Based upon the approved plans already in place, phase one of theproject would feature a destination luxury resort hotel and spa, awellness center, single-family lots, condominium units, duplextownhouses, office and commercial space, and a five-acre park.Phase two would include an 18-hole golf course and residentialestates. The estimated $300-million development is envisioned as adestination resort community that also would host conferences,weddings and corporate retreats.

"We've really just begun to market it in the past few weeks; wewill be putting together the entire capital structure, both theexperience and equity," Cherney tells GlobeSt.com. "We do havepeople that are interested who meet the qualifications, peoplecoming out to look at the property."

Oroville is in Butte County, about 90 minutes from Sacramentoand just under three hours from San Francisco. Butte is the mostpopulated county north of Sacramento, and recently has receivednumerous accolades. Kiplinger's recently named it one of the topfive places to retire and the San Francisco Chronicle said the areais one of the best places in the state to buy property. In additionto the lake, area attractions include local vineyards and oliveorchards, wildlife reserves and historic sites.