Shovels were hard at work on October 13, 2011, as ground was broken for the $5 million CircleEast Town homes on Lakeview Road-and the Cuyahoga County Land Reutilization Corp. (Cuyahoga Land Bank) played a vital role in launching the 20-unit development: The Cuyahoga Land Bank not only provided key technical assistance, they also kicked in $1 million in federal funds from the Neighborhood Stabilization Program (NSP2), a grant program targeting neighborhoods severely challenged by foreclosures and blight.
Cuyahoga County contributed another $1.9 million in NSP2 monies to the project, and the City of East Cleveland spent nearly $2 million for demolition. The nonprofit group University Circle, Inc. (UCI), current owners of the land where CircleEast will be built, will own and develop the property with the Finch Group, a Florida developer. PNC Bank is mortgage holder for the townhomes.
Speakers at the groundbreaking event included Chris Ronayne, president of UCI, who called the Land Bank “a brain trust to us.” “This project is symbolic of what is possible when collaboration and thinking beyond geographic borders come together,” Ronayne said. “We are excited to get this project started and provide additional living options for our growing residential base.”
The apartments, expected to rent for about $930 per month, will be completed in mid-2012 and will provide choice housing for medical staff of University Hospitals and other University Circle employees.
“This project will serve as a catalyst for the revitalization of our city and a clear demonstration of regional collaboration,” said Gary Norton, Mayor of East Cleveland, within whose borders CircleEast is located.
“When we became a land bank, East Cleveland was the first city with whom we signed a memo of understanding,” Gus Frangos, president of the Cuyahoga Land Bank, told the group, “and that meant a lot to us. It meant a commitment.”
“This is what it’s all about-bringing community development and economic development together to create something meaningful,” Frangos added. “I’m very grateful.”