A long-vacant property in downtown Newport is finally moving toward redevelopment after the Northeastern Vermont Development Association (NVDA) announced a $1.1 million purchase agreement for the site locally known as “The Pit.”

The property has remained vacant for nearly a decade following the collapse of the proposed Renaissance Block development. Its redevelopment was connected to the larger EB-5 investment scandal involving former Jay Peak developers Bill Stenger and Ariel Quiros, leaving the downtown property tied up in receivership for years.

Now, NVDA plans to acquire the property and begin preparing it for a potential new development. The purchase is being supported by a $1 million grant through Vermont’s Rural Industry Development Program, which is designed to help bring challenging or underutilized properties back into productive use. 

The acquisition is not tied to a specific development plan yet. Instead, NVDA will first conduct environmental assessments and determine what work may be needed before the property can be redeveloped. The organization expects the purchase to close in October, with environmental testing beginning afterward. 

Newport officials are expected to help determine the property's future use. The city's 2024 master plan will provide guidance as officials consider potential development options, which could include housing, commercial space, or a mixed-use project.

The property's downtown location makes it particularly important. Rather than expanding development into undeveloped areas outside the city, redevelopment of the site could add new activity and potentially new housing within an area that already has roads, utilities, businesses, and public services.

That could make the project particularly relevant as Vermont continues trying to increase housing supply while encouraging communities to make better use of existing infrastructure.

The deal also represents a major change for a property that has been one of Newport's most visible reminders of the failed EB-5 development era. The site was once envisioned as a major downtown project but remained empty after the original plans collapsed.

For real estate professionals, the potential redevelopment is worth watching because it could eventually create new residential and commercial opportunities in downtown Newport. It also demonstrates how state funding can help unlock properties that have remained difficult to develop because of ownership, financing, environmental, or infrastructure challenges.

The project will not produce new housing immediately. Environmental testing, planning, financing, permitting, and construction would still need to take place before any new development could be completed.

Still, the purchase agreement represents a significant step forward.

After almost 10 years of vacancy, Newport's “Pit” finally has a potential path back into the local real estate market. If NVDA and city officials can successfully prepare the property for redevelopment, the site could eventually become an important addition to Newport's downtown housing and economic development strategy.