According to reports in various news sources including the Caledonian Record and WCAX, Jay Peak president Bill Stenger on Thursday has outlined development projects in the Northeast Kingdom expected to top $500 Million and produce 10,000 jobs over the course of 3 – 5 years.
Funds for the work are being provided by the EB-5 Program, a method that allows foreign investors to get a green card by providing investments into so-called “Targeted Employment Areas”.
The development is expected to include the following seven main projects:
- Expansions to Coventry Airport
- New Biotech construction
- A new window manufacturer
- Construction of a Newport Marina Hotel
- A six story residential area in Newport City
- $1 Million in new snow guns at Burke Mountain
- Jay Peak expansions (TBD)
This continues on the heels of massive investment and expansion at Jay Peak, including the Pump House waterpark, and the purchase of Burke by Jay Peak. Big news for the NEK!