WATERVILLE VALLEY — The Waterville Company Inc. announced Tuesday 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 more than 500 acres of land in Waterville, an inland island surrounded by the 4,000-foot peaks of the White Mountain National Forest, according to a news release.
In the winter of 1966-67, Corcoran opened Mt. Tecumseh for skiing with four 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.
In 1999, Corcoran stepped down from day-to-day management of the Waterville Company. He died two years ago.
“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,” said Bill Cantlin, Corcoran’s successor at the company. “Having key assets under common ownership is essential to coordinated planning and growth.”
The landholdings sold to the new owners include prime parcels adjacent to the town square, the resort community’s hub for shopping, dining, recreation and other services. The Waterville Company’s remaining landholdings currently listed for sale include residential lots across from Corcoran Pond and the town square.
Former Gov. John H. Sununu, the chairman of Waterville Valley Holdings, said the transaction allows his group to build on its recent investments at the resort, which include new trails, lifts, snowmaking and base lodge expansion.
“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,” Sununu said.