Four townhouses are planned in Tremont at the southeast corner of Jefferson Avenue and West 7th Street, following the proposed demolition of two structures that are up to 150 years old. Another pair of townhomes by the same developer are planned in Little Italy (Bialosky). CLICK IMAGES TO ENLARGE THEM.
Developer entering the new-construction market
A Cleveland real estate firm that has been renovating homes in the metro area is entering the new-construction market by building new homes in Sandusky and seeking to construct new townhomes in two of Cleveland’s hottest neighborhoods. ParaPrin Construction, located on West 105th Street, wants to construct six new townhomes in Little Italy and Tremont if its vision passes muster with the City Planning Commission.
In Little Italy, ParaPrin plans to build two townhouses where a garage now stands behind an historic, century-old home at 1957 E. 123rd St. that measures 2,050 square feet. ParaPrin bought the 0.138-acre property in June 2022 for $325,000, according to county records. If the townhouse development moves forward, ParaPrin would renovate the existing house as a second phase. But its garage would be demolished for a pair of three-story townhomes with rooftop decks. Each home would measure about 1,784 square feet. Two garage parking spaces would be provided for both townhomes with two open-air spaces behind and for the existing home.
Prices for ParaPrin’s townhomes aren’t yet known, but in Little Italy, Knez Homes is building 17 townhomes along East 123rd and Coltman Avenue. Although slightly larger at nearly 2,200 square feet each, the first four Knez homes are on the market and listing for $820,000 to $850,000, according to residential real estate Web site Zillow. In Tremont, other developers’ four-story townhomes measuring 2,420 square feet are currently listing for $850,000.
A view from the back of the lot on East 123rd Street in Little Italy into which ParaPrin Construction proposes to insert two townhomes. A garage for the existing house is proposed to be razed for the new townhouses (Bialosky).
ParaPrin is seeking to build in Tremont four attached townhouses, each averaging about 2,500 square feet, on the southeast corner of West 7th Street and Jefferson Avenue. The two existing residential structures on the 0.148-acre property would be demolished. One is a two-unit, 3,896-square-foot house built more than a century ago. The other is an 820-square-foot building dating from 1870 and described by county records as a “motel.” Through an affiliate Paragon Principal Capital Ohio LLC, ParaPrin bought the property at 615 Jefferson in May 2022 for $285,000, according to public records.
The four Tremont townhouses would have street access from the front, complete with front porches, and vehicular access to their garages from the rear. A one-way driveway entering from West 7th and exiting onto Jefferson would provide the access to the garages, each with room for two cars. As with the Little Italy townhomes, most of the living areas would be on the second and third floors but a rooftop deck and a small living area on the fourth floor is proposed. The fourth floor living area could be used as a guest room, office or party room, plans show.
Jonathan Sherer, ParaPrin’s chief operating officer, informed NEOtrans that their first new-construction projects in Cleveland are proposed for Little Italy and Tremont for some very basic reasons.
Site plan for ParaPrin Construction’s proposed new homes in Cleveland’s Tremont neighborhood (Bialosky).
“These are two of the best areas to live in the city, in my opinion,” Sherer said. “Both give you a small neighborhood feel but also give you close access to the downtown of one of the best cities in the country. We targeted both of these great communities because of the high demand in general, but especially for new construction. New construction is hard to find in these areas and property is hard to acquire at a price where you can still put more money into a new build.”
He noted that soaring construction costs over the past several years make it difficult for home builders to be profitable, even though some costs like lumber have come down recently. Still, many other construction materials remain at or near all-time highs and ParaPrin is trying put higher quality materials into their new or renovated homes which can erode or eliminate profit margins if the market doesn’t support higher sale prices.
“You can’t go wrong with Tremont and Little Italy,” Sherer said. “Both of these projects, we will require significant investment to provide a top-quality, high-end product but still preserve the look and feel of the neighborhoods. But given the higher property values and demand, it will still be a good investment for us and bring more value to the communities.”
Site plan for ParaPrin Construction’s proposed Little Italy townhouses, behind an existing home on East 123rd Street. The two townhouses represent the first phase of investment and renovation of the existing home as the second phase (Bialosky).
Sherer joined ParaPrin construction in March 2022 with a background primarily in new construction, causing the company to add a new construction department to its renovations repertoire. The company is still very new; it has been doing residential renovation work only since 2021 and on properties they acquire. They either sell them after they’re renovated or turn them into long-term and short-term rentals such as for Airbnb. Their renovated homes are in both the city of Cleveland and its suburbs.
But its first and biggest new-construction venture so far is Cold Creek Crossing on the west side of Sandusky, along Cold Creek Boulevard south of Venice Road. Single-family homes and condominiums are being offered with three- and four-bedroom homes listing for upwards of $443,000. A grand-opening was held earlier this month and showings are available upon request.
“In this community we have 24 sites that we’ll be doing new builds on,” Sherer said. “In addition to this community we are doing custom new construction homes as well. Our first one is for a customer up on Catawba Island, which we are targeting early June to break ground.”