INCLINE VILLAGE, Nev. (AP) — A luxury condominium developer plans to break ground this spring on 40 multi-million-dollar units on the north shore of Lake Tahoe.

The Nine 47 Tahoe development is planned on 2 acres (0.8 hectares) in Incline Village along Tahoe Boulevard about a mile (1.6 kilometers) east of the Mount Rose Highway.

The project is a joint venture between Palcap FFIF LLC and Greenwood Homes, the Reno Gazette Journal reports.

Units will start at $2.5 million and rise to about $7 million, according to Chase International, which is overseeing sales and marketing for Nine 47 Tahoe.

Two-bedroom, three-bedroom and penthouse units will range from 1,525 to 4,171 square feet (141 to 387 square meters). Amenities include a rooftop deck with wrap-around views of Tahoe and the mountains.

Lake Tahoe real estate prices have been booming with limited supply since the COVID-19 pandemic.

The median price for a single-family home jumped 22% to $950,000 in 2021 compared to $779,000 during the previous year, according to Chase International’s year-end market report. The number of units sold fell by 25% to 1,476.

The median sales price for condominiums in Lake Tahoe also rose sharply last year, up by 42% to $713,000.