NAHANT — Town Administrator Tony Barletta delivered updates on the sales of the Coast Guard property lots during the Board of Selectmen meeting on Wednesday evening.
Barletta said that out of the various lots that went up for sale, only one lot currently remains.
In chronological order, Barletta listed off the lots that had been sold previously, and others that are currently under sales agreements, with the expectation that those sales will close in the near future.
He went through the order of lots sold in chronological order. “Lot numbers 1, 3, 9, 11 and 6 have all been sold,” Barletta said. “We also have purchase and sale agreements for lots 4 and 10.”
According to Barletta, the only lot that the town didn’t receive a bid for was lot number 5. “All the rest have either been sold, and two of them are under agreement,” he said. He added that the sale of lot 2 is in the process of being finalized.
Barletta then went into the financial side of the discussion, where he talked about the total funds received so far.
“The total funds received, as of tomorrow, will be $4,640,951,” Barletta said. “And then, after lots 4 and 10 close, should they close, the total funds received will be $5,104,951.”
Barletta said the town originally had a loan to purchase the lots for $1.866 million, and that in January 2025, the town was able to pay back that loan by using the proceeds from those sales.
A second loan was authorized by Town Meeting, for the cost associated with preparing the land for sale, which Barletta said was $1.3 million. “We’ve already paid $575,250 towards that loan in January,” Barletta said. There was still a balance of $724,750.
“When you add the original loan with the second one total, it adds up to $3.166 million dollars,” he said. “If lots 4 and 10 close, as expected, that $5,104,951, and subtract the loan amount of $3.166 million, there’s an additional $1,938,951 that will go to the town.”
There will be additional expenses the town must pay at the end of the process, relating to legal expenses and listing services.
Barletta spoke briefly about the plots left and his hopes for a positive turnout. “But, we also have two more properties that remain to be sold… We’re going to Town Meeting for authority to put those out on the street when they’re ready to go,” he said.
He added that there is $218,187 left from that second loan that the town will use for the preparation of lot 12 once it’s vacated.
“We’re sitting just under about $2 million in profit right now,” Barletta explained. “Like I said, there will be additional expenses paid out of that, but we have two more properties to sell.
Chairman of the board Josh Antrim spoke about his feelings on the project.
“This is a perfect example of one of those things that, from the outside looking in, looks like, ‘Oh, that’s easy to sell these lots,’ and I can assure you it was not easy,” Antrim said. “There were so many moving parts… The town’s been trying to get this done for close to about 20 years now.”
Antrim said he gave Barletta credit for his work getting the lots sold.
