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.
Key lending and listing transactions and several townhome plans in Utah moved forward this spring. A construction loan closed to start a 14‑unit for‑sale townhome project in South Lake Tahoe, a 20‑unit luxury ski‑in/ski‑out townhome portfolio in Lake Tahoe was placed on the market, and multiple townhome schemes in Salt Lake City advanced through local planning channels.
A construction loan of $11.75 million was secured 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 local amenities.
The borrower is a private real estate investor. Loan representatives from the lender side included senior, principal and associate staff members from the lender’s Los Angeles and San Francisco production teams, who worked with the borrower to structure the financing. The loan term is 18 months and was placed through a roster of lenders that specialize in construction financing. Underwriting required extra scrutiny because the resort market is seasonal and recent zoning adjustments increased the project’s land basis, but a lender was identified that would commit capital without requiring pre‑sales, allowing development to start promptly.
A 20‑unit townhome portfolio located at the base of a major ski resort in the Lake Tahoe basin was listed for $55,000,000. The portfolio sits on a 3.43‑acre parcel and includes 10 four‑bedroom, six five‑bedroom and four six‑bedroom residences, each with a two‑car garage and expansive floor plans ranging from roughly 2,870 to 3,616 square feet of gross living area.
Units feature high‑end finishes, private outdoor spaces and unobstructed lake and mountain views, and some include private hot tubs. Each townhome carries its own assessor’s parcel number, offering flexibility to sell individually, or as a bulk sale for investors. The property is positioned within a tourist core plan and sits in an opportunity zone with stated development potential that could accommodate additional lodging or condominium units and common amenities such as a spa or fitness center. The portfolio benefits from local land‑use rules that, as listed, allow short‑term rentals for all units without minimum night restrictions.
Multiple townhome projects along busy corridors in Salt Lake City reached important planning milestones. A proposed cluster of 20 high‑end for‑sale townhomes was submitted for review on a roughly 0.75‑acre site near 900 East and 400 South, on the former site of a closed restaurant and adjacent parking. Plans show three attached buildings with heights between 32 and 45 feet, traditional brick and stone facades, arched entrances, private balconies, rooftop spaces and two‑car garages for each home. The applicant has requested zoning exceptions, including reduced setbacks and a waiver to allow some units to be sited behind others without direct street frontage. The parcels are owned by a local nonprofit foundation.
A separate 22‑unit project at 377 East 2100 South, named the 21st 400 E. Townhomes, also advanced after a planning commission vote. That project sits on 2.36 acres and was approved with allowances for rooftop decks on 10 units that face 2100 South and an increased rooftop height for those decks. The project’s plans call for two‑bedroom units with two‑car garages and initial rental operation managed professionally, with a later conversion to condominium ownership overseen by a homeowners association. Planners noted the broader corridor already hosts hundreds of apartments and new townhomes and that transit‑oriented zoning along 400 South has driven recent multifamily growth.
A nationwide in‑person industry event focused on multifamily and apartments is scheduled for Sept. 11 in Los Angeles at a major downtown hotel. The program promises market insights for multifamily professionals; registration details were made available by the event organizer.
The construction loan and the Lake Tahoe listing highlight ongoing demand for resort and luxury housing products that can command premium pricing and, in some cases, operate with fewer short‑term rental restrictions. The Salt Lake City approvals reflect an urban trend toward adding ownership options in corridors dominated by rental apartments and continued local interest in transit‑adjacent development. Together, the items illustrate activity across market segments: short‑term rental friendliness and luxury amenity value in resort markets, and infill ownership opportunities and taller, denser townhome formats in growing urban corridors.
The 14‑unit for‑sale townhome project at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. secured an $11.75 million construction loan. Construction is underway on the sites totaling 0.72 acres.
A 20‑unit luxury townhome portfolio at the base of a ski resort was listed for $55 million. The 3.43‑acre property offers individual parcels for each unit, high‑end finishes, two‑car garages, and potential for additional development or amenities.
Two notable items: a proposed 20‑unit for‑sale townhome project on a roughly 0.75‑acre parcel near 400 South is under review, and a 22‑unit project at 377 E. 2100 South received planning commission approval to move forward with rooftop deck allowances and other site adjustments.
Local transit‑oriented zoning along 400 South has encouraged multifamily development. Some proposals are requesting setbacks and access waivers for design flexibility. Approvals have included rooftop deck height allowances under negotiated conditions.
The Lake Tahoe portfolio was listed with the ability to operate as short‑term rentals without minimum night restrictions. Local rules vary by property and district; project listings and local planning documents should be consulted for specifics.
| Project | Approx. Location | Units | Acreage | Status | Notable features | Price / Financing |
|---|---|---|---|---|---|---|
| South Lake Tahoe Townhomes | 3708 Lake Tahoe Blvd. & 3709 Osgood Ave. | 14 for‑sale townhomes | 0.72 acres | Construction underway | Fronts Lake Tahoe Blvd.; walking distance to lake and amenities; two parcels | $11.75M construction loan (18‑month term) |
| Gondola Vista portfolio | Base of Heavenly Ski Resort, South Lake Tahoe | 20 luxury townhomes | 3.43 acres | Listed for sale | Ski‑in/ski‑out; individual APNs; high‑end finishes; rental‑friendly zoning | Listed at $55,000,000 |
| Proposed 20‑unit, 400 South | Approx. 910 E. 400 South / 900 E. & 400 S. | 20 for‑sale townhomes | ~0.75 acres | Designs under review | 3 buildings; 32–45 ft tall; brick/stone facades; two‑car garages; zoning exceptions requested | Not listed |
| 21st 400 E. Townhomes | 377 E. 2100 South | 22 units (initially rental, planned condo conversion) | 2.36 acres | Planning commission approved | Two‑bedroom units; two‑car garages; rooftop decks on 10 units; professional management plan | Not listed |
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