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Condos Built Into HoliMont $20M Expansion

 by James Fink

Friday, January 22, 2010

HoliMont Ski Resort is planning a $20 million expansion – the largest in its history – to increase the number of residential units surrounding the recreational complex.

Ultimately, the development calls for construction of 93 single-family homes, 72 condominiums, a 27,000-square-foot main chalet, several new slopes and lifts and a new outdoor skating rink. The work is expected to be done in phases during the next few years.

“We’re going to be cautious, and we definitely don’t want to put HoliMont at risk,” General Manager David Riley said.

The project follows the December opening of the $40 million Tamarack Club condo and hotel complex at Holiday Valley Ski Resort.

Between the two resorts, more than $60 million has been or soon will be invested in Ellicottville, which attracts not only Western New Yorkers but people from Ontario, Ohio and Pennsylvania.

“It’s encouraging,” said Corey Wiktor, executive director, County of Cattaraugus Industrial Development Agency. “HoliMont and Holiday Valley continue to work on projects that help refine and define their respective resorts.”

Despite a sluggish national economy, Riley said he is confident the demand is there for residential units – particularly those that allow buyers to “ski in and ski out” of HoliMont.

Last week, a 6,000-square-foot home in the Greer Hill subdivision that borders HoliMont’s Greer Hill run sold for more than $1.5 million to a Canadian buyer. The sale price set a record for the Ellicott-ville area.

“You look at sales like that and it tells you and me that there still is a lot of pent-up demand for real estate here,” Riley said, “even in this economy.”

The leveling off of the Canadian dollar is fueling development projects, as well, according to Wiktor.

“I think you are going to see a lot of investment in Ellicottville because of the Canadian dollar,” he said.

Much of HoliMont’s development will take place not in Ellicottville but in the neighboring Town of Mansfield. Officials there are nearly finished with their reviews.

“We’re definitely in the home stretch when it comes to all of our approvals,” Riley said, adding that he expects work to start this year on the first phase of residential units.

Based on early projections, he estimates it will take six to seven years to finish the residential units.

“The one thing we are not going to do is overleverage our membership and put HoliMont at risk,” Riley said.

Added Wiktor: “Traditionally, Holiday Valley and HoliMont do projects at incremental levels. You never see them biting off more than they can chew.”

HoliMont is the nation’s largest private membership ski resort with 4,400 skiers. More than 40 percent come from Canada and 25 percent come from Western New York. The remainder are from Ohio, Pennsylvania, Rochester and New England.

HoliMont was founded in 1964 as a private ski resort and companion to the larger Holiday Valley. It has more than 50 slopes and nine lifts and is open to the public on most weekdays. Weekends and holidays, it’s limited to resort members and their guests.