WXZ Development should be one of the first in a handful of eager developers to help jump start the Greater Circle Living initiative. You can see hints of new construction in the area, i.e. Woodhaven and Heritage Lane but Circle 118 will bring something fresh and green to the area with its 17 luxury townhomes pre-selling now and set to be completed summer of 2009.
Residential construction in The Greater University Circle district has lagged tremendously, in recent years, to the rate at which commercial expansion is growing. Cranes and bulldozers on the Clinic and CWRU’s projects have been dominating the landscape for some time now. Greater Circle Living seems to be trying to change all that and get people to live and not just work in this community. They describe themselves like this…
“What is Greater Circle Living? Greater Circle Living is an innovative partnership between the Cleveland Clinic, Cleveland Museum of Art, Case Western Reserve University, University Hospitals, Judson at University Circle, Fairfax Renaissance Development Corporation, and University Circle Incorporated, The Cleveland Foundation, and other participating area institutions and local foundations. This partnership offers a new mechanism for leveraging institutional and foundation funds to provide working families with assistance obtaining housing options of choice while revitalizing Greater University Circle neighborhoods.”
Its not just talk, they are putting their money where their mouth is. In addition to the 15yr 100% tax abatement and below market financing that is already offered to most new construction developers in Cleveland, at places like Circle 118 and Heritage Lane, you can now expect even more incentives. Buyers can receive $5,000 in forgivable down payment or closing cost assistance if you work for a non-profit in the area and owner occupy the residence for at least five years. Employees of Case Western Reserve University, Cleveland Clinic, Cleveland Museum of Art, Judson at University Circle and University Hospitals may be eligible for an additional $10,000 forgivable loan for down payment or closing costs for the purchase of an owner-occupied home. You must own and occupy the property for at least five years and continue to work at the non-profit for this loan to be forgiven.