Business Beat: Tahoe High-End Housing Project Secures Funding, South Lake Tahoe Kmart To Close
Here’s the latest business news from around Northern Nevada, with Business Beat from the Northern Nevada Business Weekly.
Carson City Opens New Investment Zone
People looking to invest in local innovation have an opportunity under a new qualified opportunity zone fund in Carson City.
Called the Growth, Resources, Assets, Safety & Stability, or GRASS, the fund gained approval from the IRS and is now open for investment.
Qualified opportunity zones are areas deemed economically distressed by local governments. They give investors tax breaks to put funds into these areas. Anyone interested in investing in this zone can get in with just $1,000.
Tahoe High-End Housing Project Secures Construction Loan
A high-end housing project on Lake Tahoe’s South Shore secured a $115 million construction loan to kick off its second phase. The Tahoe Beach Club completed its first phase last year.
According to a press release, 48 new homes will be added during this phase. The Tahoe Beach Club will offer 143 residences when complete, with two-bedroom homes starting at $1.6 million. Four-bedroom units start at more than $4 million.
One Of Nation’s Last Kmarts To Close
The Kmart in South Lake Tahoe, one of the last remaining in the U.S., is closing in August. The store began shutting down this month and will close for good August 22.
According to Kmart’s website, only 39 stores remain open in the U.S., including the one in South Lake Tahoe. At one point, the retail chain boasted more than 2,000 storefronts across the country.
Kaleb Roedel is a KUNR contributor and reporter with the Northern Nevada Business Weekly. For more business news, check out the Northern Nevada Business Weekly at nnbw.com or in print on Wednesdays.