The future is uncertain for Martha’s Vineyard’s last main street hardware store.
The future is uncertain for the last hardware store on the main street of the vineyard. — Mark Alan Lovewell
The building that houses Phillips Hardware on Circuit Avenue in Oak Bluffs was put up for sale by owners on March 15.
The asking price is $2.9 million. The hardware business is not for sale.
The family-owned hardware store was founded 94 years ago by the Phillips family and has long been a flagship store in the heart of downtown Oak Bluffs, selling a variety of tools, power supplies and household items.
The 5,100 square foot commercial building is located on a 6,500 square foot lot at 30 Circuit Avenue.
Speaking to the Gazette in the lobby of the hardware store on Monday, owners Donna Leon and Susan Phillips, who are sisters, said the ownership decision was emotional.
“We didn’t take this decision lightly,” Ms Leon said.
The property is valued at $1.83 million, the land at $1.12 million and the one-story brick building at $706,000, according to the listing of properties in LINK, the multiple listings service of the island.
Family owned for 94 years. — Mark Alan Lovewell
The building was approved for complete reconstruction by the Martha’s Vineyard Commission in 2016, when the owners planned to raze the property and replace it with a nearly 18,000 square foot three-story building.
Mrs. Leon and Mrs. Phillips had planned to use the newly built space above the hardware store to build six apartments or hotel rooms.
But the project has faced years of municipal hurdles, including zoning hurdles, and more recently supply chain delays and a legal challenge, the owners said, prompting the decision. to put the building on the market.
“After five years, we just decided it wasn’t going to work that way,” Ms Leon said.
Ms Leon and Ms Phillips said they hoped to stay as tenants and keep the hardware business open, but that will depend on the buyer. And if Phillips Hardware ceases to exist, the owners said they hope another hardware store will take its place.
Since the property went on the market last Tuesday, two potential buyers have expressed interest in the building, the owners said. Both have expressed their intention to allow the material to remain on the first floor.
“We hope it works,” Ms Leon said. “Our hope is that we can stay here at least until the summer,” she added.
“But we’re not selling the business at this point.”