TOWN OF NANTUCKET PRESS RELEASE
March 25, 2013
Re: Requested Changes to Sherburne Commons Ground Lease with Town
On February 27, 2013, the Town Manager received notice from Nantucket Acquisition LLC requesting the Selectmen consent to the proposed transfer of Sherburne Commons to a new company, Northbridge Communities, LLC. Sherburne Commons is a senior assisted-living community built on Town-owned land and leased to a private operator; Nantucket Acquisition LLC purchased the facility from a local non-profit in 2009 following its bankruptcy.
The notice asks the Selectmen to release the Town’s right of first refusal to match the offer of Northbridge Communities, LLC, which the Town enjoys under the terms of the ground lease, whereby the Town itself could take over the property. The Town has 90 days, that is, until May 24, 2013, to respond. Further, the Selectmen are evaluating whether the proposed new lessee meets the standards set out in the ground lease for a new entity to take over the lease.
Nantucket Acquisition, LLC has also asked the Selectmen to amend the ground lease in several respects, including permitting the creation of a condominium and the sale of condominium units (currently housing units may only be leased to occupants). The Selectmen are evaluating whether to approve these and other proposed lease amendments.
In evaluating the options available to the Town in this situation, the Selectmen will keep in mind the needs of Nantucket’s elders, the residents of Sherburne Commons, and the long-term interest of the Town as the owner of the Sherburne Commons property.
Contact person: Libby Gibson, Town Manager