Development Association Acquires Downtown Newport Property for Revitalization
1 report, 1 independent
Updated Oct 16
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What happened
The Northeastern Vermont Development Association acquired the Newport Development Block, formerly known as “The Pit,” for $1.1 million. This purchase, which was partially funded by a $1 million Rural Industry Development Program grant from the Vermont Department of Economic Development, brings the vacant downtown property under local stewardship. The immediate next step is to conduct a Phase II environmental assessment to determine if the soil requires remediation.
From vermontbiz.com
Why it matters
The acquisition is an important milestone in the City of Newport’s revitalization efforts. The Association and the city will work together to identify a developer for the site and advance plans consistent with Newport’s 2024 Master Plan.
From vermontbiz.com