Major funding grant helps secure purchase

NEWPORT, VT. – The Northeastern Vermont Development Association (NVDA) has completed its acquisition of the Newport Development Block, formerly known as “The Pit,” marking an important step forward in the City of Newport’s efforts to return the long-vacant downtown property to productive use.

The $1.1 million acquisition, announced in August, proceeded as anticipated and brings the prominent downtown property under local and regional stewardship. The purchase was made possible in part by a $1 million Rural Industry Development Program grant from the Vermont Department of Economic Development, with NVDA providing additional funds to complete the purchase and cover related costs.

The immediate next step is to conduct a Phase II environmental assessment, which will determine whether there are contaminants in the soil and if it requires further remediation. This is an essential step to prepare the site for future development. Concurrently, NVDA and the city will work together to identify a developer for the site and advance plans for the property consistent with the priorities outlined in Newport’s 2024 Master Plan.

“This is an important milestone for the City of Newport, and NVDA is proud to be a partner in its revitalization efforts,” said David Snedeker, Executive Director of NVDA. “Acquiring the development block was a team effort, but now the real work begins to create something that adds value and vitality to downtown Newport.

Newport Mayor Rick-Ufford Chase views this property as having a meaningful role in the city’s future and expressed excitement about the momentum building around it. “We’re thrilled to see this come together as expected, and we’re grateful for NVDA’s partnership and its willingness to take on this important step for Newport.”

The Newport Initiative is 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.