Town To Buy A $2 Million Vacant Lot In Madaket For Attainable Housing

The Nantucket Affordable Housing Trust (AHT) has authorized the purchase of 158 Madaket Road by the town for $2 million. The lot is currently vacant, but the town has approval for a septic system to support up to eight bedrooms on the property.

The lot would be used for attainable housing. The town plans to move dwelling units onto the site to facilitate that goal if it is able to close the deal. 

Owned by Franz Peter Arzt, the property is a two-acre lot last sold in 1997. It was recently listed for $2,375,000, and the excess value will be considered a donation by the landowner.

The acquisition must still be approved by the Select Board, and Arzt has yet to formally sign the agreement with the town.

If finalized, the purchase would be funded by existing money allocated to the AHT at past Town Meetings.

The purchase is the latest AHT move to encourage year-round and attainable housing. At a brief meeting of the AHT on Thursday, scheduled outside of its usual meeting time, Housing Director Kristie Ferrentella said that the dwelling units on the lots will not be as sharply restricted by income as some affordable housing properties on island. This will help address what is sometimes referred to as the “missing middle,” or islanders who make more than the area median income but are still significantly burdened by the cost of housing.