After Kennebunk Savings Bank bought an industrial building on Alewive Park Road and transformed it into its operations center, most of the surrounding land sat unused.
It quickly became clear that the land in Kennebunk could be put to better use by partnering with Avesta Housing to create much-needed affordable housing, said Brad Paige, the bank’s president and CEO.
“The back part of the property has just sat vacant since we bought it. We’ve always wanted to do something with it,” he said.
If all goes according to plan, the bank will donate the 12-acre parcel and $550,000 from its Huntington Common Charitable Fund to Avesta, Maine’s largest nonprofit affordable housing provider, to build 70 units of affordable housing for older residents. A second 12-acre parcel will be preserved as open space.
