The long-shuttered Cal Neva resort at Crystal Bay just got its biggest lifeline in decades, with owners closing a $298 million financing package to remake the legendary property as the Lake Tahoe Proper Resort and Casino. The redevelopment team is targeting a 2027 opening and plans 197 guest rooms, restored public spaces including the Circle Bar and a 225-seat theater, multiple restaurants and bars, spa and pool experiences, and an on-site casino. Developers say the deal finally unlocks a project that has sputtered for years and will pay for both historic preservation and major infrastructure work.
Financing and lenders
According to a press release via PR Newswire, the $298 million capital stack combines $223 million in C-PACE financing from Nuveen Green Capital with a $75 million senior secured construction loan from Banc of California. Sponsors told the release that the C-PACE funding will cover energy and water efficiency improvements along with the building envelope, while the construction loan is aimed at restoration work and new-build elements. The release also notes that private investors and family offices are among the backers.
Who’s building it and what it will look like
Colorado-based Realberry is leading the redevelopment, with Proper Hospitality slated to operate the property and designer Kelly Wearstler handling interiors. As outlined by Hotel Management, plans call for a mix of restored lodge spaces and new villas, along with a private Proper Club membership component and a range of restaurant and bar concepts. Developers describe the project as preservation-forward, with a strong focus on wellness and cultural programming layered onto the historic lodge.
Historic landmark on the state line
The Cal Neva has anchored Tahoe’s North Shore since 1926 and became famous in the mid-20th century for its celebrity clientele and a period of ownership by Frank Sinatra. The lodge also literally straddles the California–Nevada border, a quirk that has long added to its lore. That history is a key reason the ownership group is publicly stressing preservation alongside modernization. According to Wikipedia, the resort’s showroom and tunnel system were among its signature features, and developers say those elements are on the list for restoration.
C-PACE loan sets a record
Commercial real estate coverage has flagged the $223 million C-PACE loan as the largest C-PACE financing in Nevada and the first such transaction recorded in Washoe County. CoStar and other outlets report that the long-term structure helps make the extensive restoration pencil out by stretching the cost of efficiency upgrades over time. In a statement included in the project release, Washoe County Sustainability Manager Brian Beffort said, “It’s exciting to see the Lake Tahoe Proper team take advantage of C-PACE financing to improve the resort’s energy efficiency,” per PR Newswire.
Local economy and next steps
Project sponsors say the redevelopment will bring a wave of construction jobs in the near term and year-round hospitality positions once the resort is open, while finally activating a high-profile lakeside site that has seen multiple unrealized plans. As reported by the Sacramento Business Journal, the property was purchased by a Denver-area developer and has been under various repositioning efforts since that acquisition. According to project leaders, permitting and phased site work are already in motion, with more specific construction timelines and community engagement events expected this spring.
Timeline and community trade-offs
Sponsors are framing the Lake Tahoe Proper project as a way to safeguard Cal Neva’s legacy while boosting energy and water performance to modern standards. At the same time, neighbors and Tahoe advocates are poised to scrutinize water use, traffic mitigation and construction impacts as detailed plans and permit applications move through local agencies. How the trade-offs shake out will likely define whether this latest Cal Neva comeback story finally sticks.
