Construction to begin this year

A Dallas-based real estate company said last week it plans to begin construction on a 49-condominium project at Stateline this year.

The condominiums will be built on a .68-acre parcel at 323 Tramway Drive purchased by Behringer Harvard Strategic Opportunity Fund I late last year.

The fund acquired the land in partnership with Genesis Realty Inc., which spent about 15 years acquiring the property and consolidating the development rights.

Behringer Harvard executives said the project would be the only entitled whole-share condominiums in the South Lake Tahoe area.

The project includes a mix of single-level and multi-level units with three or four bedrooms. Each unit will include a garage parking space.

Robert Behringer, chairman and chief executive officer of the investment fund that's developing the condos, said the combination of high barriers to entry in the Lake Tahoe housing market, tight supplies and Nevada's tax climate attracted his company.

Construction is projected for completion in 2007.

The Behringer Harvard Strategic Opportunity Fund I raised about $65 million from investors. Along with the Lake Tahoe property, it owns assets ranging from apartment units in Fort Worth to an office building in Amsterdam.