Harbor vistas preserved with Land Bank buy
BY PETER B. BRACE INDEPENDENT WRITER
Peeling open yet another part of the semi-obstructed view of Nantucket Harbor along Washington Street, the Nantucket Islands Land Bank purchased 64 and 66 Washington St. last week from Richard C. Wolfe for $4,690,000.

This .31-of-an-acre acquisition of harborfront property, assessed at $3,100,700, means the Land Bank now owns three lots totaling just over half an acre along Washington Street in a long-term effort to acquire contiguous parcels of harbor frontage.

Land Bank Executive Director Eric Savetsky said the Land Bank

Commission has no immediate

plans for the property, other than applying to the Historic District Commission for a permit to move the 1950s-era house off the lot.

"Opening up the view out onto the harbor will be fantastic and something most folks will enjoy every day since Washington Street is so heavily traveled," said Savetsky. "The property has a grass lawn on the in-town side, which if sold to a private owner could have been built on and significant harbor views would have been lost. Mr. Wolfe talked about how many folks stopped there to photograph the harbor and enjoy the view."

Savetsky said he and the Land Bank have been working with Wolfe for the about five years to acquire the property.

"Mr. Wolfe had always indicated an interest in selling to the Land Bank because of who we are," he said. "He is retaining a small lot on the side further from downtown [68 Washington St.], which has a very small cottage on it. He has granted the Land Bank a right of first refusal on that property as part of this deal."

The Land Bank also has .08 of an acre at 74 Washington St., which it purchased from the late Nisso Aladjem for $1,060,000 in 2003. It eventually moved the cottage off the lot, affording sweeping views of the harbor for those driving east on Francis Street. Savetsky added that through this purchase the Land Bank also got the right of first refusal for 72 Washington St., now owned by Mr. Aladjem's sons.

Also that year, the Land Bank bought .14 of an acre at 60 Washington St. adjacent to the Wolfe property for $1.1 million from Bruce Holdgate. Savetsky said the Land Bank would like to own all of the land between the town pier and Frances Street Beach but that it would take quite a while.

"Ideally, we'd love to own all the properties all along Washington Street along that stretch, but there are some more substantial homes and some more recent construction, and who knows if they want to give that up, [but] we're going to keep on expanding on what we've already purchased to open up views of the harbor."

As for 64 and 66 Washington St., after the Land Bank moves the house, Savetsky said that public beach access and grass to relax on are the next priorities.

As purchases go, the commission felt buying Wolfe's land was a smart decision, considering it will cost less than a third of the estimated $15 million the Land Bank is expected to earn in property transfer fees this year.

"The commission was very excited to put this deal together, and we had a very willing seller who thought the Land Bank should be part of this deal, and that helped a lot," Savetsky said.

Last week's purchase is a medium size buy for the Land Bank, which bought .46-of-an-acre with a house on it at 86 Union St. from Michael and Angela Gaillard for $1,375,000 in early May 2006 and 8.5 acres at 40 Western Ave. from the Farrell Family Trust for $4,325,000 in early December of that year.

More costly Land Bank acquisitions in the last two years include undeveloped lots at 36 and 38 Washing Pond Road from Jane Lorentzen Goodwillie for $8 million in mid-December 2005, and the purchase of eight acres at 160, 162, 168 and 170 Orange St. along the Creeks from Carl and Susan Ottison, and Albert Ottison,

for $12,400,000 at the end of September 2005. I