The Northeastern Vermont Development Association announced Thursday it will purchase the Newport Development Block, formerly known as “The Pit” for $1.1 million.

The acquisition marks a major milestone in Newport’s long-term strategy to activate economic growth, beginning with the transformation of one of the city’s most prominent properties that was locked up in the aftermath of the EB-5 scandal.

NVDA, the Northeast Kingdom’s regional development corporation, has signed a purchase and sale agreement with Michael Goldberg, the court-appointed receiver who has overseen the property for nearly a decade, to purchase the city block. The receiver has filed a motion with the federal judge, whose final approval of the terms of the deal will be needed to complete the transaction.

In order to make the purchase possible, the NVDA applied for and received a $1 million Rural Industry Development Program (RIDP) grant awarded by the Vermont Department of Economic Development, as was announced today by Governor Scott. The RIDP program was designed to address the shortage of development-ready sites, with specific support for projects that repurpose federally-impacted properties for future industrial or residential use. NVDA will provide the necessary funds to supplement the State grant to complete the purchase and cover related carrying costs.

David Snedeker, Executive Director of NVDA, said that complex and costly projects in rural Vermont increasingly depend on strong public-private partnerships in order to succeed. “As the Northeast Kingdom’s regional development corporation, we view the acquisition of this long-vacant block as a transformative opportunity for both the community and the broader region.”

Returning the property to local stewardship will allow city, regional, and state partners to focus on realistic, qualified, and desired development in downtown Newport. In the coming months, the City will conduct a market study to provide current data to inform a future use consistent with the City’s Detailed Master Plan of 2024. As the interim owner of the property, NVDA’s goal is to transfer the property to the City of Newport or an appropriate development partner.

“Our goal is to position Newport for a successful future,” said Mayor Rick Ufford-Chase. “NVDA’s acquisition of the development block gives us the opportunity to return this centrally-located block to productive use for the benefit of our residents.

Commenting on the milestone, Michael Goldberg reflected, “It has been a long road for the City of Newport and the Northeast Kingdom. This deal was only made possible by the coordinated efforts of city officials, NVDA, and Newport Downtown Development.”

Mayor Ufford-Chase added, “This is just the beginning of a new future for the City of Newport and the NEK. This news, together with the $3 million dollar grant we were awarded by the Northern Border Regional Commission to redevelop our infrastructure on Main Street, lays the necessary groundwork for the next steps. While the City focuses on making those improvements, our team will turn its attention to seeking developers to build out the property.” 

This milestone is part of The Newport Initiative, a collaborative effort that brings together the City of Newport, Newport Downtown Development, community members, local businesses, and regional partners to advance the revitalization of downtown Newport through strategic investment, thoughtful planning, and broad public engagement. 

The Newport City Council will hold a hybrid informational meeting on Monday, August 17, 2026 at 6:00pm at The Gateway Center in Newport and via Google Meet: https://meet.google.com/zhx-oijh-twe