ropeways.net | Home | 2019-07-09
Balsams Resort Placed on Market
The defunct resort is being advertised as "virtually shovel-ready".
Just weeks after the $28 million state funding bill was signed into law, the Balsams has been placed on the market.
According to the listing on CBRE ("the world’s largest commercial real estate services and investment firm"), "the team has put together a detailed plan for Phase 1 with redevelopment strategies, cost breakdowns and renderings, making the renovation virtually 'shovel-ready.'"
The listing claims nearly $20 million has been invested to date, and that "The Balsams development team is prepared to work hand-in-hand with new investors, whether that be moving forward with their approved plans or shifting gears to a new vision. "
The property "encompasses 7,642 acres of expansive wilderness, with an additional 3,605 acres under option contracts that would facilitate further expansion of the ski area and create the largest ski mountain in the Northeast."
Developer Les Otten's most recent timeline was to reopen the ski area for the 2020-21 season. Since missing a mid-2015 planned groundbreaking, the project has been through numerous delays, most recently labelled as being in "grave time jeopardy." The total price tag for the project is estimated at $173 million.
The northernmost chairlift served ski area in New Hampshire, the Balsams Wilderness operated from 1966 until 2011, when the Dixville Notch Balsams Grand Resort was shuttered. While equipment has been sold and some hotel related structures demolished, the ski lodge and triple chairlifts remain in place. Les Otten has been involved in the project since 2014. Plans include 22 ski lifts serving 1,200 acres of skiable terrain.