Friends of Wintergreen announced that the prospect of the Atlantic Coast Pipeline (ACP) on Wintergreen land and in front of the only entrance and exit to the mountain resort has already depressed property values by 10% or more. This is in contrast to Dominion’s 2015 claim to county officials across the Commonwealth that “there is no consistent information suggesting the presence of a natural gas pipeline easement would decrease property values.” Real estate values elsewhere in the Commonwealth have increased by an estimated 2-5+%.
Since the Atlantic Coast Pipeline route by Wintergreen was announced, Wintergreen property values have dropped by as much as $100 million, according to the Friends of Wintergreen estimate.
This reduction also has significant implications for Nelson County where most of the 11,000 acre community is located. Reduction in Wintergreen property values will reduce real estate tax revenue to the county by $700,000. These revenues support local schools and school lunches, police, parks and recreation, emergency services, road repair, etc. More than half of the county’s children rely on subsidized meal programs.
In addition, at least two large tourism development projects, including a new four star hotel and a new luxury resort, worth $75 in private investment have been shelved because of the pipeline location in the Wintergreen area. These project would have created 250 new permanent tourism jobs in the county.
Dominion and other ACP owners are projecting $220 million a year in operating profits from the ACP for the next generation or more if the pipeline is approved by FERC. The ACP will create no permanent jobs in Nelson County and only 39 jobs in the entire Commonwealth.