Developers expect to break ground on NEK biotech plant in May

MONTPELIER, Vt. -

A developer and foreign investors are poised to bring hundreds of jobs to the Northeast Kingdom, but locals say they've heard enough and want to see progress.

The project promises to put the Northeast Kingdom at the forefront of medical innovation, but residents say it's only a promise residents of Newport have heard before until the facility starts hiring.

Bill Stenger, the man behind Jay Peak and its big expansion, spent Monday morning pitching his next big idea.

The plan is to turn a former outdoor clothing manufacturing facility in Newport into one that produces medical devices and billions upon billions of stem cells for pioneering scientists on health's next great frontier.

"There's enormous opportunity where this type of situation occurs. It's a good place to enter the market and AnC Bio is building their facility at a very opportune moment," said Jane Andrews, Frost & Sullivan consultant.

An independent consultant on-hand for the presentation praised the plan.

Foreign investors bear much of the risk because 95 percent of the $100 million investment will be financed through the EB-5 program wherein foreign investors get green cards if not a return on their investment.

"That's their benefit, first and foremost is their visa, our benefit is access to patient capital, to build things, develop jobs, create economic development," said Bill Stenger, developer.

There have been delays in the project, some blamed on EB-5 processing.

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Developers expect to break ground on NEK biotech plant in May