Llittle Italy is known for its galleries, shops, dining...and its history as home to the stone cutters and craftsmen who for decades built much of Cleveland's most elegant buildings. now Little Italy appears to be on the verge of another building boom. Local developer Andrew Brickman is poised to break ground on a high-end condo development with a special look.
BRICKMAN: "A lot of the influence comes from the products that are being done in the top cities in Europe and South America where you've got people are living in the cities, because the cities are older.
Brickman's project is attracting attention for another reason. it has secured a $5 million loan from cleveland's Key bank. Key bank community lending manager Paul Ettorre says it makes sense depsite the long slide in the housing market.
ETTORRE: "We are very bullish about the University Circle area. We believe it is a dynamic growing area of the city and we're excited to continue to participate."
There are a number of incentives in play to lure buyers. The city of Cleveland will give tax abatements ....that translates into no city real estate tax for 15 years; Key Bank will make loans through a special urban loan program that provides reduced interest rates; and buyers who are employed by University Circle businesses can get home purchase grants of up to 15-thousand dollars.
Many buyers will need the extra boost because these condos are expected to be priced at nearly one half million dollars. Building partner Justin Campbell is optimistic.
CAMPBELL: "There is an audience out there that will respond to it; and Cleveland is a sophisticated city, and is looking for something like this. being located here in little italy with all the cultural institutions, the medical community - I think you're going to have a captive audience that will respond to this."
It's a bold move; in an uncertain economy.
Rick Jackson, 90.3.
