Gondola Vista luxury townhomes and construction underway on the South Lake Tahoe townhome project; Salt Lake City townhome concepts shown as renderings.
South Lake Tahoe and Salt Lake City, August 13, 2025
Major moves are unfolding in Tahoe and Salt Lake City markets. An $11.75 million construction loan closed to begin a 14‑unit for‑sale townhome project in South Lake Tahoe, with construction already underway. Separately, a 20‑unit luxury ski‑in/ski‑out portfolio called Gondola Vista was listed for $55 million. In Salt Lake City, multiple townhome proposals are advancing — including a 20‑unit design‑review project near 400 South and 900 East and a 22‑unit development that won planning approval and may convert from rentals to condominiums. These items highlight demand for ownership product and targeted construction financing in resort and transit corridors.
A string of for‑sale townhome projects and a high‑end ski‑in/ski‑out portfolio have advanced or hit the market in two Western resort and urban markets. The most immediate development: an $11.75 million construction loan closed to start a 14‑unit for‑sale townhome project in South Lake Tahoe. Separately, a 20‑unit luxury townhome portfolio at the base of a ski resort has been listed for $55 million. In Salt Lake City, two separate townhome proposals are moving through planning channels, including one set for a planning commission review.
A private real estate investor secured an $11.75‑million construction loan to build 14 for‑sale townhomes on two parcels totaling 0.72 acres at 3708 Lake Tahoe Boulevard and 3709 Osgood Avenue. Construction is already underway on the project, currently branded as South Lake Tahoe Townhomes, which fronts Lake Tahoe Boulevard and sits within walking distance of the lake, nearby casinos and other resort amenities.
The financing was arranged from a roster of lenders that specialize in construction lending. The arrangement runs for an 18‑month term. Loan representation for the borrower came from a production team with Los Angeles and San Francisco offices; team members from that group handled lender outreach and placement. Underwriting faced two notable challenges: the seasonal patterns of a resort market and a recent increase in project land basis stemming from zoning adjustments. Despite those complications, the financing was structured to begin development without requiring pre‑sales.
A 20‑unit luxury development at the base of a major ski resort has been placed on the market with a $55 million asking price. The portfolio sits on a 3.43‑acre site and offers a ski‑in/ski‑out experience on a single, contiguous property inside a tourist core plan and an Opportunity Zone.
The package includes 10 four‑bedroom units, six five‑bedroom units and four six‑bedroom units, each with a two‑car garage and high‑end interior finishes. Unit sizes range roughly from 2,870 to 3,616 square feet. Private outdoor spaces are part of the offering and some units include private hot tubs. Each residence has its own assessor parcel number, providing the option to sell units individually as well as in bulk.
The listing highlights potential upside through additional development on site, including the possibility of a hotel of up to 71 units or roughly 20 additional condominiums, and suggests that amenities such as a spa or fitness center could be added to increase project appeal. The property benefits from regulatory exemptions that allow short‑term rental operations without minimum nightly stay restrictions for these units.
Salt Lake City is seeing movement on several townhouse schemes in corridors shaped by transit‑oriented zoning. One proposed cluster would place 20 high‑end attached single‑family units on a roughly 0.75‑acre parcel near 900 East and 400 South, a site currently occupied by a closed restaurant and its parking lot. The design package submitted for review shows three buildings with units ranging between 32 and 45 feet tall—up to four stories—with historic‑style brick and stone facades, arched entrances, private balconies and rooftop spaces. Blueprints indicate larger footprints for each unit and a dedicated two‑car garage per home.
The project design calls for some units to be tucked behind others without direct public street access; the application requests a waiver for that arrangement, along with zoning exceptions such as reduced setbacks. The four parcels are owned by a local charitable foundation with substantial net assets reported in public filings. City planners are recommending approval and scheduled the design review before the planning commission.
In a separate action, a 22‑unit plan on 2.36 acres along 2100 South cleared a planning commission hurdle and will move forward. That project, submitted under a local townhome name, sits in Community Business zoning and was approved with a request to allow rooftop decks and a slightly increased height for 10 units facing the main street. Plans call for each of the 22 units to include a two‑car garage, two bedrooms and 2.5 bathrooms. The developers plan to initially operate the project as rental housing managed by a professional property manager and later convert the development to condominium ownership overseen by a homeowners association.
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Together, the loan closing, luxury listing and local planning approvals illustrate active market dynamics in resort and urban housing segments. In resort areas, limited supply of ski‑in/ski‑out and lakefront product and regulatory carve‑outs for short‑term rentals are shaping investor interest. In the urban corridor, transit‑oriented zoning continues to encourage denser development while local design and setback variances highlight how infill homeownership options are being negotiated near transit lines.
The South Lake Tahoe Townhomes project, a 14‑unit for‑sale development on two parcels totaling 0.72 acres at 3708 Lake Tahoe Boulevard and 3709 Osgood Avenue.
The loan was issued with an 18‑month term from a group of lenders that specialize in construction financing.
The offering is a 20‑townhome portfolio on about 3.43 acres at the base of a ski resort, with units from about 2,870 to 3,616 square feet, two‑car garages for each home, and unit‑level parcel numbers that permit individual or bulk sale.
One 20‑unit design is under staff review with planning commission consideration pending; another 22‑unit development along 2100 South advanced with planning commission approval to proceed, including approvals for rooftop decks on select units and other site adjustments.
One project is planned as for‑sale townhomes, while the 22‑unit project will start as rental housing managed by a professional manager and later convert to condominium ownership to be sold to individual owners.
| Project | Location | Units | Acreage | Status | Notable features |
|---|---|---|---|---|---|
| South Lake Tahoe Townhomes | 3708 Lake Tahoe Blvd. & 3709 Osgood Ave. | 14 for‑sale townhomes | 0.72 acres | Construction underway; financed | Fronts Lake Tahoe Blvd.; within walking distance to lake and casinos; 18‑month construction loan |
| Gondola Vista portfolio | Base of Heavenly Ski Resort, South Lake Tahoe | 20 luxury townhomes | 3.43 acres | Listed for sale | Ski‑in/ski‑out; short‑term rental exemptions; APNs per unit; potential for hotel or more condos |
| 400 South townhomes (Salt Lake City) | Approx. 910 E. 400 South / 900 E. & 400 S. | 20 for‑sale units | ~0.75 acres | Designs under review | Mixed building heights to 4 stories; historic‑style facades; garage per unit; waiver requests for access and setbacks |
| 21st 400 E. Townhomes (2100 S) | 377 E. 2100 South, Salt Lake City | 22 units | 2.36 acres | Planning commission approved to proceed | Rooftop decks on 10 units; initial rental operation then conversion to condos; two‑car garages |
This article summarizes recent financing, listings and planning activity for townhouse developments in resort and urban corridors. Local approvals and market conditions will continue to shape timelines and final outcomes.
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