With the $8 million now raised to acquire the Fourth Street Preserve, a new charitable fund to manage donations for its restoration has been created at the Greater Lewes Foundation.

Thomas Panetta, a Lewes resident and Lewes Board of Public Works board president, and his partner Richard Scalenghe, made the first gift of $2,000 to open the fund, complementing their prior donations for acquisition.

“We are happy to support the acquisition phase and now even more delighted to initiate the fundraising for the preserve’s actual restoration,” Panetta said.

A restoration website, fourthstreetpreserve.org, has been created, and donations can be made online or mailed to GLF, PO Box 110, Lewes, DE 19958.

An estimated $825,000 will be needed to carry out the master plan developed by landscape architect Rodney Robinson and his team, and now under review by the city. Costs could vary depending on final decisions and site-engineering results, Robinson said.

As with the acquisition phase, GLF will oversee fund development from both private donations and public grants.

Appeals to local residents will be sent within the next month, according to Pam Costanzi, director of fund development.

Robinson estimates as many as three years will be needed to fully realize the final plan, after which another $35,000 will need to be raised annually to cover additional plantings and maintenance over the following decade, by which time the preserve should be fully restored.

Closing on the purchase is planned to take place on or before Monday, Sept. 15, at which time the City of Lewes will assume ownership of the preserve under a conservation easement to be managed by the Delaware Forest Service.

Per the required terms of sale and easement, there will be no built structures on the preserve, and public access for walking will be provided via natural pathways through the property, but away from surrounding homes.