Two parcels of commercial land in Oak Bluffs on Martha’s Vineyard will be offered in a sealed bid auction set for Aug. 29, according to Southcoast Auctions & Realty Inc.

The parcels have approvals to be developed into 12 one or two bedroom condominium units, the auction company said.

“While the property offers many possible commercial uses for one or more businesses needing a large site, well located and with plenty of on-site parking, this project did start out as community housing intended to benefit island residents who cannot compete in a market where housing cost is based on the profitability of vacation rentals in residential neighborhoods,” said a Violet Realty Trust Trustee. “This development is an outstanding opportunity for those with the power and principle to step in and create efficient, cost-effective island housing options from starter home to assisted–living demographics."

Sealed bids on the parcels are due by Thurs., Aug. 27.