Developers of a major resort at Lake Tahoe say they have secured funding to move forward with the project and they plan to begin construction on 24 condominium units at Tahoe's North Shore this fall.
The Boulder Bay Resort will occupy a site at the Tahoe Biltmore Hotel.
The project received approval from the Tahoe Regional Planning Agency (TRPA) in 2011, but the development company, Boulder Bay, LLC needed to secure funding for the second phase of construction which will include a hotel, casino, condos and a health and wellness center.
TRPA representative Tom Lotshaw says the first phase of construction is complete and is being inspected. "The permit was split into two phases; one for the storm water work that's wrapping up now and we're inspecting, and then the second phase for everything else on the project," he said.
The financing comes as a permit for the project was set to expire in April. "One of the conditions of the permit is to show continuous progress toward meeting the project goals and getting it done and meeting the terms of the permit," Lotshaw explained.
Lotshaw says the resort was approved as part of a plan to make developments at Lake Tahoe more environmentally friendly. "This project is one of those examples where we see the private sector willing to step up with an investment project to redevelop an aging property and not only revitalize it, but incorporate a number of other features that will improve the environment," said Lotshaw.
Neighbors have expressed concerns about how the project will impact roads and whether it truly has enough money to go forward. The TRPA conditional permit requires Boulder Bay, LLC to document everything from landscaping plans to construction schedules. "In order to move forward with any of the work they would have to meet 19 conditions in the conditional permit, one of which includes showing that they have adequate financing to move forward," Lotshaw said.
Heather Bacon of Boulder Bay, LLC said on Monday that the developers plan to submit the details of the financing for the next phase of the resort to the TRPA later this week.
