Eight units will generate more than $10 million in revenue
WILMINGTON, Vt., June 16, 2017 — The Hermitage Club at Haystack Mountain, the northeast’s only private skiing and golf club, today announced it has broken ground on its latest townhome development.
While the land is just getting cleared for the first eight units, the foundations are expected to set this summer. Construction is slated to begin in August, and the homes should be ready to be occupied during the 2017/18 ski season. These eight units will comprise the first two buildings of the “Grenoble Way” townhome complex — luxury-appointed, ski-in/ski-out homes —with seven of the eight already reserved. Two more of the buildings, another eight townhomes, will be constructed later.
“It’s exciting to finally be getting this project going,” said Bob Rubin, the Club’s Vice President of Construction and Development. “Not only do these units represent over $10 million in revenue for the Club, we’re getting so many people back to work as well. And this is just the beginning.”
The Club received Act 250 approval of its master plan on February 16, and immediately began pursuing permits for its individual projects. Numerous additional permits are being filed or are in process, according to Club President and Founder Jim Barnes.
“This is the beginning of Phase II of our development,” Barnes said. “The master plan approval was the keystone for our expansion, and now we’ll be building and selling homes and real estate as fast as we can file and receive permits.”
All told, the Club has more than $100 million worth of buildings and lots expecting permits, according to Barnes.
“The real estate business is a huge component of the Club’s revenue, and as we expand we’ll be able to create more jobs, hire more employees and continue to help drive the local economy,” he added.
In fact, the latest development projects will provide a many as 200 jobs, according to Rubin. That number could be even higher if real estate sales continue to pick up.
“We have members and prospects waiting to buy whatever we build, so demand is already high,” Barnes said. “We’re looking forward to building some momentum with supply.”
Jim Barnes, Bob Rubin and other members of the executive team are available for questions and interviews.
For further information please contact:
Brendan A. McGrail, Director of Communications