NEWPORT — A long-vacant parcel in the heart of Newport known locally as the "pit" appears poised to leave receivership after sitting empty for roughly a decade, the result of an agreement announced Thursday by the Northeast Vermont Development Association.
The nonprofit has signed an intent to purchase the property for $1.1 million and has secured additional grant funding to close the deal and begin the preliminary work necessary before any redevelopment can proceed, association leaders said.
Grant funding clears a key financial hurdle
Two months after receiving a $500,000 grant toward buying the site, the association said it has now secured a larger grant of $1 million that will make the acquisition possible. Officials said those funds, combined with the earlier grant, will enable the association to buy the property out of receivership and move forward with due diligence.
Once the acquisition is complete, the association plans to use Environmental Protection Agency funds to conduct testing on the parcel to determine what types of development are feasible.
"I would encourage some more patience because even with our acquisition of this site, a redevelopment is not going to happen overnight. But I think we’re starting to see some positive momentum moving forward here," said David Snedeker, executive director of the Northeastern Vermont Development Association.
Association to prepare site; construction remains city’s decision
While the association will take on the purchase and the initial work of readying the site, officials emphasized that actual construction and selection of a developer will be the responsibility of the city of Newport or a developer approved by the city. That means design, financing and permitting decisions remain future steps.
City officials have not announced a preferred reuse plan for the lot. For now, the immediate objective is to complete environmental testing, which will inform what can be built and what remediation might be required.
- Intent to purchase price: $1.1 million
- Earlier grant toward purchase: $500,000
- Newly secured grant: $1 million
Timeline and next steps
Association leaders said the transaction is expected to close in October, at which point EPA-funded environmental testing will commence. The results of that testing will determine whether the site can support new construction or requires significant cleanup, which would affect the timeline for any redevelopment.
Snedeker and other local development advocates framed the acquisition as an early but necessary step to break a long period of inactivity that has left a visible gap in downtown Newport’s streetscape.
The site has drawn attention since the summer event referred to as the Kingdom Con left the lot empty and in receivership more than a decade ago. The prolonged vacancy has been a focus of civic discussion around downtown vitality and economic opportunity.
| Item | Amount |
|---|---|
| Purchase price (intent) | $1,100,000 |
| Prior grant | $500,000 |
| New grant | $1,000,000 |
Local stakeholders will be watching the environmental testing closely. Depending on what tests reveal, the cost and complexity of cleanup could alter redevelopment plans, funding needs and the selection of a developer capable of executing a project that aligns with Newport’s planning goals.
Officials urged patience while laying out a realistic path forward. The association’s role, according to Snedeker, is to assemble the site and the data needed to attract a developer, not to immediately begin construction.
For residents who have watched the lot sit idle for years, the association’s move represents a tangible step toward resolving a long-standing downtown question. But the path from purchase to completed project is likely to be multi-phased and dependent on test results, permitting and further investment.
As the association and city proceed, WE NEWS will follow developments, including the results of environmental testing and any proposals that emerge for the site’s future use.
