Contributed Illustration THIS RECENTLY DISTRIBUTED concept drawing shows the Concord Hotel, left, and the Concord Downs racetrack headquarters, right, as seen from the Concord Road entrance.

Two-phase Concord project approved

By Dan Hust
MONTICELLO — The Thompson Planning Board unanimously granted permission Wednesday to Cappelli Enterprises to split the new Concord Resort Hotel’s construction into two phases.
“Our lenders have been shrinking back their commitments, so we’ve had to scale back the project,” explained Bruce Berg, CEO of Cappelli’s Fuller Development Company.
That doesn’t necessarily mean the Concord won’t be all that locals have hoped – the final piece of $750 million worth of financing will be in place by next week, said Berg and Thompson Supervisor Tony Cellini.
But Cappelli is seeking more than $1 billion overall, and lending institutions are running scared right now due to the recession.
So Berg and New Concord Development partner Kevin McManus appeared before the planning board to ask for an amended site plan, allowing them to build the hotel, casino, spa and horseracing track first (within the next 18-24 months, said Berg).
Phase I, however, is not a full buildout of all those components. The hotel, said Berg, will likely be 500 rooms inside 17 stories, with an additional 250 rooms and 8 stories to follow in Phase II.
Parking will also be cut by more than half, from 4,800 spaces to 2,200. The enclosed parking garage will be built as part of Phase II, as will the ballrooms, 1,000-seat theater and 7,500-seat events center.