$200 Million Okemo Project Gets State OK
SAM Magazine—Ludlow, Vt., Sept. 24, 2013—The state of Vermont has given the go-ahead to a $200 million development at Okemo Mountain. The development will be led by Timber Creek at Okemo, a private investment group, but it will connect to the existing resort. Okemo will operate the development’s two planned lifts and snowmaking on the project’s seven trails and integrate them into the area.
Focus of the development is a new South Face Village, a 208-unit community with beds for about 500. Timber Creek plans to start and complete trail and lift work in time for the 2014-15 season, with real estate development to follow once the on-mountain work is complete. The project’s novice- and intermediate-level trails will give the residential units ski-in, ski-out access. Buildout for the entire project is expected to be 10 years or more.
Ted Rossi, owner and president of Rossi Group, is the main investor in Timber Creek at Okemo, and leads a group of investors for the project. Rossi has been vacationing at Okemo for more than two decades.
Okemo itself is owned by CNL Lifestyle Properties, and is managed by Tim and Diane Muellers’ Triple Peaks, which owned and developed Okemo from 1982 to 2008.