In Latest Waterfront Acquisition, Land Bank Buys 70 Washington Street For $4.8 Million

The Land Bank on Tuesday continued to spend from the $50 million war chest it accumulated during last year’s real estate boom.

In its latest waterfront acquisition, the Land Bank announced that it had purchased 70 Washington Street along Nantucket Harbor for $4.8 million. The announcement comes on the heels of the Land Bank’s March 4 acquisition of the former NISDA cottages at 71 Washington Street – just across the street – for  $2.1 million.

The purchase of 70 Washington Street on Tuesday “expands our holdings along the Washington Street corridor, which will increase public beach access, expand opportunities for coastal resilience measures, and further open up views to Nantucket Harbor,” the Land Bank stated in its announcement. “The seller will have exclusive use of the property through September 2023, during which time the Land Bank will plan and permit the property for public use.”

The seller in this case is the estate of Walter Glowacki, and the tenant referenced in the announcement is Kim Glowacki.

As for the house on the property, it is likely to be demolished once the exclusive use period is concluded, according to Jesse Bell, the Land Bank’s executive director.

“The house is extremely tall,” Bell said in a message to the Current. “It is highly unlikely it can be moved. At the moment the lease calls for Kim to demolish and remove it at the end of the lease term, with the Land Bank to pay tipping fees. He offered this during the negotiation (since he’s in that business) and it was incorporated into his lease obligations.”

Since the start of 2022, the Land Bank has already spent $22.5 million for properties at Eel Point, East Creek Road, Washington Street, and on Nobadeer Avenue.

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