A Vineyard Haven contractor has been selected to lease and restore the old Yellow House in Edgartown after emerging as the winning bidder.

A proposal from an Island contractor to redevelop the Yellow House was easily approved Monday by a town subcommittee.

Edgartown is one step closer to having a new steward for the Yellow House after one of two potential developers withdrew from the process Monday.

Edgartown developer Michael Hegarty and Mark Nicotera of Trademark Services LLC submitted proposals to renovate and lease the Yellow House on Main street in Edgartown.

Potential bidders and other interested parties streamed through the old Yellow House in downtown Edgartown on Tuesday, getting an up-close look at the rundown property.

Less than a week after Edgartown issued a request for proposals for the Main street property, 11 potential developers have expressed interest.

Edgartown is officially accepting proposals from developers who want to lease and renovate the Yellow House on Main street.

The town committee will seek a developer only for the portion of the Main street lot where the dilapidated house is located.

New benches and bike racks went up on the grounds of the Yellow House in Edgartown’s Thursday morning as new owners — the town of Edgartown —prepared the property for the holiday weekend.

The town of Edgartown and the Hall family have reached an agreement that is expected to clear the way for the town to take the Yellow House by eminent domain.