BALSAMS RESORT REAL ESTATE RESERVATIONS NEAR $22 MILLION
DIXVILLE, N.H. (May 9th, 2017) – Since The Balsams Resort’s initial real estate selection event in the Fall of 2016, more than 100 families and individuals from places like Toronto, Canada, Texas and Seattle have visited the property, toured the model units, and placed reservations on pre-sale contracts representing $21.6 million worth of future sales. The reservations require a 5% refundable deposit towards a future purchase of condominium units in the historic Hampshire and Dix Houses, the first structures to be renovated under the Balsams’ restoration and expansion plans.
Balsams’ Lead Developer Les Otten said the response to the real estate offering validates his team’s redevelopment vision and fulfills a promise he made to State officials in early 2014. “When the State came to us and offered assistance through its Department of Economic Development and Business Finance Authority, I said our project would prove its viability by taking reservations on at least $25 million of real estate. With the deposits in hand and the number of prospective buyers currently showing interest, we are confident we’ll meet our $25 million goal in a matter of weeks.”
The Balsams’ first phase is estimated to cost approximately $165 million and will include renovating the historic Dix and Hampshire Houses, and constructing a new hotel, conference center, Nordic Baths and Spa, and an expanded ski area.
A recently released Work Force Study confirms that the revitalization of the Balsams Resort has potential to bring thousands of new jobs to the North Country. The report by PolEcon Research is the third and final independent report required to advance the Balsams application before the New Hampshire Business Finance Authority (BFA) in collaboration with the project’s senior lender.
The study says the Balsams Resort will create 600 construction jobs during Phase 1. Once operational, the Balsams will employ roughly 400 people with the potential of creating more than 1,500 jobs once the build out is complete, as well as indirect jobs in the surrounding communities. Wages will average more than $17 per hour and the median wages are above the Coos County median.
“Closing in on $25 million in pre-sales means we are that much closer to jumpstarting the North Country’s economy by providing sustainable jobs, while restoring and expanding this historic jewel of a destination,” said Otten.
The Balsams is working to complete on-going development activities, achieve a financial close, and break ground on the renovation and expansion plan in 2017.
About the Balsams redevelopment:
The Balsams’ redevelopment proposal includes renovating the historic Dix House, Hampshire House and Hale House, as well as the acclaimed Panorama golf course and clubhouse designed by pioneering golf course architect Donald Ross. The Balsams Lake Village, which will encompass the Dix and Hampshire Houses, will feature a new Lake Gloriette House condominium, a 600-seat conference center, Nordic baths and spa, a performing arts center and an open-air marketplace. The resort’s fine cuisine and chef training programs, known worldwide, will return through multiple culinary options around the resort. All will embrace the farm-to-table concept by sourcing locally-grown meats, produce and dairy. The plan also includes expanding The Balsams Wilderness Ski Area into one of the largest and most technically advanced ski resort on the East Coast.