Kingsbury Middle School falls out of escrow

Kingsbury Middle School has fallen out of escrow after the buyer, Lake Parkway LLC, failed to secure financing on the $3.15M purchase by the required date of July 31.

During a special Douglas County School District (DCSD) meeting on July 24, Patrick K. Taylor, managing member of Lake Parkway LLC, was given an additional week added onto his one year escrow to come up with the funds. In exchange for that gesture, Taylor was required to place an additional $40,000 non-refundable deposit into Escrow for a total of $55,000.

That deadline was not met.

Taylor had said he wanted to turn the 22.4 acre parcel on Echo drive in the Lake Village neighborhood into affordable housing units. Doing so would also require rezoning and building permits, both of which were required during escrow.

DCSD is holding a School Board meeting on Tuesday, August 8 to discuss the next steps. They can choose at that time to allow Taylor and Lake Parkway LLC an extension of escrow, or put the school back on the market. What they may do is unclear.

The meeting will be held at the lake at the Lake Tahoe Visitor’s Center in Stateline at 3:30 p.m. Trustees must decide on Lake Parkway's offer before going on to the next steps.

If the board chooses to place the property back on the market and not continue to work with Taylor he loses the $55,000 deposit.

Jenay Aiksnoras, owner of Lake Tahoe Yoga, is interested in purchasing the property and turn it into a "Health and Wellness Retreat Center." She said the space would provide residents and visitors the opportunity to attend scheduled classes that focus on developing healthier living habits as well as to retreat to Tahoe and participate in programming that provides access to activities in and education about the area.

Aiksnoras explained the three "limbs" of the old middle school would be fully utilized. One limb would be the above, then a second would be for children's programming including after-school homework support and extra-curricular activities. The third limb of the space would offer senior programming that encourages physical activity and engagement.

"We want to partner with the residents and businesses of the community to provide high quality service and activities for residents and visitors alike and to promote ecotourism in Tahoe South," said Aiksnoras. Anyone interested in learning more or becoming part of the project may contact her at Lake Tahoe Yoga. Serious inquiries only, she said.

Anyone interested in learning more or becoming part of the project may contact me at Lake Tahoe Yoga.