Big Burke announcement

[VTKilarney]

In light of the SAM article, I thought that I would try to help out and design a logo for Burke that incorporates a "Q" into their logo in a manner that the public might get behind.

I started with an existing logo. I thought that this was important in order to show people that it's still the same great mountain. Next, I added a "Q" into the logo. To draw the eye, I altered the letter "Q" somewhat. I think the result shows old blending with new, and is something that tells consumers that the mountain's traditions are not going away as we look toward the future.

What I am most proud of is that this new logo captures just how well "Q" blends with the original Burke name.

Here is what I came up with:

 

[dlague]

What I am most proud of is that this new logo shows just how well "Q" blends with the original Burke.

As in it doesn't! Good one!

 

[thetrailboss]

Another Stenger project in trouble. This was to be used for the big convention center/hotel/restaurant in Downtown Newport. It's not a good sign when Pomerleau is in doubt about this thing:

http://www.newportvermontdailyexpres...vention-center

It is just a short snippet. Hopefully there will be more.....

 

[dlague]

Another Stenger project in trouble. This was to be used for the big convention center/hotel/restaurant in Downtown Newport. It's not a good sign when Pomerleau is in doubt about this thing:

http://www.newportvermontdailyexpres...vention-center

It is just a short snippet. Hopefully there will be more.....

Well it sounds like he was trying to sell the property. My guess is they could not come to terms! Well that sucks for Newport - I remember when that strip mall went in!

 

[VTKilarney]

Well it sounds like he was trying to sell the property. My guess is they could not come to terms! Well that sucks for Newport - I remember when that strip mall went in!

If that was the case, Stenger probably would have said something about it. Pomerleau is no dummy. The property is old, and retail commerce has shifted from Newport to Derby (especially with Wal-Mart coming to Derby), so I have no doubt that he was a motivated seller. Heck, Pomerleau has GIVEN away more property than most of us will own in our lifetime.

It's too bad. Newport has done a lot to improve its lakefront, and this was one of the last major pieces of the puzzle.

 

[from_the_NEK]

If that was the case, Stenger probably would have said something about it. Pomerleau is no dummy. The property is old, and retail commerce has shifted from Newport to Derby (especially with Wal-Mart coming to Derby), so I have no doubt that he was a motivated seller. Heck, Pomerleau has GIVEN away more property than most of us will own in our lifetime.

It's too bad. Newport has done a lot to improve its lakefront, and this was one of the last major pieces of the puzzle.

Retail commerce may have shifted but the Grocery Store, Hoagie's Restaurant, Rite Aid, and the movie theater (only one in a 40 mile radius) are still used by lots of people. Tony Pomerleau (96 yo?) has close ties to Newport since that is where he lived as a child. That guy has made A LOT of very wise property investment decisions. I think, until he sees the Renaissance Block funded (the other project in downtown Newport) and under construction, he wasn't going to part ways with this rather valuable piece of waterfront property only to have it end up vacant until EB5 money maybe comes in .

 

[thetrailboss]

Well it sounds like he was trying to sell the property. My guess is they could not come to terms! Well that sucks for Newport - I remember when that strip mall went in!

I don't think that is the case at all. Stenger trotted out Pomerleau as being in support of the effort and has been very involved with him. I think that FTN is right in that things are not going as quickly as planned and that he is protecting himself.

 

[Big Wave Dave]

Trailboss, protecting himself from what? If he sells, the property is someone elses liability. If he keeps it... then he is exposed to any ramifications of the other Newport project not being built, i.e. Newport continues to be stagnate. Not sure I understand your logic of protection, but I have picked up here you are a savvy lad so please elucidate.....

 

[VTKilarney]

Retail commerce may have shifted but the Grocery Store, Hoagie's Restaurant, Rite Aid, and the movie theater (only one in a 40 mile radius) are still used by lots of people.

I don't disagree, but the Newport location is not where future growth will occur. Pomerleau has to know that this will have a pressure on rents. The smaller stores and movie theater are certainly very viable, and I believe will continue to be viable with the right tenants. The Vista grocery store is a dinosaur - especially since the new Price Chopper opened. The parking lot is never that busy. It's largely relegated to people with no car and older people. If Wal-Mart is also going to carry a full range of groceries, Vista is pretty much a dead man walking.

