Release Of $52 Million From Escrow Allows Mount Snow Projects To Move Forward
Mount Snow, VT. – Dec. 13, 2016 – Peak Resorts , the parent company of Mount Snow , announced today, Dec. 13, 2016 the release of $52 million in EB-5 funding from escrow. The funds – which were raised for the upcoming West Lake Snowmaking Project and the new base lodge for Carinthia Parks at Mount Snow – will be utilized to continue construction of the West Lake Project, with work on the new base lodge at Carinthia Parks scheduled to begin in 2017.
The $52 million round is divided between the two projects with $30 million going towards the West Lake Water Project, which includes the construction of a 120 million gallon water storage pond for snowmaking, three pump houses, new snowmaking pipelines, trail upgrades and a new ski lift to replace the aging Ski Baba lift. Work on this project has already started, including lift prep work and snowmaking improvements that will have a positive effect on snowmaking operations for winter 2016/17.
The additional $22 million will be used to replace the existing Carinthia Base Lodge. The three-story, approximately 36,000 square foot state-of-the-art facility is designed to provide an array of skier services in a comfortable, modern building at the base of Carinthia Parks at Mount Snow. The new lodge will serve as the hub for future planned upscale hotel accommodations and recreational facilities that will be built at the Carinthia Base Area as part of the Mount Snow Master Plan.
“We’ve been waiting quite a while for this day,” said Dick Deutsch, president of Mount Snow and vice president of business and real estate development at Peak Resorts. “While we’ve been able to complete a fair amount of preparation and site work thus far, the release of these funds will allow us to dive head-first into the next phase of the project to build a better, more modern Mount Snow.”
The $52 million round is the first of multiple projects planned for Mount Snow as part of Mount Snow’s Master Plan, which has been vetted and approved by the state of Vermont and includes the development of up to 900 residential units and 200,000 square feet of commercial space.
About Mount Snow
Mount Snow is a premier four season resort located in the Green Mountains of Southern Vermont featuring four mountain faces of downhill skiing and snowboarding – including the East’s #1 Terrain Park, Carinthia – slopeside lodging and golf at the acclaimed Mount Snow Golf Club as well as flexible wedding and conference facilities. Other activities include snow tubing, ski lessons, snowboard lessons, downhill mountain biking and a full schedule of festivals and events. Mount Snow is a member of the Peak Resorts family. To learn more about Mount Snow visit MountSnow.com