There are five parties reportedly looking into financing the redevelopment of the Northern New Hampshire resort.
Wednesday, December 9, 2020, NewEnglandSkiIndustry.com
The Balsams, June 2020
Despite economic issues surrounding COVID-19, Les Otten is optimistic that the Balsams redevelopment project is moving forward. Otten appeared before the Coos County Planning Board earlier this week seeking to extend conditional permits set to expire next month.
According to the Conway Daily Sun, Otten told the board, "while driving by the Balsams, it may not always be apparent that work remains underway or that meaningful dollars continue to be spent, but I want to assure you that this is continuing."
Dixville Capital is now focusing on obtaining environmental, social, and governance (ESG) financing, and reportedly has five entities performing due diligence. Annual holding costs for the defunct resort are reportedly $338,000.
The property was placed on the market in the summer of 2019.
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.