 

[VTKilarney]

Trailboss, protecting himself from what? If he sells, the property is someone elses liability. If he keeps it... then he is exposed to any ramifications of the other Newport project not being built, i.e. Newport continues to be stagnate. Not sure I understand your logic of protection, but I have picked up here you are a savvy lad so please elucidate.....

This is exactly my point. With all of the growth in Derby, the best protection was to sell the property. Pomerleau has seen what has happened in the Burlington area. Derby is fast becoming the Shelburne Road or Taft Corner of the Newport area.

A good analogy is the Littleton, NH area. There was explosive retail growth in the meadows area. And up the road, heading into town, is an old strip mall that is now vacant. Even the national-chain pharmacy pulled out.

With the addition of Wal-Mart, Derby is going to attract tons of Canadians. They are going to do their shopping on the Derby Road, and only a very few will venture into Newport. Retailers are going to want to be where all of that action is - and not in downtown Newport.

 

[thetrailboss]

Trailboss, protecting himself from what? If he sells, the property is someone elses liability. If he keeps it... then he is exposed to any ramifications of the other Newport project not being built, i.e. Newport continues to be stagnate. Not sure I understand your logic of protection, but I have picked up here you are a savvy lad so please elucidate.....

FTN's point below:

Retail commerce may have shifted but the Grocery Store, Hoagie's Restaurant, Rite Aid, and the movie theater (only one in a 40 mile radius) are still used by lots of people. Tony Pomerleau (96 yo?) has close ties to Newport since that is where he lived as a child. That guy has made A LOT of very wise property investment decisions. I think, until he sees the Renaissance Block funded (the other project in downtown Newport) and under construction, he wasn't going to part ways with this rather valuable piece of waterfront property only to have it end up vacant until EB5 money maybe comes in .

If Stenger's other project takes off, the Renaissance Block, then Pomerleau stands to see the value of his parcel increase. He obviously wants top dollar for it.

We can only speculate as to why it is not going ahead right now. My memory was that the waterfront gig was going to be a joint Stenger/Pomerleau project.

 

[from_the_NEK]

The Vista grocery store is a dinosaur - especially since the new Price Chopper opened. The parking lot is never that busy. It's largely relegated to people with no car and older people.

Which is exactly why Tony probably doesn't want to see it closed. Tony has a long history of helping the less fortunate. If that means maybe taking a loss by keeping a grocery store within walking distance of downtown open, I think he would do it.

A good analogy is the Littleton, NH area. There was explosive retail growth in the meadows area. And up the road, heading into town, is an old strip mall that is now vacant. Even the national-chain pharmacy pulled out.

Not really a good example. That strip mall in Littleton (the one with Rite Aid in it?) is still open. I think the other storefronts in the building are vacant. Additionally, it is not really a pedestrian friendly location. It is over a 1/2 mile from most of downtown Littleton. People get in their cars to drive that far. And now with all of the development in the meadows area they keep on driving. The Newport area in question is within a 1/2 mile of almost all of downtown Newport.
And the Shelburne Road/Tafts Corners development analogy doesn't hold a lot of water either. There are several grocery stores in "downtown" Burlington that are still open. Not everyone wants to hop in their car to go grocery shopping. Especially people that may have limited access to cars/vehicular transportation.

 

[VTKilarney]

If Stenger's other project takes off, the Renaissance Block, then Pomerleau stands to see the value of his parcel increase. He obviously wants top dollar for it.

We can only speculate as to why it is not going ahead right now. My memory was that the waterfront gig was going to be a joint Stenger/Pomerleau project.

Stenger was supposed to purchase the Waterfront Plaza from Pomerleau. He has already purchased one building from Pomerleau that he intends to use for retail space. The Renaissance Block will also have retail space. I suspect that Pomerleau has thought through the impact this new retail space will have on his Waterfront Plaza property.

Nonetheless, it is Pomerleau who walked away from the deal. So he can't be too desperate to sell.

I see three likely possibilities:
1) Pomerleau felt that the EB-5 gig was up and, after waiting for four years to close a deal, decided to wait no more. He could have been getting a lot of pressure from his tenants, and could not sign long term leases unless he parted ways with Stenger.
2) Pomerleau was approached by a different investor who wants to purchase the property. Perhaps that investor is interested in building their own hotel on the property.
3) Pomerleau is going to build a hotel himself.

