Newsweek on Shorebank: Ethical Lending in Cities Still Works

A recent article in Newsweek gives props to Shorebank, a mission-based lender headquartered in Chicago, with offices in Cleveland and Detroit. Congratulations to Shorebank on positive news coverage, and for continuing to make ethical loans in urban neighborhoods in a difficult economy.

The article, entitled "A Risk Worth Taking" and written by Daniel Gross, states in part:

"Community-development banks, credit unions and other CDFIs—a mixture of faith-based and secular, for-profit and not-for-profit organizations—constitute what might be called the 'ethical subprime lending' industry. Even amid the worst housing crisis since the 1930s, many of these institutions sport healthy payback rates. They haven't bankrupted their customers or their shareholders. Nor have they rushed to Washington begging for bailouts. Their numbers include tiny startups and veterans like Chicago's ShoreBank, founded in 1973, which now sports $2.3 billion in assets, 418 employees and branches in Detroit and Cleveland."

You can read it here.

Cleveland Classic: Mitzi Jerman's Named One of Ten Great American Dive Bars

Playboy Magazine recently named Mitzi Jerman’s, a classic gin joint located in the St. Clair Superior neighborhood, as one of the top ten dive bars in the U.S. Why? One need only look at the image of Roscoe, the ancient, iconic mutt that likes to hang out on the bar’s windowsill and watch the world go by. He’s an imperfect guard dog, perhaps – but a great mascot for the working-class, ethnic bars of Cleveland. The bar has been around since Prohibition, and until her passing a year ago, it was presided over by Mitzi herself. Then in her 90’s, Mitzi used a walker to get around, but still liked to greet every customer by name, and to buy the new folks a beer or two. Mitzi’s is now run by her daughter and son-in-law. It’s not the same without Mitzi, but it’s still a great place, with a cheap pool table in the back room, a good jukebox, and tin ceilings throughout.

Here’s the text of the Playboy article:

”There’s a million bars in North America that stay open till the wee hours. How many close the screen door at 6:30 p.m. on a Saturday? If that doesn’t qualify this Cleveland landmark as something special, well…there’s plenty of other reasons. Chief among them was the late, lamented Mitzi, who died in 2006 at the grand old age of 92 (her obit ran on the front page of the Plain Dealer). Now managed by her daughter and son-in-law, the bar is a shrine to the grand dame of Rust Belt tippling. Mitzi was born and lived in the apartment upstairs and presided over the family bar even when she had to scoot around with a walker. Open since 1908, the café kept the shots coming through Prohibition, cheered generations of Browns and Indians fans and gave workers at the long-defunct factories nearby cause to blow their hard-won paychecks. Thanks to Mitzi, it outlasted its competition, and is now the last of its kind along an avenue of shuttered gin mills. Though the bar’s namesake is gone, the Straub still flows, the pool table is still yours for a quarter and Mitzi’s legacy is intact.”

Mitzi Jerman’s Café
3840 St. Clair Avenue N.E., Cleveland, Ohio
216-361-8771

Obama to Establish Office of Urban Policy: Will Focus Return to Cities?

According to a news story in the Washington Post this week, President elect Barack Obama announced plans to establish an Office of Urban Policy once he takes office in January. A director of Urban Policy, his aides stated, will be in place to “coordinate all federal urban programs.”

“Despite the many national problems confronting the new administration, Obama remains committed to earlier pledges to establish an Office of Urban Policy,” an Obama transition aide told the Washington Post.

During the 1990s, there was a concerted national effort to provide resources for urban redevelopment in cities across the country. In particular, such federal assistance gave a boost to struggling Rust Belt cities such as Pittsburgh and Cleveland. Since that time, there have been many reports suggesting a waning national focus on urban redevelopment. More recently, problems such as subprime lending, the foreclosure crisis, the loss of manufacturing jobs and the closing of regional banks have hurt some urban neighborhoods. These ongoing challenges have also threatened important redevelopment efforts.

Given Obama’s pledge to focus on urban redevelopment as a part of his administrative priorities, will this change once he gets elected?

Demand For New Homes Is Strong In University Circle, Developer Tells PD

Circle 118 developer Jim Wymer of WXZ Development recently told the Plain Dealer that he is planning to break ground on the first of four sets of townhouses in University Circle.

“Demand for new homes in the growing University Circle area makes the project possible, despite global economic tumult and problems in the housing market,” Wymer says.

WXZ Development hopes to break ground on the townhouses within the next month, and to complete the first six units by next summer. The remaining 11 townhomes are scheduled to be built based on buyer demand. The townhomes will be located at East 118th Street and Euclid Avenue in University Circle.

The four-story townhouses, which offer modern design, luxury standards and roof decks on the fourth level, are aimed at health-care employees and other workers in University Circle. Other prospective buyers include downtown employees, mature homebuyers seeking a low-maintenance lifestyle, and many others.

The units are priced starting around $300,000 and include 15 year, 100% tax abatement, reduced rate financing, and $5,000-$15,000 in forgivable loans through the Greater Circle Living Program.

City Prowl: Cleveland Architect Offers Walking Tours of Downtown Cleveland

Jennifer Coleman, a Cleveland architect, continues to offer fresh material on her website, City Prowl Cleveland. Coleman received funding from the Civic Innovation Lab to complete audio walking tours of Cleveland neighborhoods. Currently, there are five downtown Cleveland tours, with three tours of historic neighborhoods soon to be available. These tours are a great way to learn about the history of the wonderful neighborhoods that exist in our city.

On her website, Coleman writes of her behind-the scenes look at Public Square, which includes an interview with Bill Taylor, a docent for the Soldiers and Sailors Monument:

“What was running through Moses Cleaveland’s mind when he landed on the eastern shore of Lake Erie? Did he realize that the forest on the bluff above him would become the city that would bear his name? And how did “Cleaveland” lose an “a”? We can’t tell you what Moses was thinking, but we do weigh in on the missing vowel in this prowl, which will escort you around Public Square, the heart of the city and one of the first areas that Cleaveland laid out as part of his 1796 survey to establish the city. You will hear how the village based on a New England town transformed into a tony residential neighborhood and then was surrounded by large civic buildings.”

Now More Than Ever, It Pays to Keep It Local

Doing business with local companies is about protecting our economy, supporting local jobs, and keeping our money right here in Cleveland.

Now more than ever, it’s important for Clevelanders to support Cleveland companies. It pays to keep it local.

Progressive Urban Real Estate is a locally owned, independent company with a 22-year history of marketing and promoting urban neighborhoods. PURE has fives offices in Ohio City, Cleveland Heights, Lakewood, Akron and Canton, and over 50 real estate agents.

We represent buyers and sellers in purchasing and selling homes. We market and develop new homes that help to revitalize neighborhoods. Most of all, we market and promote urban living throughout Northeast Ohio.

Think about it – every time that we sell a home, a contribution is made to the local economy. Your money stays at home. It stays in Cleveland.

Since our founding in 1986, Progressive Urban Real Estate has been integrally involved in nearly every market-rate housing development in Cleveland, as well as many in the inner ring suburbs. In cooperation with our partners and our supporters, we have helped to revitalize Cleveland and the urban neighborhoods so vitally important to the success of our region.

The personal nature of our firm also allows us to provide greater support for our real estate agents and excellent customer service. For our real estate agents, Progressive Urban Real Estate offers one-on-one training and mentoring, and company-supported marketing and advertising.

For our buyers and sellers, we offer a targeted home search, targeted marketing, and excellent, personalized service. Ours is a recognizable brand that buyers and sellers across Northeast Ohio are able to recognize and trust.

Keep it local. And pass it on!