Based upon the approved plans already in place, phase one of the project would feature a destination luxury resort hotel and spa, a wellness center, single-family lots, condominium units, duplex townhouses, office and commercial space, and a five-acre park. Phase two would include an 18-hole golf course and residential estates. The estimated $300-million development is envisioned as a destination resort community that also would host conferences, weddings and corporate retreats.

"We've really just begun to market it in the past few weeks; we will be putting together the entire capital structure, both the experience and equity," Cherney tells GlobeSt.com. "We do have people that are interested who meet the qualifications, people coming out to look at the property."

Oroville is in Butte County, about 90 minutes from Sacramento and just under three hours from San Francisco. Butte is the most populated county north of Sacramento, and recently has received numerous accolades. Kiplinger's recently named it one of the top five places to retire and the San Francisco Chronicle said the area is one of the best places in the state to buy property. In addition to the lake, area attractions include local vineyards and olive orchards, wildlife reserves and historic sites.