Balsams Grand Resort redevelopment team is looking at a delay

Hoping late last year to complete a key piece of financing by now and break ground this spring, the Balsams Grand Resort redevelopment team is looking at a delay, as well as an uncertain market and a possible impact by the new Granite Reliable Power wind farm that wants to expand the park’s buffer. In December, lead developer, Les Otten announced that the nonprofit Provident Resources Group and Goldman Sachs had joined the project, with Provident agreeing to finance and own the new Lake Gloriette House hotel and convention center with a $100 million bond (a critical piece of financing in a total $200 million-plus first-phase redevelopment) that would be underwritten by Goldman and sold to institutional investors. On Friday, Otten remained optimistic but said the current market that is now different from just a few months ago has brought a degree of uncertainty into the project.

Photo credit:

https://www.caledonianrecord.com/news/local/market-wind-park-present-uncertainties-for-balsams-redevelopment/image_a90be150-d6a5-5d27-a254-369b2216c526.html