Glenshire-area development defaults
February 14, 2008
The controversial Canyon Springs development east of Glenshire may be up for sale.
Property owners Tahoe Boca LLC have defaulted on the property, and lenders are putting up part of the 289-acre site for sale on March 6 to recoup over $7 million in debt. The project had stalled last year when the developer withdrew from environmental review under growing opposition from neighboring residents.
“This is great news for us,” said Andrea Walhof-Grisham, vice president of SOS (Saving Open Space) Glenshire. “Now there is potential to buy it inexpensively.”
Local owners Christy and Paul Curtis’ property in Canyon Springs is not part of the sale, Christy Curtis said.
“A lot of projects that go into foreclosure don’t go into sale,” Curtis said.
If the property does go to sale, SOS Glenshire has expressed interest in working with the Truckee Donner Land Trust to buy and preserve the land as open space, Walhof-Grisham said.
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“The land trust is very interested in the property,” said Perry Norris, executive director for the Truckee Donner Land Trust. “It has high biological importance, especially for the Loyalton-Truckee deer herd.”
SOS Glenshire would help collect money to help the land trust, Walhof-Grisham said, and already has some savings from past fundraising efforts.
“Anything we have in the bank we’d happily put toward this purchase,” she said, adding, “We’d discourage any buyers from buying it for development, because we would go to battle with them.”
Stan Wingate, associate director of the Truckee Donner Land Trust, said they would look both to the community and outside investors.
“We feel that if the Glenshire community can rally that would send a strong message to other funders,” he said. “We certainly want to work with the seller and the community-at-large for a win-win.”
Originally the project drew flack for the potential traffic it would create through the Glenshire subdivision and along Glenshire Drive into town.
According to the draft environmental documents, average daily vehicle trips would increase by over 1,000 on certain neighborhood roads.
The project would have added 213 homes east of Glenshire, feeding into Edinburgh Drive and Martis Peak Road.
Opponents asked that the project be reviewed under more current town standards, leading to a voluntary withdrawal by the developers.
After Canyon Spring’s environmental review was withdrawn, the Glenshire Devonshire Residents Association began exploring a partnership with the land trust to try to purchase the land for preservation.
“It is clearly an open space enjoyed by a lot of people in Truckee,” Norris said.
But only three of the project’s six parcels are up for sale, according to the notice of trustee’s sale.
The three parcels are about 70 acres each, adding up to about 210 of the project’s 289 acres, said Dan Warren, general manager of the Glenshire Devonshire Residents Association.
“I’ve been scrambling to see what’s going on, the land trust is scrambling to see what’s going on, this is all news to everybody,” Warren said.