Martha's Vineyard Land Bank purchases Toms Neck property

The Martha’s Vineyard Land Bank announced yesterday the purchase of a 30.6-acre property at Toms Neck in Edgartown for $5,170,000 from seller Ann Floyd and others.

The property, made up of overgrown farm fields, surrounds Pease Pond and has long views out to the Cape Poge Pond, a prolific shellfish resource. The Land Bank’s acquisition of the property will conserve several pre-subdivided building lots, and reduce the potential number of future septic systems in Cape Poge Pond’s watershed, according to a press release.

“The acquisition was singular in Land Bank history, however, for reasons unrelated to the land itself: The transaction was an unusual collaboration between donors, volunteer creditors, and a remarkable citizens’ organization known as the Chappaquiddick Open Space Committee,” the press release said.

The committee, chaired by Nancy Hugger, arranged for the Toms Neck property’s acquisition and its financing. Of the $5.17 million cost, $2.2 million was donated outright and $1.9 million was collectively loaned to the Land Bank by 11 Chappaquiddick families.

Management planning is underway. The Land Bank expects the property will be opened to the public in 2016.

Anyone with questions about the acquisition is encouraged to attend one of the Land Bank Commission’s regular weekly meetings at 5 pm on Mondays, or one of the Edgartown town land bank advisory board’s meetings at 4:30 pm on the first Thursday of the month, in the Land Bank’s offices at 167 Main Street in Edgartown. Call 508-627-7141 for more information.