitty-corner to this lot. Originally that land was to be developed as another phase of what is now a Diamond Resorts owned property.
City Attorney Tom Watson told Lake Tahoe News the city wants the deal to be solidified in time so the property owner could begin construction next building season.
The city is limited in telling property owners what they can do with the land, but it won’t be a drug store. City officials have said they’d prefer to see a mixed-use commercial venture or something the public would benefit from.
— Kathryn Reed
are they going to buy it or our they going to rent it ?
I bet there’s a 50/50 chance we’ll see more T-shirt shops on that corner …… JMO
Chief. Escrow, price tag, owner(s); sounds like a purchase to me. The word “rent” may be pre-mature since no structures exist to rent at this time.
The assumption is that the owner and the tenant will be two different groups.
Another timeshare….please. No, not really.
How about a Palm Reader? To whom the City can turn to for advice and direction.
Steve, Yes! There was a palm reader in a tiny building on that property several years ago . I think Toxic Warrior is pretty accurate in his T-Shirt shop prediction, followed closely by rainparader and the timeshare scenario.
I would suggest a heli-port so our visitors and locals alike can ride the “whirly birds” from the center of town? Mound up some dirt for a sledding hill come winter? (if we get a winter!)?
But in all seriousness, I thnk a small community park with a vegetable garden and a section with native plants would be ideal. No more strip malls! OLS
Ed Mosur …….. you hit the nail on the head !
C’mon OLS ………. don’t you think we need more T-shirt shops ?
Actually Steve I believe there was a palm reader on that corner until a failed redevelopment project took out the property. That palm reader and her family lost their business and house to the project. That parcel has probably been sitting empty for decades.
I’m guessing something classy, that demonstrates Ta’ho’ South’s dedication and commitment to reinventing our community as a ‘family oriented destination’. Something nice for the kiddies. Perhaps a Hooter’s and an Asian Massage place.
Adding to Hmmm’s comments, how about a Lucky Beaver Bar and Grill on the California side. The California side of Tahoe South could then have there own obscene sign for all to see. I am surprised that more people are not offended by the Lucky Beaver sign. Tahoe South, what a class act!!!
Agreed Rebel, but you gotta admit Ta’ho’South does have a lot of culture…in the dairy aisle at Raleys and Safeway!
Actually, the only entity to have located on that property in the past WAS a “Fortune Teller” – which could not come up with a ‘told-future’ for that property, & Embassy Suites (the timeshare controlling the property before) couldn’t find a use for it either (ceded it back to the City unoccupied). . .
The last professional appraisal on that parcel (about 10 years ago) was $ 2.4 million dollars, so we have the City buying it from itself (for ??), & “negotiating” to sell it for .30/$. . .as “selling it to themselves” is the mode, please include the folks that ‘negotiated’ for the Ice Rink @.20/$ . . .”buying” it for themselves @ cents-on-the-dollar. . . Deja Vu ?
At the $ 2.4 million dollar estimate (1.5 acres !), I calculated at least a $ 20 million dollar investment to make buying it viable. Add in, if you will, required parking spaces (shrink), height-limitations (shrink again), the cost of building ($ 1,000 sq. ft to do it justice commercially), there is not that much left to work with in terms of financial viability – kind of like buying Manhattan from the Native Americans for $ 24.00 & change. . .a distorted simile to be sure, but that parcel has been vacant for decades.
What’s up next, Fannette Island ?. . .
Trader Joe’s :)
Trader Joes’s would be awesome, but I don’t think we have the population base they require.
Gary, where do you get the 1000 per sq foot construction cost, insurance cost replacement cost on retail commercial(which is always high) is less than $200 per ft. As at the most the allowable coverage for the site is less than 19k sq ft.
1989: The year the S.L.T. redevelopment agency purchased the property at Hy. 50 and Ski Run.
Can we not be happy about the prospects new development brings?
Revitalization is paramount for those of us that would like to prosper in South Lake Tahoe instead of survive.
Criticism without constructive feedback is worthless and cowardly. I challenge you all to do something productive.
Let’s move our community forward.
Jason… don’t hold your breath on that challenge to this blog.
Prospects of new development? Isnt that what Tahole was? Unfortunately, the little business guy gets bit in the booty. Why keep building new buildings with all the empty one still standing? Jason, I think it’s sarcastic humor. There are a lot of old timers posting on here. Many who have been here since the beginning of Tahoe time. By the way, OLS? Did you hear someone yelling your name at the 3rd St stoplight a couple of days ago?? (Im hoping it was you)I was trying to say hi in person but I was a car length back. Alpine Sierra :)
Shanen, Nope, I have not been in the 3rd street area in some time. Maybe one of my former co-workers shouting something? Don’t know… it’s a crazy town so anything could happen! Take care, OLS
In order for that development to succeed if will be a Thai, Sushi, Mexican, auto parts, convenience/liquor store, T shirts, Alpaca, thrift, ski rental, featuring Asian massage place. As an added bonus a zip line to the Red Hut could be added later.
I recall there also was Effie’s Dress Shop (1960s) before the fortune teller in the same old frame building on that corner lot.