Work could resume on stalled project
December 15, 2012
Work on the stalled development near the state line could begin as soon as this spring, according to statements by South Lake Tahoe City Manager Nancy Kerry this week.
Bill Owens, the president and CEO of Owens Financial Group, has closed escrow on 20 of the 29 parcels that make up the development and has approached the city about building some of the project, Kerry said Tuesday.
“Basically it would be a portion of the previously approved project,” Kerry said. “It’s not a new project or a different project. It’s the same project, but the frontage, the Highway 50 frontage portion.”
Kerry said the city has told Randy Lane, a representative of Owens and a developer behind the original project, the parcels will need to be consolidated and a performance bond will need to be in place before the city will consider approving any partial project.
On Tuesday, the City Council appointed Mayor Tom Davis to join City Councilman Hal Cole on a sub-committee to be involved in discussions surrounding an expected permit application.
Work on the project stalled in 2008 after Lake Tahoe Development Co. was unable to secure financing to continue construction of the approximately $420 million project.
The company began bankruptcy hearings in October 2009. The case was dismissed earlier this year.
As originally designed, the project includes a condominium hotel, conference center, spa, park, shops and restaurants.