The Martha’s Vineyard Land Bank added another 250 feet of oceanfront property to its holdings along the Tashmoo peninsula in Tisbury with the purchase of a 0.7-acre lot that abuts the Tashmoo Preserve.

The land bank paid $1,890,00 for the property at 655 Herring Creek Road on Nov. 4. The seller is Ann S. Tonetti. The purchase was announced on the land bank Facebook page on Monday.

The property will be ready by next summer, said James Lengyel, executive director of the land bank.

“A structure on the property will be removed and we will restore the dune,” Mr. Lengyel said.

The purchase adds to three other holdings in the area by the land bank: 4.7 acres of Tashmoo Preserve purchased in 2018, 0.67 acres purchased from Bruce and Gayle Kissell in 2020, and Wilfrid’s Pond Preserve further to the east.

The land bank announcement said that the new purchase “will be integrated into the land bank’s existing Tashmoo Preserve, which, with the new addition, contains nearly 650 feet of public beach.”

“It is a beautiful area that had a fair amount of houses and now there will be fewer houses and so it will be a more natural experience,” Mr. Lengyel said

The purchase continues an active year for the land bank which receives a two per cent transfer fee on most Island real estate transactions. In September the organization purchased 32 acres at Red Gate Farm in Aquinnah from the family of Caroline Kennedy and Edwin Schlossberg.