Let's face it. How many waterfront properties are there in Vermont that can be permitted for a resort hotel? I'm willing to bet that there aren't that many, and even fewer in a location that is commercially viable. With the new shoreline protection rules coming into place, an already commercialized site has even more value. I have always felt that a hotel with retail space was a fantastic use for that space - especially since Newport has really improved its downtown waterfront. I hope that, one way or the other, I live to see this happen.

 

[VTKilarney]

Which is exactly why Tony probably doesn't want to see it closed. Tony has a long history of helping the less fortunate. If that means maybe taking a loss by keeping a grocery store within walking distance of downtown open, I think he would do it.

That is a great point. For all of the (undeserved) flack that Pomerleau has gotten over the years, he is deeply committed to the Northeast Kingdom and has routinely engaged in extremely charitable acts.

 

[VTKilarney]

WCAX expanded their article. See it here: http://www.wcax.com/story/25430753/proposed-newport-hotel-project-stalls

Stenger's "nothing to see here" attitude is getting to be absurd. I understand that he may want to keep his cards close to his chest, but at some point you begin to lose a lot of hard earned credibility. He's getting quite close to that point. We've had delays explained away because his marketing department needs a break, the Feds are moving slowly, the weather, etc. Apparently he couldn't come up with an excuse for the Pomerleau property - perhaps because he's drank from that well too many times. The comments on WCAX's website suggest that a lot of people think that things are falling apart. Even if that's not true, the fact that Stenger has allowed the public to have such a perception is a blunder.

What's wrong with saying something like: "EB-5 has been a wonderful program four our region. As more projects are proposed, and competition for funding increases, we need to work harder to obtain funding. With a track record like ours, this just means that things are going to take a little more time and effort than they had in the past. We are still confident that the projects will happen."

 

[thetrailboss]

I guess Tony confirmed my thinking on this that (a) he got sick of waiting for Bill to "show him the money" and (b) he's better off in the long run because the value of his land will rise:

But Pomerleau says after waiting for four years for Stenger to come through with the money, he's canceling the deal.

Reporter Gina Bullard: Are you upset the deal fell through?

Tony Pomerleau: Financially no. I'll be better off in the longrun.

 

[VTKilarney]

Since Pomerleau is still willing to sell the land, that's the only thing he could have said. But I suspect it's also true. I am sure the land was paid for long ago, which means that he's continuing to collect rents with very low overhead. He's also got very good occupancy and waterfront property that can be developed won't get any easier to come by. While I have expressed concerns for a tenant like the Vista Supermarket, that is one fine piece of property because of its location. So while I still believe that Pomerleau would be better served by selling it, I'm confident that he can find someone other than Stenger to sell it to if he's motivated.

 

[thetrailboss]

Since Pomerleau is still willing to sell the land, that's the only thing he could have said. But I suspect it's also true. I am sure the land was paid for long ago, which means that he's continuing to collect rents with very low overhead. He's also got very good occupancy and waterfront property that can be developed won't get any easier to come by. While I have expressed concerns for a tenant like the Vista Supermarket, that is one fine piece of property because of its location.

That's fair to say.

And I know that some may not think that this is a big deal, but, unfortunately, it is because Tony is probably THE LARGEST AND OLDEST commercial developer in Vermont and he is from Newport. Bill partnered up with him very early on and Tony was a big supporter because this was going the help his hometown. That fact that he is backing out is not good at all. Not good

 

[VTKilarney]

That fact that he is backing out is not good at all. Not good

I believe Tony 100% when he says that he wanted that project for Newport. If this is indeed the case, the only interpretation is that Tony believes that Stenger is in no position to get it done. He's left the door open for Stenger to get his act together, but I bet you the reason he went public is to send a message to other developers that he's willing to chat.

 

[thetrailboss]

I believe Tony 100% when he says that he wanted that project for Newport. If this is indeed the case, the only interpretation is that Tony believes that Stenger is in no position to get it done. He's left the door open for Stenger to get his act together, but I bet you the reason he went public is to send a message to other developers that he's willing to chat.

Maybe. We can only speculate. But I know that any EB-5 investor on the fence will see this as a vote of no confidence. That is not good at all for all of the projects.