North Shore Land Alliance is expected to close on its...

North Shore Land Alliance is expected to close on its $905,000 purchase of a mid-19th century Greek revival home. (April 5, 2011) Credit: Newsday/J. Conrad Williams Jr.

Score another win for historic preservation in Oyster Bay.

North Shore Land Alliance is expected to close Friday on its $905,000 purchase of a mid-19th century Greek revival home at the hamlet's eastern entry, starting what's expected to be an additional million-dollar restoration.

Representatives of the Old Westbury-based nonprofit said they sought the property earlier this year after hearing rumors that potential buyers planned to raze the white three-story structure -- once rented by Theodore Roosevelt's uncle -- to construct a five-home development.

"We just felt like it was important enough to the community that we step in," said Lisa Ott, the land alliance president. "It all happened pretty fast."

Land trust officials took out a loan for the purchase, and, under that agreement, have two years to find a use for the 2-acre site.

Ott spent Thursday overseeing installation of a security system, which is expected to be followed by an architectural engineering study that will lead to a restoration plan. Ultimately, the alliance will work with other organizations and downtown groups, such as the Oyster Bay Main Street Association, to develop site proposals. One suggestion has been to turn the home into a bed-and-breakfast. In the 1850s, the 10-bedroom home included a tavern and inn.

"It has beautiful bones," Ott said of the house known as Hillside, citing a striking fireplace and large glass transoms. "This must have been a beautiful place years ago, and it will be a wonderful place again."

Since the mid-20th century, a local doctor, James Trousdell, and his family owned the home. But it holds special meaning to the Oyster Bay Historical Society because local history author Frances Irvin, had summered at the East Main Street property as a child in the late 19th century.

"It's a house that deserves preservation," said historical society director Phil Blocklyn. "Oyster Bay needs a bed-and-breakfast. It's the perfect location, and a nice tie-in with its tradition."

Ott said it was too early for predictions, but promised the home would remain "integral to the community."

There are other historic-minded redevelopment efforts at significant Oyster Bay hamlet sites. Last year, the old Octagon Hotel, where Roosevelt had stayed, was restored for retail and rental units. An effort is under way to turn the recently closed Snouder's Corner Drug Store, previously downtown's oldest business, into a community meeting space.

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