The Lake Tahoe facility in the Stateline tourist corridor was previously approved in 2022 as the Latitude 39 Luxury Residential Project.
The 1.8-acre facility in the heart of Statellin on Lake Tahoe has returned to the market after previous efforts to redevelop it into a luxurious residential project.
The 110 Lake Parkway parcel is on sale for just under $10 million. It was previously the Wells Fargo Bank and recently the proposed Latitude 39 luxury apartment site.
Although the Lake Parkway and US Highway 50 properties are located in the tourist corridors of Stateline, they are being sold as “very rare” redevelopment opportunities, given their size and location. It is located across the street from the Tahoe Blue Event Centre and next to the Golden Nugget Lake Tahoe Hotel Casino.
“This is one of the last, great commercial and hospitality opportunities, especially at Lake Tahoe on the Nevada side,” said Mike Dan, vice president of development at Chase International, representing the property.
What happened to your previous efforts to redevelop the 110 Lake Parkway?
Before returning to the market, 110 Lake Parkway was the site of a high-profile luxury apartment project.
The Tahoe Regional Planning Authority approved a mixed-use permit for Latitude 39, a seven-storey, 40-unit luxury condominium with retail and meals.
However, like many of the projects proposed at Lake Tahoe, Latitude 39 soon came across opposition. The Tahoe-Area Sierra Club urged TRPA to pull the project, explaining it was “fundamentally flawed.” In addition to environmental concerns, the group raised concerns about the lack of housing components in the workforce.
“The community does not want the countryside nature of Lake Tahoe to be redesigned into another vale or aspen,” the Sierra Club wrote.
Dan said the project approval remains in effect and buyers can place residential property on the parcel.
“It goes through the qualification process and has an active TRPA permit for fully modified luxury resort residences,” Dan said.
Dan refused to talk about why the property was relisted, but he was just saying it was a good time to bring it back to the market.
Records from the Douglas County Assessor’s office show that the property was sold by Wells Fargo in March 2018 to Genoa Ridge Investor LLC. That same month, Genoa Ridge Ridge sold the property to PCS Stateline LLC, the last recorded sale of the property.
What are the potential uses of 110 Lake Parkway?
Residential development is not the only option on the site. According to Dunn, potential uses include commercial redevelopment and hospitality.
“It’s in the tourist corridors… so it comes with a little more potential or flexibility,” Dan said.
“Having 1.8 acres allows (future owners) to do a variety of things, including commercial, recreational, experiential, food and drink, hospitality, resort homes.”
When it comes to potential pushbacks from advocacy groups and residents, the location in the tourist corridor at 110 Lake Parkway differs from many projects that raise concerns.
“Many of these commercial projects are located in the middle of residential areas and can have a negative impact on the community,” Dan said. “This project is at the commercial core and therefore does not have these negative impacts on the community.”
He said redeveloping old properties could potentially benefit, such as replacing outdated structures with greener standards, such as by replacing them with things that are in line with today’s green standards.
According to Dunn, the facility could also lead to new things that could enhance the Stateline tourist corridor.
“Based on current standards in the TRPA and building codes, redevelopment could have significant environmental benefits,” Dan said.
“What if someone built another concept and brought recreational components to Lake Tahoe?” Dan added. “I see it as an opportunity.”
