BROCKTON – It was hailed as the first solar-powered condominium development in New England: Johnson Square Village would feature 26 town house condos equipped with rooftop solar panels, energy-efficient heating systems, double-paned windows, and a special irrigation system to collect rainwater for the lawns.
When ground was broken for this green solar community on Foster Street in 2006, many expected it would serve as a model for years to come.
But for the handful of residents here, it’s been a nightmare.
The article goes on to describe a developer who lost financing because a small bank was required to shore up its finances.
Their plan to build solar condos had been so well-received that the project was awarded a $458,300 grant in 2006 by the Massachusetts Technology Collaborative. Johnson Square Builders LLC received $105,762 of that grant money in October 2007 and can get the next payment after another eight units are completed, according to the Massachusetts Executive Office of Energy and Environmental Affairs. Whether that will happen remains to be seen.
Last June, state and federal regulators accused The Community Bank of Brockton of engaging in “unsafe or unsound banking practices” and ordered the bank to shore up its finances.
On Jan. 1, the Globe reported that The Community Bank had filed a plan with regulators to boost its reserves, and had taken steps to improve profitability, issue fewer new loans, and sell some of its existing loan portfolio.
Bank president David W. Curtis confirmed this Wednesday, and said the situation at the bank is “only getting better.” He declined to comment on the Johnson Square Village development, for which the bank still holds a mortgage.
Does anyone have a possible solution to get this promising project up and running? It seems like such a waste to walk away from a potential green construction model when it’s so close to completion. I would have appreciated more reporting on the actual energy savings from solar panels, etc., if any, achieved by current tenants.