Former Coast Guard Housing in Nahant

The Lynn Item reports as Nahant officials are looking at development/sale options for the former Coast Guard housing property, several current residents are hoping to stay put.  Nahant Town Administrator Mark Cullinan said the selectmen hoped to sell the property almost immediately after purchasing it, but it wasn’t possible. The General Services Administration, the agency that disposes of surplus government property, put a clause in the purchase agreement stating if it was sold within three years after acquiring it any profit from the sale would have to be turned over to the government.

Because of the clause, the selectmen decided to keep the property for three years.  At a recent Board of Selectmen meeting, the selectmen agreed to continue leasing the homes for at least the next 2 years to allow the real estate market to rebound before moving forward with disposing of the property.

The Hall Company Inc. rents out the 12 single-family homes and manages the property for the town.

A RFP was issued in 2008 that called for 8 single-family homes with a minimum lot size of 4,500 square feet per home in the vicinity of Castle and Gardner roads and no more than 20 multi-family homes in the Goddard Drive area.  Bass Point Residences LLC, which is owned by Phillip Singleton and Jeffrey Gouchberg, was selected for the project, but in June 2009 the company withdrew its $2.2 million offer to the town.

Read the entire Lynn Item article.