A decade after the Kingdom Con fraud scheme, a vacant downtown Newport lot known as “the pit” may finally be redeveloped, thanks to new grant funding.
The Main Street property is the most visible remnant of Vermont’s largest fraud case, the EB-5 Kingdom Con, which misused more than $200 million in foreign investments. A block of buildings was demolished during the scheme, and the site has sat empty since. The property remains in receivership.
“Things are progressing really quick and fast, so we’re excited about that,” said Dave Laforce, chair of the Newport Downtown Development Economic Development committee, a volunteer group helping raise money to buy the pit.
The Northeastern Vermont Development Association (NVDA) recently secured a $500,000 grant, bringing its total toward the purchase price to $1 million. More funding is still needed, Laforce said.
In a related step, the city won a $3 million grant to replace nearly century-old water and sewer lines under Main Street, with improvements to streets and walkways. Construction is expected to begin next year. Once that work wraps up, filling the pit will be the next priority.
“Between business owners and just citizens around the county, everyone’s really stepped up and engaged in the conversation. It’s been great,” Laforce said.
Renderings for both the Main Street overhaul and the development block are expected in the coming months.
NEK will be looking into the terms of the receivership and the public record of the Kingdom Con bankruptcy to see what conditions may still encumber the lot.
Originally reported by WCAX.
Photo: Kalei Winfield via Pexels. Photo is illustrative and not from the scene.
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