Jay Peak owners Ariel Quiros and Bill Stenger announced a $600 million economic revitalization initiative designed to bring up to 10,000 jobs to Vermont’s Northeast Kingdom. Known as the Northeast Kingdom Economic Development Initiative, the enterprise encompasses five projects stretching between Jay Peak Resort, Newport and Burke Mountain Resort. It is believed to be the largest initiative of its kind in the history of Vermont.
Vermont Northeast Kingdom Regional Development Video
Burke Mountain is Jay’s newly acquired sister mountain in the North East Kingdom made up of 270 acres of true Vermont skiing and riding. Burke has a devoted following, a rich history and a deeply successful racing heritage with a ski academy that has produced over 55 Olympians.
This year, Burke Mountain received over $1 million of snowmaking upgrades that have allowed skiers and riders to enjoy amazing mountain conditions. The most important addition Burke Mountain and its region needs is on-mountain accommodations. The new ownership company will construct over the next three years, four mountain lodge facilities. (Each will look much like the Tram Haus Lodge at Jay Peak.) Each accommodation will offer immediate lift access to high capacity lifts offering novice through expert terrain. The views of the mountain and the Kingdom from the lodge hotels will be unbeatable.
In addition to the on-mountain hotels, a world-class tennis facility, state of the art acquatic center and indoor mountain biking facility will be constructed. All three of these facilities will serve hotel guests as well as be available to members of the public.
Jay Peak Biomedical Research Park
One project of particular note is the creation of a biotechnology campus located near Jay Peak in the Jay Peak Biomedical Research Park, a 40 acre campus with over 90,000 square feet of current facility. Quiros and Stenger have partnered with AnC Bio of Korea to establish the company’s North American headquarters in Newport. The high-tech facility will produce artificial organs, adult-stem cell therapies, and various dialysis machines. A 75,000-square foot Research Tower is scheduled to be built on the campus in the fall of 2013. The Research Tower will be an F.D.A.- approved facility designed to develop and manufacture artificial organs using patented hybrid bio-digital technology.
One of the most beneficial parts of the AnC Bio facility will be the operations of 50 clean rooms. “Clean rooms” are climate controlled, germ free testing facilities that allow companies and universities to conduct research in F.D.A approved facilities and to develop products and test research assumptions under approved controlled conditions. These types of facilities are in very short supply in the U.S. and Canada and high rental demand exists for these types of facilities.
Newport Marina Hotel and Conference Center and Main Street Renaissance Block
A marina and grand hotel will be constructed on Lake Memphremagog in Newport, located right off Interstate-91 and a walkable distance from downtown. The 150-suite hotel will feature restaurants, retail space and conference facilities.
In the downtown, a Newport city block on Main St. will be acquired and a new facility will be constructed in its place. The Renaissance block will have commercial facilities occupying the first two levels and residential facilities on the top four floors.
With the Newport Marina Hotel and the Renaissance Block constructed, an attractive pedestrian experience will be created along the waterfront connecting the two sites. These two facilities will provide anchors for Newport’s revitalization and create a downtown experience that will blend the beauty of Lake Memphremagog and the vibrancy of a creative retail community along Main Street.
Bill Stenger, CEO of Jay Peak Resort and President of AnC Bio, Vermont
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Alexandra MacLean, EB-5 Jay Peak Project Manager
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Lizzy Button, Administrative Assistant
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Candice Campbell, EB-5 Investor Relations
Chuck Leamy, EB-5 Legal Counsel