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April McCullum and Dan D'Ambrosio, Burlington Free Press Published 6:59 pm UTC Dec. 22, 2020 Show caption Hide caption The "hole" in downtown Newport was a demolished city block that was to become a retail, office and residential space, and possibly a boutique hotel, under Bill Stenger and Ariel Quiros' grand design. It was never approved as an EB-5 project that could accept foreign investment. After allegations of financial fraud pulled both Jay Peak Resort and Burke Mountain into federal receivership, the plan flew apart. RYAN MERCER/FREE PRESS As ski season was drawing to a close at Jay Pe...

Reality knocks: Vermont’s biggest economic development story becomes its biggest fraud April McCullum and Dan D'Ambrosio, Burlington Free Press © RYAN MERCER/FREE PRESS FILE The "hole" in downtown Newport was a demolished city block that was to become a retail, office and residential space, and possibly a boutique hotel, under Bill Stenger and Ariel Quiros' grand design. It was never approved as an EB-5 project that could accept foreign investment. After allegations of financial fraud pulled both Jay Peak Resort and Burke Mountain into federal receivership, the plan flew ...