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Landowner needs cash but also wants to keep most of the property. The landowner also wants to ensure that any property they sell will not be developed in a harmful way.
The Society of St. Margaret, an order of Episcopal Sisters headquartered in Roxbury, MA, own a seaside retreat center in Duxbury, MA. The Sisters were concerned about the ongoing costs of operating the center. The center is in the heart of Duxbury, and the Town, concerned about potential sale to developers of the center, had approached the nuns about buying the property. However, the Sisters wanted to keep the center going, and decided that they needed to raise enough money to endow the upkeep of the center. They were concerned, however, that any sale protect the contemplative surroundings of their center. |
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| LandVest helped the Sisters work with the Town to put together a plan where a portion of the property would be sold to the Town for a Town Green to celebrate the Millennium. The Town also purchased a Conservation Easement on a larger portion of the property, as well as received a Right of First Offer on the balance of the Sisters land, should it ever be sold. Provision was made for one lot to be sold on the open market. LandVest handled the sale. We were fortunate that a generous buyer stepped forward and matched the highest bid for the property, and is allowing the Sisters continued use of the lot. |
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| This plan resulted in a win-win all around. The Sisters receiving a significantly higher number for their endowment than they expected. They retain use and the contemplative character of their land. The Town gets a beautiful Town Green and arboretum area for use of all citizens. |
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