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.
Major moves are unfolding across the mountain and Wasatch markets. A lender roster arranged by a national construction finance firm closed an $11.75 million construction loan to start work on 14 for‑sale townhomes in South Lake Tahoe. Separately, a 20‑unit luxury ski‑in/ski‑out portfolio at the base of a major resort has been listed for $55 million. In Utah, several townhome projects cleared planning milestones or moved toward design review, signaling steady demand for for‑sale housing in transit‑oriented and corridor locations.
The construction loan for the South Lake Tahoe project covers two parcels totaling 0.72 acres at the corner of Lake Tahoe Boulevard and Osgood Avenue (3708 Lake Tahoe Blvd. and 3709 Osgood Ave.). The development, currently branded as South Lake Tahoe Townhomes, fronts Lake Tahoe Boulevard and sits within walking distance of the lake, nearby Stateline casino nodes and local amenities. Construction is already under way on the 14 for‑sale units. The borrower is a private real estate investor and the loan term is 18 months. The financing was arranged by senior staff from the lender’s Los Angeles and San Francisco production teams and came from a group of lenders that specialize in construction financing. Underwriting faced challenges tied to resort seasonality and a recent increase in land basis after zoning adjustments. The financing was structured to allow construction to begin without any pre‑sale requirement.
Also in the Tahoe basin, a 20‑unit asset marketed as Gondola Vista was listed for $55,000,000. The portfolio sits on a 3.43‑acre parcel at the base of Heavenly Ski Resort and offers a ski‑in/ski‑out experience. The collection includes ten four‑bedroom units, six five‑bedroom units and four six‑bedroom units, each with a two‑car garage and high‑end finishes. Residences range from about 2,870 to 3,616 square feet. The property sits inside a local tourist core planning area and in an Opportunity Zone, and the listing materials note the buildings are exempt from recent short‑term rental restrictions that affect many other local properties. The offering allows a bulk sale of all 20 townhomes while also preserving the option to sell units individually because each has its own assessor parcel number.
City planners and commissions in Salt Lake City are processing several townhome proposals that would add for‑sale homeownership choices to corridors long dominated by rental apartments. A proposed cluster of 20 high‑end townhomes is under design review for a roughly 0.75‑acre site near 400 South and 900 East, on land that currently hosts a closed restaurant and parking lot. The plan calls for three attached buildings with units standing between 32 and 45 feet tall (up to four stories), brick and stone facades, private balconies, rooftop spaces and two‑car garages for each home. The design team submitted updated renderings and is requesting exceptions including reduced setbacks and a waiver for several units that would not have direct public street access.
Another project, a 22‑unit development at 377 E. 2100 South known as the 21st 400 E. Townhomes, won unanimous planning commission approval to move forward. That project sits on 2.36 acres, is zoned Community Business, and was allowed rooftop decks and an increased rooftop height for 10 of the units facing the main street. Each planned unit has a two‑car garage, two bedrooms and 2.5 bathrooms. The approved timeline calls for the development to operate as professionally managed rental housing at first, then convert to condominium ownership and sale to individual owners with a homeowners association overseeing the site after conversion.
These items reflect two trends: targeted construction finance solutions that can handle seasonal resort markets and zoning complications, and continued appetite for for‑sale townhomes in urban corridors near transit. In the Tahoe market, scarcity of ski‑in/ski‑out and lakefront inventory is keeping premium product in demand, while exemptions from local short‑term rental rules can materially affect investor interest. In Salt Lake City, transit‑oriented zoning corridors are pushing higher‑density multifamily development, with a recent focus on adding ownership opportunities in neighborhoods dominated by multifamily rentals.
A national apartment industry conference will bring multifamily leaders together on Sept. 11 in Los Angeles at a downtown hotel. Industry content leadership on daily commercial real estate coverage continues to produce short news items and longer features to track local and national trends. Designers and architects involved in the Salt Lake City projects have provided renderings and are scheduled to present plans at upcoming planning commission meetings.
The project is a 14‑unit for‑sale townhome development on two parcels totaling 0.72 acres at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. Construction is underway and the work is financed with an $11.75 million construction loan from a group of lenders arranged by a construction finance firm. The loan term is 18 months and no pre‑sales were required to start construction.
Gondola Vista is a 20‑unit luxury ski‑in/ski‑out portfolio on a 3.43‑acre parcel at the base of a resort. Units range from approximately 2,870 to 3,616 square feet and include two‑car garages, private outdoor spaces and high‑end finishes. The portfolio is marketed for a bulk sale at $55 million, and the site sits in a tourist core planning area and an Opportunity Zone.
Two notable items: a proposed 20‑unit, three‑building cluster near 400 South and 900 East on roughly 0.75 acres is under design review; and a 22‑unit project at 377 E. 2100 South received planning commission approval to proceed. Both projects would add for‑sale or convertible ownership options in corridors that have seen much recent multifamily development.
Transit Station Area zoning along 400 South encourages higher‑density projects near light rail, and developers often seek exceptions or waivers for setbacks or access when parcels have existing constraints. In resort areas, local tourist core plans and short‑term rental rules can affect permitted uses and investor interest.
Planning commission agendas and local assessor parcel records are the primary public sources for design review dates, ownership, parcel details and approval conditions. Developers typically return to commissions for final permitting after design review and any required variances are granted.
| Project | Location | Size / Parcels | Units | Status / Notes |
|---|---|---|---|---|
| South Lake Tahoe Townhomes | 3708 Lake Tahoe Blvd. & 3709 Osgood Ave. | 0.72 acres | 14 for‑sale townhomes | Construction underway; $11.75M construction loan; 18‑month term |
| Gondola Vista | Base of Heavenly Ski Resort, South Lake Tahoe | 3.43 acres | 20 luxury townhomes (10 x 4BR, 6 x 5BR, 4 x 6BR) | Listed for $55M; ski‑in/ski‑out; Opportunity Zone; short‑term rental exemptions |
| 400 South townhomes (proposed) | ~900 E & 400 S (approx. 910 E. 400 S) | ~0.75 acres | 20 for‑sale townhomes across three buildings | Design review pending; reduced setback and access waivers requested; nonprofit owns parcels |
| 21st 400 E. Townhomes | 377 E. 2100 South | 2.36 acres | 22 units | Planning commission advanced the plan; rooftop decks approved for 10 units; initial rental then condo conversion |
This article compiles recent public planning filings, listing materials and financing disclosures to summarize current activity in the Tahoe and Salt Lake City housing and resort markets.
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