NEWPORT, Vt. (WCAX) – The city of Newport is working on an action plan to reverse demographic trends and revitalize the city. At the heart of the plan is an effort to tackle a major eyesore that has plagued the downtown for nearly a decade.
On the shimmering shores of Lake Memphremaggog, the city of Newport — population 4,500 — is one of the crown jewels of Orleans County.
“There’s a lot of positive energy. The boat on the lake is good. We have great restaurants, we have everything that one could want,” said Cindy Moylan, the owner of All About Home, a home goods store on Main Street.
But in recent years, with remote work and e-commerce, many downtowns like Newport have struggled. Moylan relocated her store from Derby in April and has since seen an uptick in foot traffic. “The activity the more people out and about the better it is for traffic and sales,” she said. But she says she’d like to see more people living and working downtown.
Back in 2015, the city razed an entire downtown block on Main Street to make way for $600 million in promised investment and jobs as part of Bill Stenger and Ariel Quiros’ Jay Peak EB-5 project. But the redevelopment, like the rest of the Kingdom Con, turned out to be a sham. Ten years later, the future of the downtown — and the so-called pit — remains to be seen.
“We had a record store, we had a travel agency, we had a pizza place,” said state Senator Russ Ingalls, R-Essex County. The local realtor says he hopes a new 10-year strategic plan being considered by the City Council will spur economic investment and transform Newport.
Along with a roadmap for infrastructure, transportation, and housing, the plan features new amenities like a long-sought-after waterfront hotel. “We’re a long way from nowhere so it has to be a plan that somebody — if they’re going to have private equity — it needs to turn.”
The pit is still under the federal receiver Michael Goldberg and there are no public plans to unload it. Goldberg did not respond to requests for comment.
Discussions over Newport’s future come amid shifting demographics and financial challenges for North Country Hospital, one of the area’s largest employers.
“It’s been 10 years and it’ll be a crying shame if it’s another 10 years,” Sen. Ingalls said.
The strategic plan explores tools to spur development, including tax breaks. The City Council is expected to sign off on the 10-year plan next month.