Today, Bill Stenger and partner, Ari Quiros announced the opening of a new $25M base lodge at the foot of Jay's Bonaventure lift. The 80,000 square foot lodge shares much of the mechanics and structural elements of the recently completed Hotel Jay complex located at the other side of the resort. Stenger's discussion was not limited to the baselodge, it seemed that was merely an excuse to address new projects associated with the EB-5 program. As has been the case with previous initiatives which are part of the $500M Northeast Kingdom Economic Development initiative, the program is funded by foreign investors who lend $500,000 for development projects which guarantee jobs for 10 people in high unemployment areas after two years. After making their investments, these investors are allowed a reasonably easy path to US citizenship.
Today's projects included:
- Further groundbreaking details of the AnC Biomedical Research Facility: demolition of the existing features on the site has been completed and site preparation will begin next month.
- An aircraft manufacturing facility will be developed on the campus of the Newport Airport. The company, Flight Design Americas, LLC. will assemble the Flight Design C4, a four seater plane, which is largely manufactured in the town most famous for hosting Porsche's factories: Stuttgart, Germany.
- Stenger and Quiros have filed all paperwork for acquisition of Spates Block in downtown Newport, which will host a multiuse facility and conference center as part of a significant redevelopment project in downtown Newport. Demolition of existing facilities will be followed immediately by construction, occurring in summer of 2014.