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« Previous Story | The Industry Report Home Page | Next Story » If It Takes A Village - Killington May Get One YetBy Roger Leo  There's now some optimism in Central Vermont that SP Land Company's pay-as-you-go strategy to its construction of a village, will work out better for a resort whose infrastructure has left it behind the development curve of its competitors, Stratton, Okemo, Sugarbush, and Stowe. SP Land plans a ski village built in phases over 20 years on a portion of 408 acres the company owns at the base of Killington Ski Resort. "The markets right now aren't anything we're excited about," SP Land President Steve Selbo told The Industry Report last week. "The time is right for the permits." Selbo expects the process of obtaining permits will take up to two more years, for local permits from the Town of Killington and state permits under Vermont's infamous, tough Act 250. When the project is finished, Selbo said, it will add about 2,000 units to the region's housing stock, breaking down to roughly 300 to 400 hotel units, 100 single-family homes, and the rest condo products, and 50,000 square feet of commercial space. The project also involves replacing Snowshed and Ramshead base lodges with a single lodge. Phase I, as now proposed, focuses on 400 condo units, a 150-room hotel, and 33,000 square feet of commercial space. Selbo said SP Land will concentrate on presales before sticking the first shovel in the ground. He said work could begin in the spring of 2011, but more likely won't start until spring 2012. SP Land Co. acquired the 408-acre parcel from American Skiing Co. in 2007. Sources tell The IR the entire 20-year project will cost at least $1 billion, and likely a multiple of that. "Pres Smith was a visionary," Selbo said. "He loved skiing, but he's said he just didn't like the real estate side of the business. Killington is the largest hill up here, basically the largest east of the Mississippi, and the real estate end has been underserved. "We're hoping to provide a better product while re-energizing Killington to the level it should be. We think we can help attract more skiers, and help the ski experience with an amenity package and nice environment when people come here." What It Means Killington – as a ski mountain – certainly earned its reputation as the Beast of the East, but keeping up with the Joneses in the Green Mountain State in terms of anything resembling a village, not just a long access road, has hardly been its strong suit. Maybe this time? Time, perhaps lots more of it, will tell. « Previous Story | The Industry Report Home Page | Next Story » |
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