Chateau project to boost South Lake Tahoe economy

South Lake Tahoe, Calif. (KRNV & -- A building permit for the Chateau project was issued today, August 16, 2013. The new development will bring jobs as well as pump millions into the South Lake Tahoe economy.

The 15 to 17 million dollar project will consist of street level retail spaces and a first class restaurant right at the corner of US Highway 50 and Stateline Avenue.

Owens Financial Group is behind the project and will be working with SMC Construction. South Lake Tahoe Mayor Tom Davis says the development should be up and running by next summer, making it a nearly eight year process, "It got caught on the 2006 Real Estate bust and they had a loan lined up and then the bank backed out, so at the last minute it got put on hold."

Neighboring businesses are excited to see something finally happening with the abandoned space and look forward to the new visitors it's expected to bring their way.

Mayor Davis says, "A lot of great things are happening in Tahoe. We're moving forward and I'm happy to be a part of it."