BALSAMS STATEMENT REGARDING CBRE
DIXVILLE, N.H. (June 24, 2019) – Les Otten, Dan Hebert and the Balsams’ development team have every intention of renovating and expanding the Balsams Resort as has been contemplated for the past several years. A relatively recent development on the financing side is the designation of Dixville as an Opportunity Zone. We have already indicated publicly our desire to seek Opportunity Zone funding and have engaged CBRE to identify potential investors. CBRE is extraordinarily familiar with the Balsams, having completed the market feasibility study on the project in 2018, and based on CBRE’s hotel and resort experience and relationships, they have access to a broader investor pool to advance the Balsams efforts.
The CBRE engagement was made to enhance the ongoing efforts to execute on a financing plan to develop the Balsams as has been worked on for over the past 5 years. We are continuing with those efforts with renewed vigor with the passage of HB 540 in law, which allows for the creation of a tax assessment district without the New Hampshire Business Authority’s involvement.
Our on-going relationship with CBRE represents an opportunity to take advantage of their network of investors and opportunity partnerships, allowing us to cast the broadest net and being open to all possibilities when it comes to potential investment partners. Our desire remains to continue as the lead developer to bring the Balsams Redevelopment to fruition, as we have worked on for the past 5 years, in addition to an investment to date approaching $20 million.
Ultimately, our highest priority is making sure the Balsams project moves forward and succeeds, thereby creating several hundred new jobs and attracting hundreds of millions of dollars in investment in the North Country.