Jay Peak Owners Announce $500 Million Economic Revitalization Initiative

$500 Million Initiative Targeting All of the Northeast Kingdom is the Largest of its Kind

(Jay, VT)-  Jay Peak owners Ariel Quiros and Bill Stenger announced today a $500 million economic revitalization initiative designed to bring up to 10,000 jobs to Vermont’s Northeast Kingdom. Known as the Northeast Kingdom Economic Development Initiative, the enterprise encompasses seven projects stretching between Jay Peak Resort, Newport and Burke Mountain Resort. It is believed to be the largest initiative of its kind in the history of Vermont.
“We believe this undertaking will fundamentally alter the economic landscape of the Northeast Kingdom and how the international business community views this region of Vermont,” remarked Stenger.

Stenger is referring to over a half a dozen projects that he and his longtime business partner Quiros will develop over the next 36-60 months. The list includes: an expansion of Jay Peak’s trail system and more base development; a new biotechnology campus in Newport; a state-of-the-art manufacturing facility for high-end windows; construction of a hotel, conference center and marina on the shores Lake Memphremagog; the redevelopment of an entire city block on Main Street in downtown Newport; hangar and facility construction as well as the creation of a Free Trade Zone at the Newport Airport; and the building four new base lodges and hotels at Burke Mountain Resort.

“This in one of the most beautiful parts of the country, and it has seen its fair share of economic challenges” said Quiros. “This initiative will not only require more than 2,000 construction workers, but will create thousands more jobs in manufacturing, biotechnology, hospitality and tourism. It is our belief that when everything is complete, the Northeast Kingdom will be an economic engine for Vermont.”

One project of particular note is the creation of a 40-acre biotechnology campus on the site of the former Bogner facility overlooking Lake Mephremagog. Quiros and Stenger have partnered with AnC Bio of Korea to establish the company’s North American headquarters in Newport. The high-tech facility will produce artificial organs, adult-stem cell therapies, and various dialysis machines.

Leasing 40,000-square feet of space on the new campus will be Menck Window Systems. A manufacturer of high-end windows, the 130-year old German company will also be establishing its North American headquarters in Vermont.

“Menck (Window Systems) uses a patented triple-glazing system to produce some of the most energy-efficient windows in the world,” said Stenger. “This commitment to energy-efficiency along with the company’s ingenuity, use of wood products and its tradition of family fit perfectly with the Vermont brand.”

The Northeast Kingdom Economic Development Initiative is being funded through a blend of private financing as well as the recently-extended EB-5 Foreign Investor program. The federal program allows for foreign capital to flow into the United States in exchange for the creation of American jobs.

“This initiative is a great example of government working with the private sector for the betterment of the people of Vermont,” said Quiros. “Because of the bipartisan efforts of Senators Leahy and Sanders, and Congressman Welch, the residents of the Northeast Kingdom have a bright economic future.”


PROJECT: Jay Peak Resort
Timeline- 2013 through 2015
Total Investment- $170 million
Highlights- West Bowl: New lifts and trails; hotel complex; skier services facilities; Stateside: 100 dwellings and an 84-unit hotel; new lift construction; Medical Center. The Center will serve the local communities of Jay, Troy, North Troy, Westfield, Lowell, Montgomery and Montgomery Center.  It will also be a resource for the 1,000 staff members of Jay Peak and their families, and the guests of Jay Peak, which will reach up to 4,000 overnight visitors by 2014.

Timeline- 2013 through 2014
Total Investment- $104 million
Highlights- A forty-acre research campus overlooking Lake Memphremagog. Fundraising is fully underway and manufacturing and distribution from the 90,000-square foot facility is scheduled for spring of 2013.

A 75,000-square foot Research Tower is scheduled to be built on the campus in the fall of 2013. The Research Tower will be an F.D.A.- approved facility designed to develop and manufacture artificial organs using patented hybrid bio-digital technology.

PROJECT: Menck Window Systems manufacturing facility. Newport, VT
Timeline- Fourth quarter of 2013 and first quarter of 2014.
Total Investment- $20 million
Highlights- The Menck company will occupy 40,000-square feet on the AnC BIO campus. Renowned for its high quality, energy efficient wood built windows for commercial and residential purposes, this family owned 130-year old company will establish a U.S. base that will employ over 140 people. The Menck facility will produce a product that fits Vermont’s energy efficient, renewable resource strategy and environmental brand.  This company will be set up for operation in the fourth quarter of 2013 and first quarter of 2014.

Rolf Menck is the President of Menck Window Manufacturing.  Bodo Lisenfeld, a German-born U.S. resident and international businessman, was instrumental in bringing Menck Windows to Vermont.

PROJECT: Newport Marina Hotel & Conference Center. Newport, VT
Timeline- 2014 and 2015
Total Investment- $100 million
Highlights- This 150-unit hotel will be located at the Waterfront Plaza location.  The facility will have restaurants, retail and conference facilities, a marina and boardwalk from which the public will be able to access the facility. It will be able to welcome up to 600 guests in the 150 suites. The Conference Center will be able to accommodate events with up to 600 participants as well.

PROJECT: Renaissance Block. Main Street; Newport, VT
Timeline- 2013 through 2014
Total Investment- $70 million
Highlights- The Newport city block currently known as the Spates Block, located adjacent to the Orleans County Courthouse, will be acquired and a new facility will be constructed in its place. Commercial facilities will occupy the first two levels with residential facilities on the top four floors.

With the Newport Marina Hotel and the Renaissance Block constructed, an attractive pedestrian experience will be created from the Eastside Restaurant site, along the waterfront to the Gateway Building and up to Main Street, and down and back to the Newport Hotel Marina site.

This two facilities’ design will provide anchors for Newport’s revitalization and create a downtown experience that will blend the beauty of Lake Memphremagog and the vibrancy of a creative retail community along Main Street.

PROJECT: The Newport Airport. Coventry, VT
Timeline- 2013 through 2014
Total Investment- $20 million
Highlights- With the recreational, manufacturing and other economic development projects ongoing within the community, the importance of transportation has intensified. The Newport Airport has been earmarked for expansion and development. The State-owned Fixed Base Operation (FBO) has been acquired by Jay Peak owners Ariel Quiros and Bill Stenger.  Lakeview Aviation, owned by Dan Gauvin, will remain as a valued employee and continue to provide the excellent service Newport is known for.

The new ownership team will however:
• Expand the pilot and passenger terminal.
• Expand hanger space for regional passenger service aircraft.
• Construct a bonded warehouse and Free Trade Zone facility.
• Expand flight school offerings to winter flight and jet training.
• Recruit a new private aviation light plane manufacturing and repair facility.

PROJECT: Burke Mountain Resort
2013 through 2015
Total Investment- $108 million
Highlights- Burke Mountain is receiving over $1 million of snowmaking upgrades for the upcoming season. The most important addition Burke Mountain and its region needs is on-mountain accommodations. The new ownership company will construct over the next three years four mountain lodge facilities. (Each will look much like the Tram Haus Lodge at Jay Peak.) Two will be built just below the mid-Burke detachable quad.  A third at the site of the current mid-Burke Lodge and the last at the base area near the Tamarack Grill.