CLEVELAND - The city of Cleveland will soon have a brand new housing development in the city's Slavic Village neighborhood.
Third Federal Savings and Loan, along with Cleveland Mayor Frank Jackson, held a groundbreaking for the new Trailside Slavic Village development on Wednesday.
The new subdivision is located between Aetna Road, East 71st and East 72nd streets. The site is adjacent to the Morgana Run multipurpose trail, which connects to the Cuyahoga Valley National Park. The development is on the site of reclaimed industrial structures and previously vacant land.
The area will be transformed with a development of single family homes, townhomes and cottages that will all meet or exceed the city's green energy standards. Trailside Slavic Village will include 95 new homes.
It is a public/private partnership with the city of Cleveland, Third Federal, Slavic Village Development Corporation, Clean Ohio and Zaremba Homes.
Third Federal Chairman and CEO Marc Stefanski told NewsChannel5 the project has been 15 years in the making, with each new house offered at an extremely low starting price.
"At $126,000 it's a steal in the city and they're brand new homes so nothing is going to go wrong with them for a long time," said Stefanski. "And the tax abatement helps a lot, and that's a standard program with the city for all new homes that are built, a 15 year tax abatement."
The first 10 homebuyers may also be eligible for down payment assistance through the city of Cleveland.