Commercial Update

Post-pandemic Signs of Life in Incline/Crystal Bay Commercial Real Estate Market

By Mike Danahey

THE LAKE TAHOE region’s housing market boom, particularly here in Incline Village and Crystal Bay, has been the talk of local as well as national media.

Here’s a look at what’s happening in the commercial property market in Incline:

Trevor Smith of Coldwell Banker and past president of Incline Village Realtors, has leased the space at 925 Tahoe Blvd. to digital marketing and media company ConsumerTrack.

ConsumerTrack owner Brett Rossman and wife, Lauren, were featured in a WSJ article about people who left cities during the pandemic to live and work in resort towns. Rossman said the pandemic accelerated their plans to run a virtual office “because being in Tahoe brings so many lifestyle benefits and is a beautiful place to work’.

Smith also noted the sale of “Spitsen Lumber at 1054 Tahoe Blvd. to Zoom founder Eric Yuan. Smith said the plan is to convert the spot to use for boat storage.

Incline Property Management President Larry Wodarski noted that 869 Tahoe Blvd., which held the Wildflower Cafe, was purchased by the Natural Grocers family of stores.

Wodarski also noted that the Centerpoint Building, 865 Tahoe Blvd. is listed for sale.

“The current owner had sections of the interior demolished and set up as open space for prospective tenants to build out according to their needs while the lower floor is leased as small executive suites,” Wodarski said.

The building at 800 Tahoe Blvd. is a tale of two stories. The second story holds Village Ski Loft, a local institution that’s been in business for more than 40 years. “They’re a fixture here in Incline and the only full-service ski-shop on this corner of Lake Tahoe. We’re proud to have them as a tenant,” said Scott Dutcher, General Manager at Tahoe Immo, which owns commercial and retail properties throughout the area.

The first floor, though, is a different story. Over the years, it’s held a number of food and/or drink establishments, most recently Brewforia, which closed last year during the pandemic.

Dutcher said that he has completely gutted the first floor to make it available for showing to interested tenants. Other plans for the building include an extensive exterior remodel.

Dutcher noted that there has been a gap in the quality of available commercial space in Incline compared to other towns surrounding Lake Tahoe. However, he sees signs of progress and hopes that the state and county government come through with funding for infrastructure work along Tahoe Blvd, which will help with developing commercial sites along the route.

“We still have many office vacancies. They are slowly disappearing but there is no rush to rent office/retail space, like there is for the residential market,” Smith said.

Sabrina Belleci, owner and broker at RE/ MAX North Lake in Incline Village feels that as people realize they can live in the Incline area and have a “real job” more commercial space will begin to fill up with tech-related businesses.

What this recent commercial real estate activity may indicate, Wodarski said, is “something’s going on in the village, and it is hoped that it will be a renaissance to a commercial core that has largely been stagnant for years.”