Sixteen Residences Will Be Offered For Quarter-Ownership or Full Ownership During June 26 Sales Event   

South Lake Tahoe, Calif. (May 17, 2004) –Sierra Shores, a new, exclusive development of 16 lakefront residences, is offering a rare opportunity to own beachfront property in Lake Tahoe. Reservations have opened enabling prospective purchasers to get their first glimpse of a development that includes resort-like amenities and services, an upscale alternative to other co-ownership options on South Shore, and a central location near snow skiing, hiking, championship golfing, boating, mountain biking and world class nightlife.  

Ownership opportunities in this gated community located on 270 feet of beach start at  $550,000 for a quarter ownership and $1.75 million for full ownership. Sales and construction are expected to commence in August 2004, with completion estimated for December 2005 or sooner.

The Residences
Ranging from 1,800 to 3,300 square feet, the 16 three- and four-bedroom fully furnished residences at Sierra Shores will be appointed with elegant, yet comfortable furnishings surrounded by natural stone, granite and wood befitting the mountain environment. The residences will be designed in three-bedroom, three-bath or four-bedroom, four-bath configurations with stunning views of Lake Tahoe and the Sierra Nevada mountains. They will include full gourmet indoor kitchens as well as outdoor kitchens on the lakefront deck for alfresco dining, fireplaces, high-speed Internet access, over-sized Jacuzzi tubs, enclosed heated garages, and large steam showers.

The building's exterior reflects the same mountain elegance as the interior.  Rock and cedar siding wrap around a building, with spacious outdoor decks and patios, that features a backdrop of Lake Tahoe's blue waters and the surrounding mountain peaks.

Amenities and Services
Sierra Shores offers a full slate of amenities that ensure owners enjoy a hassle-free visit with plenty of time to enjoy Tahoe's abundant recreation. An on-site innkeeper caters to owners' every need, from filling the refrigerator with groceries to securing reservations at South Shore's best restaurants to keeping wine cabinets stocked with favorites. The innkeeper also can arrange sailing lessons, fly-fishing tours, boat rentals and ski lift tickets.

Other Sierra Shores' amenities and services include housekeeping, heated pathways and drive areas, an adjacent pier, direct access to a network of lakefront bike paths, a fitness facility, hot tub and outdoor pool.

Location
Sierra Shores is conveniently located near South Shore's recreational attractions, off Highway 50 near Ski Run Boulevard. It is 55 miles from the Reno-Tahoe International Airport and eight miles to South Lake Tahoe airport. It is located a mile from the South Shore casinos, so owners can be close enough to big-name entertainment and nightlife without being situated amid the hustle and bustle of the “casino corridor.” Sierra Shores also is less than two miles from Edgewood Tahoe golf course, giving owners easy access to championship play, while Heavenly Ski Resort is literally a couple minutes away. Best of all, Lake Tahoe is a few steps away, ensuring that owners can spend the day on the beach or a boat without having to travel far from their door. 

Shared Ownership (Quarter Ownership)
Each residence is limited to four co-owners who are guaranteed a minimum of thirteen weeks (one week per month). Additionally, full interests may be purchased for prospective owners seeking their own fully owned residence.

Prices start at $550,000 for one quartershare and $1.75 million for full ownership of one unit. For more information, visit www.sierrashores.com or contact Corinne Huntress, director of sales , at 800-511-6585 x 104 or chuntress@playground.com

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The principals in Sierra Shores have a strong background in the development of innovative real estate projects in the Lake Tahoe Basin.  Beginning in 1976,  projects have included single family homes, new and re-developed commercial properties, assemblage and reconfiguration of large and small parcels of land, affordable housing, multi-family apartments and tourist accommodation/fractional ownership projects. Projects completed to date include 118 fractional ownership units, over 100 affordable housing apartments and 150,000 square feet of commercial/retail development. With over 50 years of combined real estate experience the partners of Sierra Shores believe that successful real estate projects evolve from identifying a unique property, creating a fundamental creative design, a great marketing/sales organization and a strong financial structure.

Playground Destination Properties Inc., an Intrawest company, is the premier provider of sales and marketing services for resort real estate world-wide.  The company draws on proprietary methodology called The PlaygroundTM Way to fulfill its mission of “connecting people with the ultimate places to play”.  With corporate offices in Vancouver, BC, Playground represents unique real estate in five countries on two continents, including the world-renowned Whistler Blackcomb in British Columbia –North America’s most popular mountain resort; Mammoth in California – The Eastern Sierra's premier four-season resort; and Florida’s Sandestin – 2,400 acres of white sand beaches and world-class golf.  To learn more about Playground visit www.playground.com.