The Martha’s Vineyard land bank has signed an agreement to buy and conserve seven acres of farmland as part of a larger, proposed 35-acre subdivision in West Tisbury that would include affordable and market-rate housing developments.

Tucked between State and Old County Roads, the seven-acre parcel at 5 Huseby’s Mountain Road includes farmland, pasture and an ocean-facing ridge, according to land bank executive director James Lengyel.

Subject to approvals for the development plan, the land bank will buy the property from William Cumming for $875,000, Mr. Lengyel said in a phone interview.

A release describing the deal states that the remaining 27 acres will be part of a subdivision redevelopment that, according to initial plans, includes three affordable homesites, as well as eight rental apartments “targeted to Island teachers and other municipal employees.”

The affordable housing component of the subdivision will be developed by the nonprofit Island Housing Trust, which has entered into a letter of intent with Mr. Cumming, according to the land bank.

The property has been subject to more than one subdivision and various plans over the years. None of them ever got off the ground.

Any new development plans will require full review by the MVC and local boards.

Once the land bank purchase is complete, Mr. Lengyel said the agency will make a public announcement, hoping to lease the seven conservation acres for farming purposes.

“It’s a nice pasture,” he said.

The property includes a scenic ridge just east of the field, which the land bank will use through trail easements to connect Rogers Path with the Pine Hill Road and Old Courthouse Road. Mr. Lengyel described the property as a unique nexus between neighborhoods, farmland and trails.

“There is a beautiful, high ridge with a long distance view and the land bank will site a trail on there,” he said. “It’ll be a very lovely trail because you’ll be connecting these various neighborhoods, walking on this high ridge, and looking over this beautiful pasture.”

The ridge is ocean facing, with sightlines to the Island’s north shore.

“It’s a very, very long distance water view,” Mr. Lengyel said. “You’re not looking right down on blue. You’ll see it shimmering in the distance.”

Founded in 1986 by the state legislature, the land bank is the Island's only public conservation agency, funded by a two per cent fee on most arm’s length Island real estate transactions.

In recent years the land bank has begun to highlight its role as a partner agency with affordable housing groups. In 2007 the land bank partnered with IHT to develop Eliakim’s Way in West Tisbury; last year it made a joint purchase in West Tisbury with the Island Autism Group, which plans to build congregate housing surrounded by old farm fields.

The agreement signed this week marks the 15th partnership the land bank has made with affordable housing groups across the Island.

“I think that’s a milestone number,” Mr. Lengyel said.