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.