Land Bank Adds Another Property Along Washington Street

Eyeing the way forward for the island’s waterfront, the Nantucket Land Financial institution on Wednesday closed on a $1.6 million deal to accumulate yet one more property alongside Washington Road.

The acquisition of 1 Meader Road, a .06-acre lot with a small cottage on it that’s positioned on the land aspect of Washington Road, provides to the Land Financial institution’s rising portfolio of properties on the harbor which might be liable to coastal flooding.

“This website is important to our planning for Washington Road, as we now have realized that proudly owning a couple of parcels on the inland aspect of the road facilitates a extra complete water administration resolution for the realm,” the Land Financial institution said in saying the acquisition. “The property not solely expands the park alongside this stretch of downtown waterfront but in addition will increase the Land Financial institution’s capacity to handle flooding related to sea degree rise, intensified precipitation occasions, and rising groundwater.”

The property was bought by Daiana Spotti, who had not too long ago acquired it from the property of the late Walter Glowacki in June 2022. The potential makes use of for the small two-bedroom, one-bath cottage on the property – a 636-square-foot dwelling inbuilt 1945 – are being evaluated

“Within the close to time period, the intention is to make use of the small cottage on the property for Land Financial institution and/or City seasonal worker housing,” the Land Financial institution said. “Subsequently, it is going to be evaluated for reuse and certain relocated elsewhere. If declared surplus to the wants of the Land Financial institution, it is going to be made out there in accordance with our reasonably priced housing coverage.”

The Land Financial institution already owns three waterfront properties alongside Washington Road, together with the nook of Francis and Washington streets, which it acquired from NISDA final yr. The previous artist cottages have been moved out to NISDA’s property in Wauwinet.

Magnolia Avenue Seaside Entry Acquisition

Shortly after the Land Financial institution introduced the deal for 1 Meader Road on Wednesday, it revealed a second acquisition in Sconset: a portion of Magnolia Avenue that results in considered one of its current seaside properties.

The .34-acre property had been owned by the city, and was transferred to the Land Financial institution for free of charge. It contains picket stairs main right down to the seaside which might be at the moment in disrepair.

“We’re working collaboratively with the Sconset Belief to exchange these stairs earlier than summer time, to make sure secure public seaside entry for this season and past,” the Land Financial institution said.

The acquisitions on Wednesday have been the primary for the Land Financial institution in 2023, marking a gradual begin to the yr compared to 2022. Final yr noticed the Land Financial institution bought 13 properties for $55.5 million, including roughly 48.26 acres to its portfolio after accumulating $50 million throughout the true property growth of 2021 by the two % switch tax that provides its revenues.