Editor’s note: This article is by Robin Smith of The Caledonian Record, in which it was first published Oct. 23.
NEWPORT CITY — Bill Stenger of Jay Peak Resort and partners recently paid a second large and non-refundable deposit for the Spates Block in downtown Newport City.
Spates Block owners Doug and Vivian Spates have received almost $1 million toward the final purchase price for the Main Street block between Center and Third streets, where Stenger and partners want to build the four-story Renaissance Block beginning next year, Stenger said Tuesday.
The closing on the already-signed purchase and sales agreement between Jay Peak and the Spates will be complete before the year ends, Stenger said.
“We’ve given them almost $1 million. There’s no turning back,” Stenger said.
Stenger had initially planned to close on the sale for the Spates Block by the end of September. However, he said Tuesday there are a variety of reasons that the closing is now later this year, including tax implications.
“I’m not worried about the closing,” he said, with the final details a matter of timing.
Tenants are nearly all out of the Spates Block buildings in advance of the sale.
Stenger and partner Ariel Quiros are planning to raze the block of dilapidated buildings next spring and build the proposed Renaissance Block sometime next year. The block will be linked to the proposed Marina Hotel and Conference Center intended for the land where the Waterfront Plaza now sits on the Causeway, between Main and East Main streets.
Stenger and partners have already paid a large, non-refundable deposit on the Waterfront Plaza to owner Tony Pomerleau.
Pomerleau has said that the closing would be by the end of 2015 or early 2016 on the property.
The Newport City developments are part of Stenger’s Northeast Kingdom Economic Development Initiative, fueled by foreign investors under the federal EB-5 immigrant investment program.
Half a billion dollars are being raised by Stenger and partners for these projects, which include the new Stateside Hotel at Jay Peak Resort, the new lodges at Burke Mountain Resort, which is now owned by Jay Peak, and the AnC Bio Vermont research and manufacturing plant at the former Bogner facility in Newport City.
Other developments at the Newport State Airport in Coventry are underway, but not funded through EB-5 investments.
Stenger had hoped to include a window manufacturing plant in Newport, but it would not have generated enough jobs to qualify and the German company — without the incentive of EB-5 funding — would rather invest in a plant in Massachusetts near the second home owned by one of the owners.
He is seeking another manufacturer interested in establishing a plant in Newport City, also at the Bogner site.
Stenger is also working with businesses in the Waterfront Plaza, especially with Rite Aid and Vista Foods grocery store to keep them in Newport City.
Jay Peak broke ground on the $40 million Stateside Hotel earlier this year. It is expected to open this winter.
