For decades, Killington Resort in Vermont considered building a base village. This could be the decade where those dreams come true. Forbes reports that Killington is aiming to secure $62 million in tax increment financing (TIF) approval from the Vermont Economic Progress Council this month. The proposed village, which is called Six Peaks Killington, would be around the base areas of Snowshed and Ramshead, and could connect the two terrain modules with a skier bridge. The ski-in ski-out village will have 1,500 residences when fully completed. However, for the project to go ahead, the state must give Killington its approval, and then it will go to a referendum in November. If it clears these hurdles, Killington aims to begin construction in the spring of 2023.
The station is targeting the following projects with their Killington striker project: “a rebuilt road to ease traffic, a water supply system to increase supply and improve quality, affordable housing to help counter a great shortage of workers and space for them, and the biggest chunk of all – a proposed new village to be called ‘Six Peaks Killington’ which would house 1,500 residences, creating a new community centerpiece conveniently located along the road that winds its way past the resort’s main lifts.
While Killington is owned by Powdr Corporation, the land on which the potential development sits is owned by SP Land. SP Land and Killington are partnering with property developer Great Gulf Group to build the project, as Great Gulf Group has just purchased the potential village site from SP Land. This partnership is subject to obtaining TIF funding from the State of Vermont. The city estimates the development would increase the value of real estate in the area by $285 million over the next two decades.
There are various concerns regarding the project. $62 million is a lot of money for fundraising, especially with the current state of the economy. The stock market officially entered a bear market yesterday due to rising inflation and ongoing supply chain issues. If the economy were to go into recession in the next few months, it could delay the start of construction. On the other hand, Chet Hagenbarth, the city manager of Killington, said it was unreasonable for the city to pay that amount of money. Another concern is that with Killington’s projected real estate values up $285 million in two decades with the new village, it could force many middle-class workers out if there isn’t a plan. enough affordable housing. It’s an interesting story that we’ll definitely be keeping an eye on in the coming months. Picture credits: Six Peaks Killington