What is most unusual about Trailside at Morgana Run, a new development of 100-plus new homes in the Slavic Village neighborhood of Cleveland, is not simply that it is a rare example of speculative housing development in today’s morbid real estate market.

No, what seems even more unique is that Third Federal Bank, whose headquarters is located adjacent to the site, is actually the developer of the project. Typically, banks do not take an active role in development.

“Third Federal has historically been all about homeownership,” says Joe Del Re of Zaremba Homes, the urban homebuilder that has been hired to oversee construction. “What better statement could they possibly make to the community than to not only put their headquarters here, but also to build homes?”

Trailside features new, single-family homes that are priced from $135,000 to $150,000. The 2- to 3-bedroom units are highly energy-efficient and have access to green space filled with native plantings. Morgana Run, a trail that weaves through Slavic Village and connects to Mill Creek Reservation, runs by the site. 

Del Re says the project might appeal to young professionals as well as older homebuyers seeking to downsize from larger neighborhood homes. The units feature a first-floor bedroom option, yards and detached two-car garages.

Zaremba, Third Federal and Slavic Village Development worked together for more than five years to acquire and redevelop the project site, which was an environmentally contaminated brownfield until it was cleaned up a few years ago.

Del Re says that Third Federal is taking on the project because of its commitment to Slavic Village and because the site is literally located in its backyard.

Source: Joe Del Re
Writer: Lee Chilcote