Banks typically lend money to projects; developing them typically is left to homebuilders. Yet Third Federal, which started in a Slavic Village storefront 75 years ago, has taken the unusual step of assembling land and breaking ground on a huge community here.

Construction is underway at Trailside at Morgana Run, a 95-home development that will feature affordably-priced homes within a completely new urban subdivision with access to green space and a rail-trail. The project is located at Aetna and E. 71st Street next to the bank headquarters.

"Slavic Village really is the phoenix rising up in the city," says Jennifer Rosa, Public Relations Manager with Third Federal. "It's not that we couldn't find a developer; it's that the project is so important to us, we want to hold it to our standards and control it. We wanted to provide additional funding to keep Slavic Village going."

The project has taken over a decade to get to this point. Third Federal acquired land from individual owners and cleaned it up using Clean Ohio funds and other sources. The bank formed a public-private partnership with the City of Cleveland, Slavic Village Development and Zaremba Homes and designed the project. Then the recession came along and walloped any plans to break ground until now.

Homes at Trailside at Morgana Run will be priced from $126,000-$132,000 and feature two to three bedrooms and a single-floor master suite option. With down payment assistance, monthly payments fall well below rental rates for similar units.

Rosa says the timing couldn't be better. "We're seeing more jobs being created, more people living in the city. This is a place where people can afford a home."

The first 10 homes are under construction and nearly to the point of being framed. A model home will be available to walk through in July. Although none of the homes are sold yet, Rosa says that buyer interest has been strong.

The urban pioneers who live here will be greeted by a "prairie-like feel," Rosa says. "There will be lots of green space with native Ohio plants and grasses."

Source: Jennifer Rosa
Writer: Lee Chilcote