Maryland’s only alpine ski area has added a new chapter to its 46-year history. On Tuesday, the resort changed hands from founder Helmuth Heise to a local development group for just under $12 million.

As reported by DCSki last December, the sale is intended to help beef up Maryland’s adventure facilities in preparation for a possible run at the 2012 Summer Olympics, while increasing tourism to Maryland’s western panhandle.

The sale is part of a larger, joint public-private undertaking between DC Development and Adventure Sports Center, a not-for-profit organization formed to pursue the development of an international sports center in western Maryland.

According to Ski Area Management Magazine (SAM), DC Development plans to build a new lodge at the resort, along with tubing lanes and additional intermediate terrain at the summit. Additional proposals to build a retail village, indoor performing arts center and an adventure sports park could bring the total cost to $344 million, SAM reports.

DC Development has also donated 550 acres of land adjacent to Wisp to be used for mountain biking, hiking, and rock climbing. In all, SAM reports, the development at Wisp may eventually accommodate 25 different sports from ice skating to kayacking on a quarter-mile-long recirculating whitewater course.