FAQ
39°N is a mixed-use redevelopment project that sits on two sites located across the street and down the block from each other. The site located at the intersection of North Lake Boulevard and Chipmunk Street consists of deed restricted workforce housing rental apartments. The second site, located along North Lake Boulevard from Raccoon to Fox Street and back to Salmon Avenue consists of a hotel with restaurant/retail space and a mix of three- and four-bedroom townhomes.
The project brings a wide range of benefits to the Kings Beach community including:
The replacement of decades-old structures that are at or near the end of their economic lives. The project will also facilitate the removal of blighted and condemned properties along Salmon Avenue.
The project will infuse much needed and desired private investment in the Kings Beach community. The 39°N project will serve as a catalyst that spurs renewed energy and investment in Kings Beach accelerating job growth, diversity of housing types and businesses, increased tax revenue, environmental and lifestyle benefits for all.
The project provides desperately needed rental workforce housing units.
The leasable commercial space along North Lake Boulevard will provide an opportunity for local and regional business owners to grow their businesses right in the heart of Kings Beach.
There will be community outdoor gathering spaces that can be used for a casual get-together or more formal events like a weekly farmer’s market.
The hotel will provide an attractive, first class lodging option and shift visitors out of neighborhood STRs.
The workforce housing apartments will be deed-restricted to serve locals who work within the boundaries of the Tahoe Truckee Unified School District. The units will also be income restricted to meet the needs of the “missing middle” or those who make between 80-220% of Adjusted Median Income.
The hotel/townhomes and workforce housing are one project and will be built concurrently. The workforce housing is planned for modular housing to facilitate a faster construction period.
No. STRs will not be allowed in the townhomes, workforce housing or hotel.
Kingsbarn utilizes its valued financing relationships to arrange construction and permanent financing for development projects of all types. With our broad capital markets experience and creative structuring acumen, we are able to source debt that is congruent with project requirements.
The buildings that currently sit at the Kings Beach Center location are decades old and have long outlived their useful life. They do not meet current green building codes, environmental site standards or BMP requirements. The redevelopment of this site will utilize the latest green building practices, be energy efficient, and will protect the surrounding environment and specifically Lake Tahoe. The project will built to U.S. Green Building Standards and be LEED certified. The project is specifically designed to encourage visitors and residents to get out of their cars and walk, take a scooter, or ride a bike to the shops and restaurants at 39°N, to the beach and other nearby business establishments.
Kingsbarn Capital & Development has extensive experience in large projects the size and scale of 39°N. At every step of the entitlement and design process, we are working with our architects, design consultants, contractors, and suppliers to evaluate the most design and cost-effective materials and construction practices to ensure a high quality and thoughtful development.
Placer County will work with all existing residential tenants to assist with relocation. Kingsbarn Capital & Development will work with existing commercial tenants to assist with relocation.
39°N is being planned in full compliance with applicable planning ordinances. Additionally, the recently adopted 2021-2029 Placer County Housing Element specifically encourages “infill development” to “promote and maintain balanced growth by encouraging residential development on infill sites within established communities where urban services are in place.” 39°N qualifies under the PCHE as eligible infill.
We love the quirkiness of Kings Beach as much as you do. It is not our intention to change that in any way. We believe the 39°N project will provide opportunities for the Kings Beach community to continue to thrive while maintaining its unique character.
Guests of the hotel will support local businesses which will add to the economic growth and vitality of the Kings Beach community. Guests will be able to stay where they play, rather than driving in and out of the Tahoe Basin. Additionally, most of the lodging options along the North Shore are in neighborhood-based vacation rentals. The increase in STRs have turned neighborhoods into all-night party houses and their accompanying issues with noise, traffic, parking, trash, wildlife encounters, wildfire threats and more. The 39°N project would begin to address the issue of STRs by providing lodging in a controlled hotel environment located where it is supposed to be – in the Kings Beach commercial core.
Lake Tahoe is an outdoor playground for all to enjoy. By delivering home ownership opportunities, achievable rental housing, commercial opportunities, hotel rooms, and transportation benefits, 39°N is creating a large economic base that will ensure the long-term sustainability and vitality of the Kings Beach Town Center. Within the varied scale of this project, 39°N will serve the visitors, local and regional businesses, the local workforce, and homeowners.
When you build workforce housing units that are specifically designed for the “missing middle” (80-220% of AMI) there are no associated tax subsidies or developer credits available to offset the construction costs. We have been working with Placer County and community stakeholders who have told us that there is a critical need for achievable housing for locals within that income range. In order to ensure that the project is economically viable, we need to build and sell market-rate townhomes as a way to offset the costs associated with building workforce housing units.