On a sunny June morning, the clatter of construction rings out across a once-forgotten Tremont hillside as crews finish up four new townhomes in time for the summer home-buying season.
This part of Tremont used to be famous for much less desirable activities. Up until a few years ago, car thieves dumped stolen vehicles here and set them on fire. The street was home to one of the largest illegal cockfighting rings in Ohio until the city came in and tore the coops down in 2006, when a raid rescued more than 400 chickens.
David Sharkey, a former resident of West 12th Street and one of the developers of the Tremont Valley Townhomes, remembers when West 11th was something of a walk on the wild side.
“I used to walk across the pedestrian bridge over the highway to get to Lincoln Park,” says Sharkey. “Heading back home, I never knew what I’d find when I got to the other side.”
Even then, it was obvious to Sharkey that the location had tremendous potential, if the land could be assembled into a contiguous site. This part of West 11th Street is close to the heart of Tremont and offers unobstructed views of the Cuyahoga Valley and Tremont Field.
Today, West 11th is the site of the new Tremont Valley development, which broke ground earlier this year. The project aims to bring affordable townhouse living to Tremont’s south side. So far, the developers have built one four-unit building, and one townhouse is sold.
“Tremont is a very popular place to live, and it’s well known for the Tremont Art Walk and as the home of Michael Symon’s Lolita,” says Sharkey. “We have an opportunity to create a substantial new community of homeowners on West 11th, and to connect this area with central Tremont.”
“With the creation of the dog park at Tremont Field, improvements to the park itself, and the promise that the Towpath Trail will eventually run right in front of the townhomes, we knew it was time,” he adds.
The Tremont Valley Townhomes are being developed by David Sharkey and Keith Brown, the principals of Progressive Urban Real Estate, a real estate brokerage with offices in Ohio City and Cleveland Heights, as well as David Fragapane of Civic Builders LLC in Tremont.
The project, which fits in with the community redevelopment plan for the Tremont neighborhood, has received support from the local block club, Tremont West Development Corporation and Ward 3 Councilman Joe Cimperman.
“The area in and around Clark Field is the next big thing in Tremont,” says Chris Garland, Director of Tremont West Development Corporation. “The Tremont Valley Townhomes are a key part of the redevelopment that’s taking place there.”
Village Capital Corporation (VCC), a nonprofit lender whose mission is to help revitalize the neighborhoods of Cleveland by lending to catalytic projects, provided the construction financing. Cleveland Action to Support Housing (CASH), a nonprofit organization, partnered with VCC to lower the interest rate on the construction loan. This subsidized rate increased the lender’s confidence in the project and helped make it possible for the developers to break ground. The total cost of the first four-unit phase is approximately $650,000.
“We’re confident that we’ll sell more units over time, but due to the low interest rate, we can afford to float the debt for now,” says Sharkey. “This is only possible because of the involvement of CASH. It’s tough right now, but we know we’ll be successful over time.”
The townhomes are priced from $180,000 and offer one- and two-car garage units. The project is set against a steep hillside, a natural feature that presented a design challenge and required additional retaining walls. Building the units against this backdrop, however, also offered an opportunity, opening up space for small yards. The rear patios are nestled into the blooming hillside. The fronts of the units have broad second-story decks with quintessentially Tremont views of trees, parkland and steel mills.
The townhomes’ narrow footprint, Sharkey says, is no deal killer – the units offer a surprising amount of space. The first floor has an open floor plan, with a handsome kitchen that opens up to a great room. The second floor has two bedrooms, including a large master with a spacious closet. The two car garage units have two full baths on the bedroom level, while the one car units have a single bath with shower and bathtub.
All of the units offer 15 year 100% tax abatement on the improved value of the property, and include a one year builders’ warranty.
Sharkey is a realist about the market, but he claims the project will succeed because of location, design, and price point. “There isn’t much new construction available in Tremont at this price,” he says. “These townhomes offer a lot of value for the money.”
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