NAHANT — The town has officially sold the last of the available lots for the Coast Guard Housing properties, with 114 Gardner Rd. being the latest sale in the development.
According to Interim Town Administrator and Director of Finances Alison Nieto, a purchase agreement has been signed, and the tentative closing date is slated for Aug. 27.
The 12th lot still has a tenant, Nieto added. She said the town is currently in litigation with the tenant of the property, though nothing more could be said at the time.
The gross sale revenue, after paying down the original $1.8 million that was borrowed to initially purchase the Coast Guard Housing property and paying off the $1.3 million that was borrowed to demo the houses and prepare the land for sale, is $2.4 million.
Nahant initially approved the sale of the lots during the Annual Town Meeting in May 2021.
Under municipal finance law, the Town must use the funds gained from the sales of the lots for a capital project that it would otherwise borrow for, Nieto explained.
Nieto expanded on her thoughts in an interview with The Daily Item.
“This has been a lot of work. It was originally voted by town meeting several years ago to sell and dispose of these lots, and now that’s finally come to fruition with a lot of hard work from my predecessor (immediate past Town Administrator Tony Barletta) responsible for the first two rounds of lot sales,” she said. “It was a lot of hard work on behalf of many individuals.”
Select Board Chair Rob Tibbo echoed Nieto’s sentiment.
“A lot of hard work went into this, from the Coast Guard Housing Committee, right through to the Town Administrator. … What a great day this is that we’ve been successful in selling all of the available lots,” Tibbo said.
