The Waterville Company, Inc. announced today that it has sold a majority of its real estate holdings to an investment group led by the Sununu family, principal investors in Waterville Valley Resort.
In 1965, two-time Olympic ski racer, Tom Corcoran, formed the Waterville Company to purchase over 500 acres of land in Waterville, an inland island surrounded by the 4,000-foot peaks of the White Mountain National Forest. Corcoran envisioned a European-style pedestrian village – a full-service destination resort. He worked closely with town officials to create a comprehensive set of zoning and planning regulations, which would ensure a community free from heavily commercialized or haphazard growth. In the winter of 1966/67, Corcoran opened Mt. Tecumseh for skiing with 4 double chairlifts.
In 1994, the Waterville Company divested most of its operating assets, including the ski facilities, but retained the remaining developable land. The Company continued to serve as the master developer of the resort community and steward of Tom Corcoran’s vision.
In 1999, Corcoran stepped down from day-to-day management of Waterville Company. Corcoran’s successor at the Waterville Company, Bill Cantlin, said “It was always Tom’s desire to see that the development of the Company’s landholdings would be undertaken hand-in-hand with the careful management and growth of the resort. Having key assets under common ownership is essential to coordinated planning and growth.”
Corcoran’s daughter, Christine DeStefano, is confident that her father would be pleased with the sale, “The closing marked the two-year anniversary of my father’s passing. He spent his entire life master planning and developing the resort, and I know how happy he would be to see his life’s work finally come to fruition.”
The landholdings sold to the new owners include prime parcels adjacent to the Town Square, the resort community’s hub for shopping, dining, services and recreation. Waterville Company Inc.’s remaining landholdings, currently listed for sale, include residential lots across from Corcoran Pond and Town Square.
Cantlin said, “The resort will be in good hands. We are pleased to able to move a step closer to fulfilling Tom’s vision, and see that mission carried on by the owners of the Waterville Valley Resort.”
Sununu added, “Our recent investments in the resort, including new trails, lifts, snowmaking, and base lodge expansion, are building a foundation for the future. This transaction allows us to build upon those investments. Tom Corcoran was a friend and visionary, and we are proud to continue his work to make Waterville Valley a thoughtfully developed, year-round recreation destination.”