BALSAMS RESORT TOPS $26 MILLION IN REAL ESTATE RESERVATIONS
November 20th, 2017
DIXVILLE, NH – “More than 120 families and individuals have made a 5-percent refundable deposit toward a future purchase of a residence in the historic Hampshire and Dix Houses, the first structures to be renovated under the Balsams $170 million restoration and expansion plan. These pre-sale contracts represent $26.1 million worth of future sales at The Balsams Resort. Deposits have been received from future purchasers in 18 states, some as far away as California, Colorado and Texas; and also, Ontario, Canada.
Balsams Lead Developer Les Otten said the strong response to the resort’s unique ownership program, ‘…validates the Balsams redevelopment’s vision and viability.’
He also said the Balsams lead lender is very close to taking its next crucial step, working with the New Hampshire Business Finance Authority to apply for a credit enhancement on the project’s redevelopment district, as enabled by the passage of Senate Bill 30 in 2015.
‘Recognizing how important the Balsams rebirth will be to New Hampshire’s North Country economy, the State approached us early on with an offer to assist the project through legislation that made possible a credit enhancement through the Business Finance Authority. We are pleased that in the coming weeks, our lead lender will begin working with the BFA on the application process.’
Otten noted the development team has made significant improvements to its financing plan that will strengthen the project.
In addition to surpassing its $25 million real estate milestone, the Balsams commissioned a workforce study earlier this year that confirms the Balsams has the potential to bring thousands of new jobs to the North Country. 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.
The Balsams first phase will include renovating the historic Hampshire and Hale Houses, reconstructing the historic 1866 Dix House and building a new Lake Gloriette House hotel and conference center, Nordic Baths and Spa, and an expanded ski area. Construction in the Balsams village may proceed independently from work on the ski area.
The Balsams project has been rigorously reviewed by various local, state and federal agencies and has received the following legislative and permitting approvals:
- May 2015 – The NH Legislature passes and Governor Hassan signs SB 30, allowing the NH Business Finance Authority to consider a $28 million loan guarantee for the project’s redevelopment district
- July 2015 – NHDES – 401 Water Quality Certificate to withdraw water from the Androscoggin River for snowmaking
- November 2015 – Coos County Planning Board and Delegation – zoning amendment approvals
- December 2015 – Coos County Planning Board – Planned Unit Development approval
- December 2015 – NHDES – Wetland Permit
- December 2015 – U.S. Army Corps Permit
- June 2016 – Coos County Planning Board – Hampshire and Dix House Site Plan and Subdivision Approval
- June 2016 – NH DES – Shoreland Impact Permit
- July 2017 – NH DOT – Driveway Permit
- August 2017 – Coos County Planning Board – Amended Hampshire and Dix House Condominium Site Plan Approval
- September 2017 – Coos County Planning Board – Lake Gloriette House Condominium Site Plan and Subdivision Approval
About The Balsams redevelopment:
The Balsams redevelopment proposal includes reconstructing the historic Dix House, and renovating the historic Hampshire and Hale Houses, 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 hotel, 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, most technically advanced ski resort on the East Coast.”