TAHOE CITY

MJD Capital Partners is facing foreclosure on its Tahoe City property, the Boatworks Mall. A “Notice of Default and Election to Sell Under Deed of Trust” was issued on Jan. 28 to Boatworks at Tahoe for $14,391,836 by its lender, Citizens National Bank of Texas. MJD is also delinquent on its Placer County property taxes, totaling $247,049. MJD missed both the first installment, which was due Dec. 10, and the second installment, due April 10.

Sacramento-based MJD purchased the mall in 2019 for $10 million. Its current loan with Citizens National Bank of Texas was issued in December 2023 for $15 million.

MJD had big plans for the 3.8-acre site, which includes the Boatworks Mall, the Inn at Boatworks, and the El Dorado Savings Bank building. The redevelopment project aimed to create a mixed-use development that would include 79 hotel units, 29 residential condominiums, over 7,000 square-feet of commercial space, and a spa. The hotel would also feature new restaurants, conference facilities, event space, and a rooftop bar. The project would be served by underground parking.

In 2022, Boatworks completed a $1 million renovation of the inn. The Boatworks Mall redevelopment project is currently in the environmental review stage with Placer County. 

Calls to MJD were not returned.

~ MS