MidHudsonNews reports: The proposed Concord Resort and hotel in Kiamesha Lake took a major step forward with the announcement Wednesday that it has secured $225 million in financing for the project from Entertainment Properties Trust, a Kansas City-based real estate investment trust.
Cappelli Enterprises has invested $100 million, completing the equity of $300 million required under state legislation that will open the door for state incentives.
The entire project will cost $1 billion; the initial $255 million was facilitated by the Sullivan County Industrial Development Agency through tax incentives it approved.
Plans for Concord Entertainment City Resort include a 750 room hotel, 300,000 square feet of casino, ballrooms, meeting rooms, retail, entertainment and other commercial uses; the relocation of Monticello Raceway to be re-branded as concord Downs; the development of a 125 room hotel and spa; reconstruction of existing golf courses including “the Monster” to be branded by the likes of a world-renowned golf course designer like Jack Nicklaus and others.
Negotiations are underway with Great Wolf Lodge to bring a themed hotel and indoor water park to the resort.
Actual construction could begin shortly. Thompson Town Supervisor Anthony Cellini said foundation building permits are expected to be issued in the next few days with concrete work for the new facilities to begin almost immediately.