Abode, developer of the
Clifton Pointe Townhomes in Lakewood, is set to break ground on the next phase of the project. As soon as this month, the company could break ground on an additional five units to complement the 17 that have already been sold.
Principal Andrew Brickman says that buyers are drawn to the high-quality, green-built construction, the walkable location in the West End of Lakewood, and the views of the Rocky River Valley and Lake Erie. "I wish we could build another 30 of them," he says. "I think we could sell them."
The five units that are planned have drawn the ire of some local residents. About a dozen attended a recent Lakewood City Council meeting to protest the developer's request for a zoning change to allow townhomes, as well as the 10-year tax abatement.
The Lakewood Planning Commission recently unanimously voted to approve the rezoning and the project now moves to the regular council meeting for a full vote.
Brickman claims Abode is set to break ground on Phase II even though Phase I is not finished. All Phase I units are sold, but construction work is not complete and they haven't yet closed. He attributes his confidence in the market to the buyer response to Phase I, as well as the increased number of buyers in the market.
"Our buyers are people who put a high premium on lifestyle, who want open space for entertaining and no-maintenance living," he says. "They're people who get it. They're people who
aren't waiting in line for an hour and a half at the Cheesecake Factory to eat a mediocre meal. I have a couple coming all the way from Solon, another from Chagrin Falls. They're coming because the product is unique."
The units feature classic modernist design, sunken living rooms with high ceilings and large windows, living-level decks and roof decks. They are priced from $379,000 for a two-bedroom, two-and-a-half-bath unit with 1,770 square feet. Phase I offered a 10-year, 100-percent tax abatement on the improvements.
Brickman says his project is a chink in the armor of urban sprawl. "We’re trying to turn around the trend, bring people back to the core and walkable neighborhoods."
Abode is working to obtain bank financing for Phase II. Brickman says that he is seeing more and more buyers wade into the housing market this year. He and his partners are also shopping around Cleveland for another development project.
As for whether or not prices will go up with Phase II, he just says, "We're trying."
Source: Andrew Brickman
Writer: Lee Chilcote