Development plans unclear for Forest Service land
August 14, 2006
The U.S. Forest Services 82-acre parcel above downtown Truckee was purchased for $5.65 million by a Southern California developer.P & M Marciano Capital LLC is currently in escrow with the Forest Service on the property, located off Indian Jack Road above Interstate 80. The company was the highest bidder in an online auction that drew the interest of bidders from Chicago, Las Vegas, San Diego and the Bay Area. Bidding for the acreage opened at $3 million before the Forest Service accepted P & M Marciano Capitals $5.65 million bid in April. The bid was determined to match the fair market value for the property. Escrow will close mid-September, said Rick Maddalena, with the Forest Services Truckee Ranger District.Marc E. Petas, attorney for P & M Marciano Capital, said his client liked the property but did not specify what will be done with the land.The property is zoned residential, with as many as 41 homes, or one home every two acres, according to Maddalena.They (P & M Marciano Capital) intend to develop it in the context with existing units, Maddalena said. How quickly they want to move Im not privy to.Truckee Ranger Joanne Roubique said P & M Marciano Capital is a smaller-sized developer.The money from the sale of the land, also referred to as Truckee Mountain Retreat, will help fund a new Forest Service center between Glenshire Drive and Interstate 80. Roubique said the Forest Service was granted specialized authority to allow the money from the sale of the property to be used in the development of new facilities, including offices, a fire station, and barracks. We are in the planning stages, Roubique said. Its our hope that we will start construction by this fall or next spring.