Seven Sea Street Inn Under Contract To Be Sold To Procaccianti Companies

The Seven Sea Street Inn in downtown Nantucket is under contract to be purchased by The Procaccianti Group - which owns the nearby Veranda House and other island lodging establishments - and the Rhode Island company has submitted plans to more than double the guesthouse's number of units.

The Seven Sea Street Inn is comprised of three adjacent properties at 3, 5, and 7 Sea Street that are owned by innkeeper Matthew Parker. According to a major commercial development application submitted to the Planning Board as a special permit application last week, the Procaccianti Group is the “contract purchaser” of the properties. The company intends to demolish the rear building at 3 Sea Street and construct a new lodging house with 12 additional units, which would bring the total to 23 units under common ownership and control.

Reached by phone on Monday, Parker said he was bound by a confidentiality agreement with the Procaccianti Group, and was unable to immediately provide a comment. Parker has been the innkeeper at Seven Sea Street Inn since 1987.

"As you can assume, the Procaccianti Group is now conducting due diligence as to completion of the purchase, in accordance with the agreement between the parties," said attorney Arthur Reade. "I am representing Matt in connection with the sale, but also am handling the application to the Planning Board by consent of the parties, who have a common interest in obtaining its approval. I cannot comment on the purchase price."

Ralph Izzi, Jr., the Procaccianti Companies vice president for corporate marketing and public affairs, responded to a message from the Current by stating in an email: “At this time I am unable to comment beyond the information contained in the public filings.”

The building that would be demolished is a garage apartment structure that was built in 1976, according to town records.

According to its application to the Planning Board, The Procaccianti Group is seeking relief from the parking requirements of Nantucket’s zoning bylaw, as the existing parking area accommodates only four vehicles. The reconfiguring of the three properties would include two new parking spaces, but not the 25 spaces that would technically be required under zoning.

The Procaccianti Companies, with headquarters in Cranston, RI, is a sprawling real estate investment and services firm that owns hotels, single-family and multi-family subdivisoins and apartment complexes, as well as commercial and industrial properties. In addition to TPG Hotels & Resorts, the Procaccianti Group owns the Nantucket Resort Collection which includes the Veranda House, the Chapman House, the Regatta Inn, and the Sherburne Inn. It is currently reconstructing the Veranda House which burned to the ground in July 2022.