With All Approvals in Place and Long-Term Funding Secured, Cranmore Moves Forward with Multi-year Master Plan
On Wednesday, December 23, Cranmore Mountain Resort, located in North Conway, NH, announced that sales for its greatly anticipated Kearsarge Brook Condominiums at Cranmore development would recommence on December 26, 2015. Sales for residences in building one will start now that all necessary permits and approvals are in place.
This greatly anticipated project is being funded by Belmont Capital of Cambridge Massachusetts; an affiliate of Joe O’Donnell’s who, with Brian and Tyler Fairbank, owns Cranmore Mountain Resort, along with Jiminy Peak Mountain Resort in Massachusetts. O’Donnell also owns Bromley Mountain Resort in Vermont, managed by The Fairbank Group, a management company owned by the Fairbanks. Belmont Capital is a proven lender that realizes Cranmore’s future. “It’s an honor to lead a resort with such rich history into the future,” commented O’Donnell. “With its Kearsarge Brook project, Cranmore will be one of the first resorts in Maine or New Hampshire to construct a progressive mountain-living community in the heart of one of America’s most recognized ski towns. After decades of successful resort development and business ventures with the Fairbanks, I have every confidence that the Cranmore project will be well planned, well financed and wildly successful.”
Phase one of the Cranmore Master Plan calls for two strictly residential condominium buildings to be built in two stages. The first building will consist of 18 residences and the second will be a 19-residence building, all conveniently located at the base of Cranmore’s South Slope for easy ski-in, ski-out access and proximity to spring, summer and fall activities and attractions. Residences will include two- and three-bedrooms and range from approximately 1,300 to 1,800 square feet.
“A year and a half ago we had to freeze the Kearsarge Brook Condominiums at Cranmore project based on land release issues and some permitting delays,” commented Brian Fairbank, Chairman of The Fairbank Group. “Recently we were able to resolve all outstanding issues and utilize our long-standing relationship with Belmont Capital to restart the condominium development.”
Badger Realty, the official real estate broker of Kearsarge Brook Condominiums at Cranmore, will commence sales on Monday, December 26, 2015. Eighteen units in building one will be the first offered for sale. Cranmore already has signed reservations for approximately 1/3 of the residences but there are still residences available in building one. Since the development is now registered with the NH Attorney General’s Office, buyers will be signing purchase and sale agreements and making a deposit to reserve units.
“Offering base area condominiums to our guests is unique for our region,” commented Cranmore President and GM Ben Wilcox. “Mixing new ski facilities with condominiums has been a successful model at resorts like Jiminy Peak in Massachusetts; Stratton Mountain in Vermont; and Mount Tremblant in Canada.”
Construction could begin as early as spring, 2016 if purchase and sales contracts for 14 of 18 residences can be secured by March 1, 2016. If the required number of contracts is met by March 1, 2016, building one is expected to be completed by January, 2017. Completion dates are subject to change based on achieving the purchase and sale agreement quota. Glen Builders, based in Bartlett, NH is the selected contractor for the project.
Building one and two are part of a multi-year Cranmore Master Development Plan that will eventually add a total of 106 new residential condominium residences to the base of Cranmore. Residences in buildings three, four, five and six will sit above new planned ski facilities.
The Cranmore Master Development Plan will include a total of six new buildings that will eventually replace all of Cranmore’s existing facilities with the exception of the Cranmore Ticket Office building, renovated in 2010, the historic summit Meister Hut, and the Artist Falls Lodge, home to Cranmore Fitness. New ski facilities will include a restaurant, cafeteria, seating, locker rooms, restrooms, changing areas, rental shop, ski retail shop, snow sports instruction registration and other skier service areas. Two-, three- and four-bedroom condominiums will be built on the second and third floors of buildings three, four, five and six.
The Cranmore Master Development Plan is a continuation of resort improvements that started in 2010. In June 2010, the Fairbanks and O’Donnell purchased the resort and, since that date, have invested $10 million in improvements.
Lift improvements since 2010 include the installation of a Doppelmayr eco-Drive fixed-grip quad chairlift, a relocated double chairlift with increased teaching ski terrain, a new triple chairlift on the east side of the mountain and new 380’ carpet lift in the new tubing park.
Facility upgrades include remodeling an older overflow base lodge into a state-of-the-art children’s center. The Arlberg Children’s Center is home to KidsRule, Cranmore’s all day instructional program for children age 3 to 14. The facility also has a children’s rental shop and play room for infants to age 5.
Cranmore’s Ticket Office received a complete redesign with bark siding and post and beam exterior which resembles future buildings to be constructed during the Master Plan.
Cranmore’s Fitness Center went through a renovation that included new weight and cardio rooms and new equipment for its membership. The facility was also remodeled to offer ticket sales and lodge space for winter tubers and those looking to ride many of Cranmore’s new year-round attractions. Energy efficient lighting replaced traditional lighting throughout the facility.
Cranmore has made $1.5 million in snowmaking improvements including over 250 tower snow guns, replaced and expanded snowmaking pipe, and an enhanced snowmaking plant which has helped increase the mountain’s snowmaking output.
Year-round mountain attractions were added including the Mountain Coaster, Giant Swing, and Soaring Eagle Zip Line. These attractions operate in summer along with an Aerial Adventure Ropes Course, summer tubing and a number of other family friendly offerings. In winter, a new 10 lane tubing park was added to go along with the other year-round attractions.
“The proposed Cranmore Master Development Plan is the next chapter of improvements that will put Cranmore on the map as one of New England’s quintessential resorts,” comments Tyler Fairbank, CEO of The Fairbank Group. “Cranmore has become a year-round destination that will continue to infuse dollars into the Mount Washington Valley’s local economy.”
For more information regarding Kearsarge Brook Condominiums at Cranmore, contact Badger Realty at 603-356-5757 or visit Cranmore.com/kearsargebrook.