Newport is taking new steps to manage an unfinished lot from failed EB-5 projects at the Main Street development site

Newport is taking new steps to manage an unfinished lot from failed EB-5 projects at the Main Street development site. Monday night, the City Council voted to use the remaining state funding from the “Discover Newport” grant project to form a plan to fix the pit. The city will spend up to $40,000 to fund an analysis of an existing state office building and pay for consulting firm services. The Main Street Development Lot was formed in 2015. Using EB-5 funds, nine buildings were demolished and the plan was to create a complex in their place. But it was never completed due to the Kingdom Con Ponzi scheme that took millions from foreign investors.