The Park Avenue Marriott is 35-acres development on Highway 50 near the Heavenly Ski Area. The project includes the Timber Lodge time-share hotel, the Marriott Grand Residence Club, five public plazas and 125,000-sf of retail shops, including Wolfgang Puck, Patagonia and Century 21 Tahoe Paradise.
American Skiing Company, which owns Heavenly Ski Resort, was the lead developer in the project. A gondola connects the development to the ski area.
The project's second phase, slated to open next spring, includes a municipal ice rink, an eight-screen cinema and a 425-car parking structure.
In addition to American Skiing, original stakeholders in the public-private partnership behind this project include Design Workshop, land-use attorney Lew Feldman and the City of South Lake Tahoe.
Earlier this year, American Skiing sold Heavenly to Vail Resorts for $102 million. ASC also sold its 85% stake in the Grand Summit Hotel to Marriott Vacation Club International in 2001.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
