Commercial real estate redevelopment projects are beginning to proliferate along Beach Road in Vineyard Haven, with properties changing hands at a steady clip in the densely built, flood-prone harborfront corridor running from the head of Main street to the drawbridge. A key accelerator for the projects is Vineyard Wind, the international consortium that is in the early stages of building the nation’s first commercial-scale offshore wind farm 12 miles south of the Vineyard.

Two Beach Road properties were sold last week in unrelated sales totaling some $5 million: the former Edu-Comp building and a portion of the former Hinckley’s lumberyard. Both are planned for redevelopment. Farther down the road, Vineyard Wind is also in the throes of obtaining permits for a massive redevelopment project at the Packer marine terminal, to be used as a staging area for offshore wind farm maintenance crews.

On Feb. 11, a real estate developer completed the purchase of the former Edu Comp property, paying $2.4 million for the familiar red brick building at the head of Vineyard Haven’s Main street.

The sellers are the family of the late Pat and Dorothy Gregory, who ran a successful electronics business there for two decades. The buyer is KXA Capital LLC and its principal, Xerxes Aghassipour.

Mr. Aghassipour, who goes by Xerxes Agassi, is currently before the Martha’s Vineyard Commission with a plan to renovate and expand the 7,686-square-foot building for mixed commercial and residential use.

A hearing before the commission on the plan is scheduled to resume March 3.

Recent documents filed with the commission in connection with the proposed development show that Mr. Agassi has signed a memorandum of understanding with Vineyard Wind to lease office space in the building to Vineyard Power; the memorandum also contemplates an agreement to provide workforce housing in the planned apartments. The Island’s nonprofit energy cooperative, Vineyard Power is an affiliate of Vineyard Wind.

Also on Feb. 11, Harborwood LLC, which owns the former Hinckley’s lumberyard at 61 Beach Road, sold one of two lots on the property to Carlos Teles for $2.5 million. Mr. Teles is the owner of Island-based Teles Landscaping. The principals of Harborwood include Island real estate developers Reid (Sam) Dunn and Robert Sawyer.

As part of the sale, land records show that Harborwood granted a $1.4 million mortgage to Mr. Teles. The complicated sale grants Mr. Teles an easement for a septic system and leaching field on the property, but Harborwood will retain all rights to a sewer connection for the piece of the property it did not sell. A series of other rights and easements granted to Mr. Teles will expire if Harborwood sells the remaining part of the property, according to the records.

And a sale is apparently contemplated — to Vineyard Wind. According to land records, in September 2021 Vineyard Wind signed an option with Harborwood to buy part of 61 Beach Road; no terms are specified in the recorded document.

Harborwood took ownership of the vacant lumberyard in 2018, soon after it was sold for $2.3 million to a trust controlled by Larkin Reeves. At the time the property was in bankruptcy.

In 2019 Harborwood filed plans under Chapter 40B of Massachusetts laws to redevelop 61 Beach Road into a mixed-use, 68-unit housing complex with 6,000 square feet of commercial space. That project has been on hold before the Martha’s Vineyard Commission since 2020, and in light of the more recent transactions, its status is unclear.

Meanwhile, Vineyard Wind’s multi-million-dollar Tisbury marine terminal project cleared approvals with the MVC last October, and is currently under review at the town level.

The largest waterfront development on the Vineyard in recent memory, the project includes the creation of a new 40,000-square-foot pier deck and bulkhead on the Vineyard Haven harbor, three vessel berthing areas and more than 70,000 square feet of underwater dredging.

A public hearing before the Tisbury conservation commission saw discussion early this week, but town conservation agent Jane Varkonda told the commission the project requires a harbor permit, which means it will go before Tisbury’s waterways committee and then to the select board.

“The board of selectmen have to have a public hearing,” Ms. Varkonda said. “I don’t think we can do anything until that process is completed.”

A slew of other state and federal permits for the terminal redevelopment, which will involve harbor dredging and construction of a breakwater, are still pending.

Louisa Hufstader contributed reporting.