NVDA Completes Purchase of Newport Development Block, Formerly “The Pit”

NEWPORT CITY — The Northeastern Vermont Development Association (NVDA) completed its acquisition of the Newport Development Block, formerly known as “The Pit,” marking a step forward in the city’s effort to return the long-vacant downtown property to productive use. The $1.1 million acquisition, announced in August, proceeded as anticipated and brings the prominent downtown property under local and regional stewardship. The purchase was made possible in part by a $1 million Rural Industry Development Program grant from the Vermont Department of Economic Development, with NVDA providing additional funds to complete the purchase and cover related costs.