Experienced Cleveland developer Mike DeCesare recently started construction on the
Waverly Station Townhomes
in Detroit Shoreway -- a 22-unit project that is the only new, for-sale housing development to break ground in the City of Cleveland this year.
"Getting the project up and running was no small task, as it proved to be impossible to find conventional bank financing for the project," he says. "We ended up doing private financing. We had investors willing to put money into it."
The project is located on a one-block stretch of land along Bridge Avenue between West 57th and 58th streets. DeCesare acquired a parcel of vacant land from Detroit Shoreway Community Development Organization
and purchased several distressed multifamily properties that he tore down. These additional parcels expanded the project and will add to the sense of community, he says.
"There's a feeling of safety in numbers," he says of the $4.5 million project. "The scope of something like Waverly instills confidence in prospective buyers."
Waverly Station features high-end finishes and rooftop decks with city views. One- and two-car garage units are available, and all units include two bedrooms and two and a half baths. Energy-efficient features and 15-year, 100-percent tax abatement also are part of the community. Sales prices range from $179,900 to $209,900.
DeCesare already has several units sold and is hoping to break ground on the second building in the project later this year. Buyers have been drawn to the location within walking distance of the Gordon Square Arts District
, he says.
Source: Mike DeCesare
Writer: Lee Chilcote