Mount Snow Projects Move Forward With EB-5 Funds
Rendering of the new Carinthia Lodge. (LineSync Architecture)
Mount Snow’s $52 million in EB-5 funding has been released from escrow, allowing them to continue construction of the West Lake Project, with work on the new base lodge at Carinthia Parks scheduled to begin in 2017.
The United States Citizenship and Immigration Services (USCIS) approved Vermont's Mount Snow EB-5 program last May. “The EB-5 is an incredibly popular program, and with that popularity has come a backlog at the federal level,” Mount Snow’s Jamie Storrs told SnoCountry.com.
While awaiting this USCIS approval, parent company Peak Resorts has invested more than $15 million in project construction since February 2015.
Mount Snow plans to finish the West Lake project next summer. “This will be a massive win for us. We could open the season with 50 percent of our terrain in the right conditions,” Storrs told us.
$30 million of the $52 million will go 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.
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 will provide a full compliment of skier services. The new lodge will serve as the hub for future planned upscale hotel accommodations and recreational facilities.
Site work for the Carinthia Lodge will begin summer 2017, with work continuing through the winter, with a planned opening winter 2018-19. Storrs noted that the existing Carinthia Lodge will remain open until the new facility is complete.