A crowdfunder for an ambitious plan to bring a 12-acre brownfield site in Frome, Somerset, into community ownership has passed its initial target and is headed for a stretch target of £1.2m.
The goal is to make Mayday Saxonvale the UK’s largest community development, with a mix of affordable homes, spaces for local businesses and public and cultural spaces “designed around people”.
The team promises a model of long-term community ownership and stewardship, with “value reinvested back into Frome, not extracted from it”.
“We believe development should help rebuild our communities,” the share offer reads, “leaving them stronger and more resilient for the future. For too long, development has been driven by short-term profits, with affordable homes, employment space and community spaces negotiated away, while the value created leaves the people and places those developments were meant to serve.”
The goal is create community ownership at scale, creating a mixed-use town centre regeneration project, offering 10,000+ sqm of commercial and community space and a minimum 30% of its 263 homes made affordable.
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Green infrastructure will be included in the development, alongside retrofitting and “historic preservation”.
The project has already secured £1.2m from the Resonance Community Developers Fund, backed by the Ministry of Housing, Communities and Local Government.
“Over the past five years,” the share offer adds, “we have brought together a professional technical team, experienced in delivering complex regeneration projects, along with a dedicated board to bring forward a deliverable regeneration project for Saxonvale.”
Key partners include Stories, one of the UK’s leading purpose-led regeneration companies, Studio Saar Architects, Frome Area Community Land Trust, Abri Housing Association and specialist consultants across planning, engineering, transport, valuation and development finance.
So far, the share offer has raised £927,060 of its £1.5m target, with 41 days to run.
More information here.
