Word: vesting
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Eugene G. Kraetzer '29, who worked on the deal as assistant secretary to the Corporation, says that Land-Vest was the only buyer "prepared to make a purchase in line with what Harvard wanted to accomplish." What Harvard wanted to accomplish, he says, was getting the most amount of cash for the land and the least amount of development...
...there was at least one other potential buyer who offered more money and less development than Land-Vest did. In 1971, Albert L. Cohn, a Law School alumnus and Vineyard summer resident, offered Harvard $1.1 million for the property, proposing to divide it into only 27 lots and to set aside 199 of the 320 acres as common land. Cohn's plan met with the approval of the Vineyard Open Land Foundation, a non-profit group interested in protecting the island from excessive development...
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...