A veteran urban developer has broken ground on a three-unit, single-family development on Columbus Road in the Flats. Phase I of the project is sold out, and the owner is planning three additional high-end, custom-built homes on an adjacent parcel.

David Sharkey of Progressive Urban Real Estate, who is both the sales agent and a developer of the Columbus Hill project, says the development is unlike anything else currently on the market. The homes mesh with the topography of the Columbus Road hillside to offer outstanding views of downtown, the Cuyahoga River and the Flats.

"It's a very unique spot down there," says Sharkey. "It's in the middle of nowhere and the middle of everything at the same time. The amount of development will be limited because there isn't much land, but you can walk to West 25th Street."

The homes, just up the hill from Hoopples bar and the Columbus Road bridge, feature living rooms with 12-foot ceilings, 3 or 4 bedrooms, attached garages and massive roof decks. They are selling in the upper $300,000s. Tremont-based developer Civic Builders is spearheading Columbus Hill.

Asked if Cleveland's high-end new construction market is on the rise, Sharkey says, "Absolutely. The biggest thing holding it back right now is appraisals. We had a hard time getting the first unit appraised... I hear that other developers are holding back because of that. Right now, the market's topping out at 400."

The buyers primarily are empty-nesters from out of town who wish to customize their finishes and are willing to wait 9 to 12 months for the new homes to be built.

Source: David Sharkey
Writer: Lee Chilcote