Edgartown takes $2.5 million for Warren House

Edgartown takes $2.5 million for Warren House

0
The Warren House at 62 North Water Street in Edgartown.

Edgartown selectmen accepted a bid of $2.5 million today for the Captain Warren House, from Jeffrey Wolk. Selectmen voted unanimously during their Monday afternoon meeting to accept Mr. Wolk’s bid rather than another $2.5 million bid submitted by Wayne Grigul and Janet Hiebert.

After consulting with town counsel, selectmen decided Mr. Wolk’s bid best fit the conditions imposed in the request for proposals (RFP) issued by the town.The bid process was dictated by complex state laws governing the disposal of surplus property.

Mr. Wolk is a resident of Chestnut Hill and has been a frequent summer visitor to Martha’s Vineyard, according to James Joyce, who helped broker the sale for the Edgartown firm, Carroll and Vincent Real Estate.

The terms of the RFP require a deposit of $10,000 within three days, and the sale must be closed within 30 days. No further negotiation is allowed.

The sale represents a signficant financial loss for Edgartown. The town purchased the historic structure at 62 North Water Street for $3.5 million, and paid interest on the bond used to finance the purchase.

Approval of the town’s acquisition was sought by petition to a 2004 special town meeting and overwhelmingly approved by voters, as part of a plan to expand the Edgartown Library, which abuts the Warren House property.

Within a year, it was apparent that the structural condition of the building did not suit library requirements. The library expansion on that site was eventually scrapped, and the town is now building a new library at the site of the old Edgartown School.

This article was updated to reflect the terms required to close the sale.