Land Bank Adds Another Property Along Washington Street
Jason Graziadei •
Eyeing the future of the island's waterfront, the Nantucket Land Bank on Wednesday closed on a $1.6 million deal to acquire yet another property along Washington Street.
The purchase of 1 Meader Street, a .06-acre lot with a small cottage on it that is located on the land side of Washington Street, adds to the Land Bank's growing portfolio of properties on the harbor that are prone to coastal flooding.
"This site is critical to our planning for Washington Street, as we have learned that owning a few parcels on the inland side of the street facilitates a more comprehensive water management solution for the area," the Land Bank stated in announcing the acquisition. "The property not only expands the park along this stretch of downtown waterfront but also increases the Land Bank’s ability to manage flooding associated with sea level rise, intensified precipitation events, and rising groundwater."
The property was sold by Daiana Spotti, who had recently acquired it from the estate of the late Walter Glowacki in June 2022. The potential uses for the small two-bedroom, one-bath cottage on the property - a 636-square-foot dwelling built in 1945 - are being evaluated
"In the near term, the intention is to use the small cottage on the property for Land Bank and/or Town seasonal employee housing," the Land Bank stated. "Subsequently, it will be evaluated for reuse and likely relocated elsewhere. If declared surplus to the needs of the Land Bank, it will be made available in accordance with our affordable housing policy."
The Land Bank already owns three waterfront properties along Washington Street, along with the corner of Francis and Washington streets, which it acquired from NISDA last year. The former artist cottages were moved out to NISDA's property in Wauwinet.
Magnolia Avenue Beach Access Acquisition
Shortly after the Land Bank announced the deal for 1 Meader Street on Wednesday, it revealed a second acquisition in Sconset: a portion of Magnolia Avenue that leads to one of its existing beach properties.
The .34-acre property had been owned by the town, and was transferred to the Land Bank at no cost. It includes wooden stairs leading down to the beach that are currently in disrepair.
"We are working collaboratively with the Sconset Trust to replace these stairs before summer, to ensure safe public beach access for this season and beyond," the Land Bank stated.
The acquisitions on Wednesday were the first for the Land Bank in 2023, marking a slow start to the year in comparison to 2022. Last year saw the Land Bank purchased 13 properties for $55.5 million, adding roughly 48.26 acres to its portfolio after accumulating $50 million during the real estate boom of 2021 through the 2 percent transfer tax that supplies its revenues.