Thorndike Development, developers of 1021 Kingston’s
Place, announced today that they have teamed with South Shore
Savings Bank of Weymouth, Massachusetts to obtain $2.5 million in
entitlement financing.
1021 Kingston’s Place is planned as an innovative Smart Growth
community, which will include homes, office space, neighborhood retail
and upgrades to water, sewer and roads, all constructed in an
environmentally sensitive manner. The project was approved
overwhelmingly by votes at two consecutive town meetings in Kingston
last year, qualifying the town to receive its first 40R, State-funded
Incentive Payment of $600,000 on October 9, 2007.
According to Thorndike Development President Lloyd Geisinger,
the financing provided by South Shore Savings Bank will be used to
complete engineering, design and permitting needed to begin
construction of the project. “We are very proud and pleased to partner
with South Shore Savings Bank,” said Mr. Geisinger. “This funding
will allow us to proceed with the Mass Highway engineering plans for
the new slip ramp to Route 3, and prepare our master plan and site
plan for Kingston's Place.”
“We were attracted to the smart-growth aspect of the 1021
Kingston’s Place Project,” said South Shore Savings Bank President &
Chief Executive Officer John Boucher. “Thorndike Development’s
collaboration with the Town of Kingston and the Commonwealth of
Massachusetts makes this a very exciting project for the entire south
shore region. We look forward to being a part of this innovative
project."
1021 Kingston’s Place will include 730 homes and apartments,
space for businesses, and more than twenty acres of new open space. It
will be built over a 10-year period on 109 acres of land near the
Kingston MBTA station. The project is being developed under the
state’s Chapter 40R law, which provides cash incentives to communities
willing to permit mixed-use developments near public transportation
that include at least 20% affordable homes. Kingston has already
received $600,000 for adopting the law, and will receive an additional
$2,190,000 over the build out of the development. Construction is
expected to begin in the fall of 2009.
Thorndike Development is a New England-based real estate
development and construction company with main offices in Norton,
Massachusetts. Lloyd Geisinger has been Thorndike Development's
managing partner since 1984. For twenty-five years, Thorndike
Development has been creating quality homes and neighborhoods of
exceptional craftsmanship and timeless design.
South Shore Savings Bank is a regional banking leader, based in
South Weymouth, Massachusetts, with fifteen full-service branches
throughout the area and over $900 million in assets. South Shore
Savings Bank is proud to be a mutual savings bank, dedicated to
preserving a winning formula of local control and a commitment to the
needs of the community.
