For decades, Killington Resort in Vermont has considered constructing a base village. This could be the decade where these dreams become reality. Forbes reports that Killington is aiming to get approval for a $62 million tax increment financing (TIF) from the Vermont Economic Progress Council this month. The proposed village, which is called Six Peaks Killington, would be around the Snowshed and Ramshead base areas and could connect the two terrain pods with a skier bridge. The ski-in/out village will have 1500 residences once it is fully complete. In order for the project to happen though, the state has to give Killington the approval, and then it would go to a referendum this November. If it gets through these obstacles, Killington aims to begin construction in the Spring of 2023.
The resort is aiming for the following projects with their Killington Forward project: “a reconstructed road to ease traffic, a water system to increase supplies and improve quality, affordable housing to help counter a big shortage of workers and space for them to live, and the biggest piece of all — a new proposed village to be called ‘Six Peaks Killington’ that would host 1,500 residences, creating a new community centerpiece conveniently located along the road that winds along the resort’s main ski lifts.”
While Killington is owned by Powdr Corporation, the land that the potential development sits on is owned by SP Land. SP Land and Killington are partnering with real estate developer Great Gulf Group to build the project, as Great Gulf Group just bought the potential village site from SP Land. This partnership is contingent on them receiving the TIF financing from the state of Vermont. The town estimates that the development would increase the value of the real estate in the area by $285 million in the next two decades.
There are various concerns about the project. $62 million is a lot of money for financing, especially with the current state of the economy. The stock market officially entered a bear market yesterday due to the rise in inflation and consistent supply chain issues. If the economy were to enter a recession in the coming months, it could delay the beginning of construction. On the other hand, Chet Hagenbarth, the Town Manager of Killington, said that it’s not reasonable for the town to pay that sum of money. Another concern is that with the projected Killington real estate values rising $285 million in two decades with the new village, it could force many middle-class workers to leave if there isn’t a sufficient affordable housing plan. It’s an interesting story that we’ll certainly be keeping an eye on in the next couple of months. Image Credits: Six Peaks Killington