EB-5 investments take effect at Vermont’s Sugarbush Resort
Sugarbush Resort, a ski slope in Warren, Vermont, announced on April 1 that it will begin a $7.5 million renovation project of the Lincoln Peak base area sometime this month, using funds collected through the EB-5 visa program.
The revitalization began in 2005, and the resort has spent the past few years gathering foreign capital for the development through Vermont’s participation on the federal EB-5 program, the Burlington Free Press reports.
In the past, investments in Vermont’s EB-5 regional centers have been used to develop other ski resort tourist attractions, such as the Clay Brook Residences, Timbers Restaurant, the Gate House Lodge and the Tram Haus Lodge at Jay Peak.
This latest phase of foreign-funded projects will bring a new entrance plaza and two new lodges to Sugarbush.
“We’re excited to begin this next chapter in Sugarbush’s history,” Win Smith, the resort’s owner, told the news source.
He added, “We are also delighted to be able to create jobs which will benefit the local economy.”
In exchange for their investments, the foreign investors financing the project may gain the right to live and work in the U.S., under the EB-5 visa program.