We present a three dimensional non-relativistic model of gravity that is invariant under the central extension of the symmetry group that leaves the recently constructed Newtonian gravity action invariant. We show that the model arises from the contraction of a bi-metric model that is the sum of the Einstein gravity in Lorentzian and the Euclidean signatures. We also present the supersymmetric completion of this action which provides one of the very few examples of an action for non-relativistic supergravity.