Nine 47 Tahoe will be the first new condominium project constructed in Incline Village in more than two decades. Rendering Courtesy Palcap FFIF LLC
A long-delayed condominium project in Incline Village is scheduled to break ground this spring on two acres at the corners of Tahoe and Southwood boulevards.
Nine 47 Tahoe will be the first new condominium project constructed in Incline Village in more than two decades, said Randy Fleisher, principal with Palcap FFIF LLC. Fleisher told NNBW that the condo project also may include development of deed-restricted housing on a separate parcel and is a labor of love more than 15 years in the making.
“When I first saw the site years ago, I envisioned delivering condominiums to the Incline Village community,” Fleisher said. “My wife owns a Pilates studio here, we are ingrained in the community, and we understand the need for both ends of the housing spectrum. That’s why we also are targeting achievable and affordable housing on our other site.
“We are very fortunate that we got this two-acre site,” Fleisher added. “I had been bird-dogging this site for years, and I finally convinced the owner to turn it over to us.”
Nine 47 Tahoe will consist of 40 condominium units ranging in size from 1,525 to 4,171 square feet, with prices starting at $2.8 million. Delivery is planned for the end of summer 2026, said Chuck Butler, partner at Palcap.
Chuck Butler
“That is a good achievable goal, but it’s always subject to twists and turns and weather,” Butler said. “With the increases in interest rates, there are a lot of projects that have been put on hold, and I think we will be very fortunate to get much better access to contractors and subcontractors because of that.”
Butler noted that challenging development regulations, as well as lack of available land, have led to a dearth of new housing in North Lake Tahoe.
“Scarcity of land is huge,” he said. “Outside of the parcels we own, and government-owned parcels, there is less than an acre in Incline Village that is owned by private citizens. Land is just very difficult to find here.”
Developable land of any kind is hard to come by around Lake Tahoe, especially two acres a stone’s throw from Lake Tahoe’s famed crystal blue waters. The developers purchased a blank slate — the site formerly housed Stanley’s Restaurant and a Chevron gas station, but that infrastructure had been razed several years ago.
Palcap also controls a three-quarter-acre parcel in Incline Village that’s slated for deed-restricted housing. The site could have anywhere from four to 40 housing units in a four- to five-story building.
Randy Fleisher
SMC Construction of Sparks is the general contractor for Nine 47 Tahoe, while Collaborative Design Studio of Reno is the lead architect. Stacey Hannah, luxury Realtor with Chase International, will market and sell the units.
Palcap acquired the parcel in September 2021, and nine 47 Tahoe was announced soon after. However, the project was subject to lengthy delays as the principals worked to obtain all the necessary permitting and approvals.
“We believed we could do condominiums right, but as we got into the planning and development phase, Washoe County told us we needed to get a special amendment to build condominiums,” Butler said. “That led to the delay and caused us to go through almost two years of amendment processes to get condominiums allowable inside Incline Village.
“The Tahoe Basin is a crown jewel not only for the area but for the whole country,” he added. “So much so that there is a bi-state commission to ensure the protection and long-term viability of the region. The Tahoe Regional Planning Association is charged with protecting and ensuring the lake is a healthy and vibrant place. Some constituents want intelligent and well-thought development to move into the 21st century that provides for development and continued growth and housing at all income levels; others want nothing to occur. It is a challenge for Washoe County, Incline Village General Improvement District and TRPA to balance those interests and come up with solutions that ultimately align with the long-term strategic plan for a healthy Lake Tahoe.”
Butler said construction at Lake Tahoe can be one of the most challenging building environments in the country. Unprecedented winters can drop more than 700 inches of snow and severely limit the building season. It can be challenging to find contractors and subcontractors willing to travel to the lake, and transporting building materials greatly increases construction costs.
“You end up with building costs that are significantly higher than almost anywhere in the country,” Butler said. “That creates challenges to build something that is of the quality that the area deserves and needs at a price that while high, isn’t offensively high. It’s very inline with other communities, whether it be Jackson Hole or Aspen, which don’t have this incredible lake.”
Nine 47 Tahoe is self-funded to date, but the principals will take out a construction loan and leverage partner relationships as vertical construction commences.
“We will put the traditional levels of finance that you do with any project,” Butler said. “We also have a number of long-time relationships in the real estate industry that want to be a part of this project.”
Now that the project has finally been greenlighted, the developers already are fielding inquiries from prospective owners.
“It’s incumbent upon us to cultivate the right community members that are going to be living in this place,” Fleisher said. “This is going to be a very exclusive, lock-and-leave home with underground parking and direct-access elevators. It will have an open-air skydeck with views of Diamond Peak that connects to an internal lounge.
“These are all ways to gather socially both indoors and outdoors, since Lake Tahoe is an indoor-outdoor year-round experience.”
