Word: vesting
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Dates: during 1970-1979
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According to Peter Mead, a vice-president of Hunneman and Company, the firm that manages Harvard's real estate in the Boston area, Land-Vest got in touch with Hunneman after seeing an article about the Putnam estate in the Vineyard Gazette. "A few other developers showed an interest, but when they found out about that insidious Kennedy bill they backed off," Mead says. "We offered the property to some bigger Boston developers, but they weren't interested...
...price that Land-Vest paid for the land "amazed a lot of people," Alley says. But Land-Vest considers that it paid "an absolute market price," says Wade Staniar, a Land-Vest executive. While admitting that lots on the Putnam estate go for considerably less than comparable lots on the Vineyard, he denies that the low price Land-Vest paid enabled them to charge so little...
...Land-Vest has already grossed $1.6 million from the sale of 33 out of 49 lots on the property, 13 of which have been sold to Harvard alumni or faculty. Staniar says that state legislation imposing a one-year moratorium on building has practically brought business to a standstill in the past four months, but he admits that the law will not cut into Land-Vest's long-term receipts-which could go as high as $2.4 million. Alley says the law could only push Land-Vest's profits up, by making less land available to other developers...
Harvard says that it chose Land-Vest because the company seemed concerned with land conservation-Wade Staniar says he thinks Harvard chose Land-Vest because of the company's "past track record of ecological concern." But not everyone agrees with that assessment. One island summer resident who asked to remain unidentified calls the construction "brutal" and claims that building 49 septic tanks on the property will undoubtedly pollute the soil...
...Land-Vest says its tests show that there is no danger of such pollution. They also point with pride to the 50 acres of common land they have set aside, including a cemetery where members of the Putnam family are buried along with some of their pets...