FWIW I saw a FB entry from "Burke Mountain Resort". Perhaps they have reqonsidered something?
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Big Burke announcement
- Thread starter the original trailboss
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from_the_NEK
Active member
I don't think their Facebook name ever changed.
dlague
Active member
You are right - it never changed! They do not reveal much there.
halfpintvt
New member
Interesting article in VT Digger about EB-5 investors at Jay Peak and how their equity has been turned into IOU's.
http://vtdigger.org/2014/07/27/vtdigger-exclusive-jay-peak-loses-trust-first-eb-5-investors/
http://vtdigger.org/2014/07/27/vtdigger-exclusive-jay-peak-loses-trust-first-eb-5-investors/
VTKilarney
Well-known member
This was cross-posted in a new Jay Peak thread - but it is definitely relevant to Burke given that Burke's hotel is apparently not yet fully funded.
VTKilarney
Well-known member
A couple of questions regarding the Jay Peak news that are relevant to Burke:
1) How much of the overall EB-5 funding for the hotel is in place?
2) If it is not fully in place, how likely is it that private equity will be available to fill the gap?
3) Can current EB-5 investors pull any of their money out at this stage of construction?
4) How, if at all, is the ski area itself connected to the hotel project? Could this have any impact on operations?
1) How much of the overall EB-5 funding for the hotel is in place?
2) If it is not fully in place, how likely is it that private equity will be available to fill the gap?
3) Can current EB-5 investors pull any of their money out at this stage of construction?
4) How, if at all, is the ski area itself connected to the hotel project? Could this have any impact on operations?
Edd
Well-known member
VTKilarney
Well-known member
In light of the Jay Peak news, I have a couple of questions for members of the forum that may be in the know:
Is there any evidence at the work site that the contractor is proceeding beyond the concrete pouring phase?
A week ago, Masskier said this: Looks like all the footings are in, about half of the walls are poured, and the other half are about ready to pour. They really have accomplished a tremendous amount of work already. If that is the case, should we expect to see indications of the next phase of construction at the work site? Or is it too early to expect to see this? If there are indications present, what are they exactly?
Given the recent EB-5 news up at Jay, I am concerned that confidence in obtaining a full roster of EB-5 investors for the partially-funded Burke hotel will dwindle, and this may impact the project. Hopefully this is not the case and all of the pieces are in place (or will soon be in place) to keep things moving along.
Is there any evidence at the work site that the contractor is proceeding beyond the concrete pouring phase?
A week ago, Masskier said this: Looks like all the footings are in, about half of the walls are poured, and the other half are about ready to pour. They really have accomplished a tremendous amount of work already. If that is the case, should we expect to see indications of the next phase of construction at the work site? Or is it too early to expect to see this? If there are indications present, what are they exactly?
Given the recent EB-5 news up at Jay, I am concerned that confidence in obtaining a full roster of EB-5 investors for the partially-funded Burke hotel will dwindle, and this may impact the project. Hopefully this is not the case and all of the pieces are in place (or will soon be in place) to keep things moving along.
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Big Wave Dave
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VT Kilarney, this is a question I raised awhile back when Stenger said Burke was 25% funded. Never got clarity whether that meant the hotel was 25%, or all their projects combined had met a 1/4 funded benchmark. My presumption was that this meant the money for the hotel was in and the other 75% for tennis, aquatics, etc. was not.
If these guys commenced building a hotel with only 25% of the required money in the bank then they are insane. I just dont see that as being viable so presume the hotel is funded. My opinion is lets stop there with Burke, we dont need tennis and olympic sized pools thank you.
If these guys commenced building a hotel with only 25% of the required money in the bank then they are insane. I just dont see that as being viable so presume the hotel is funded. My opinion is lets stop there with Burke, we dont need tennis and olympic sized pools thank you.
VTKilarney
Well-known member
I agree that I can't imagine that they started construction on the hotel if the hotel itself is only 25% funded. I'd still, however, like to hear from someone who has observed tangible signs that the next phase of construction is going to happen. (e.g. steel being delivered to the worksite)
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BenedictGomez
Well-known member
In these rare instances when "free money" with "no guarantee" is involved, I wouldn't "presume" anything.
My 2¢.
VTKilarney
Well-known member
Having received no response to my previous inquiry, let me try something more direct. Does anyone know what the next phase of construction is? I assume that it involves lots of steel beams. Would this be a fair assumption? If it is, has anyone seen steel being delivered to the work site, or is it too early to expect to see that?
mbedle
Well-known member
I'm not sure if anyone is going to know if they were or weren't fully funded before starting the Burke Hotel, but from my own experience as both a owner and subcontractor, I would find it really hard to believe that they weren't 100% funded for the total budget to complete that hotel. The fact that its known that they are doing this with EB-5 money, no sub would commit to starting that project without verifying that the funding for payment is available. Now, that doesn't leave out the possibility of over budget issues.
VTKilarney
Well-known member
Bike and Brew weekend.
It's Q Bike and Q Brew. That was this weekend?
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Sent from my iPhone using AlpineZone
dlague
Active member
Damn I missed it!
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Smellytele
Well-known member
Hopefully that was early in the day. It looks like all of East Burke was there though.
VTKilarney
Well-known member
Of the 88 photos they posted to Facebook of the event, only one looks like the crowd got much bigger - and even then it's hard to tell because it's not really a crowd shot.
Here is a more panoramic view of the crowd from their Facebook page:
And here is the photo of what looks to be a bigger crowd:
fbrissette
Well-known member
Nothing like nembafest which used to be at Burke.
Big Wave Dave
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was in Burke saturday of last weekend. Never seen it so busy all summer. the town and the mountain had lots of bikers. didnt stick around for bike and brew but it looked to me like business was damn good all over.
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