Signs of progress are visible at the Circle East District in East Cleveland, where new homes and increased home ownership are getting a boost from a deal between two different kinds of banks — the Cuyahoga Land Bank and First National Bank. In the background on Woodlawn Avenue, historic homes are being renovated and new homes are being built (Cuyahoga Land Bank). CLICK IMAGES TO ENLARGE THEM.
Circle East District, homebuyers to benefit from deal
Cuyahoga Land Bank and First National Bank (FNB) have announced a new partnership to accelerate development in the Circle East District in East Cleveland by supporting homeownership. Since 2022, the land bank has been busily rebuilding this neighborhood next to University Circle from the sewers up.
Through this partnership, eligible homebuyers may receive up to $40,000 in combined financial assistance, including a $20,000 builder interest rate buy-down made possible through a grant from Cuyahoga Land Bank, and $20,000 from FNB, which includes $15,000 in down payment assistance with an additional $5,000 toward closing costs.
Backers of this deal say this combination can significantly reduce monthly mortgage payments and make homeownership more accessible to buyers in what the land back is touting as one of Greater Cleveland’s most promising new neighborhoods.
In addition to generous financial assistance, buyers in the Circle East District will benefit from long-term savings and sustainability features built into every home. The 30-acre, $95 million development includes more than 200 new homes, each offering a 15-year, 100 percent property tax abatement.
Homes have rooftop solar panels, electric vehicle charging plugs and other high-efficiency, all-electric systems designed to reduce utility costs and promote environmentally conscious living. These features align with the district’s vision of creating a forward-thinking, inclusive neighborhood rooted in sustainability and innovation.
While this construction vehicles is next to the newly renovated Mickey’s Building at Euclid and Woodlawn avenues, lots of construction vehicles are present in the Circle East District these days (Cuyahoga Land Bank).
This announcement comes at a pivotal moment as some of the first homes in the Circle East District, a mixed income, walkable residential development just minutes from University Circle, have been listed for sale. Built by local developers with a strong focus on sustainability, the neighborhood will offer a mix of single-family homes,
townhomes and multifamily units, catering to a variety of household sizes and income levels.
“Homeownership builds generational wealth, strengthens communities and provides people with a lasting stake in their neighborhoods,” said Ricardo León, President and CEO of Cuyahoga Land Bank in a written statement.
“This partnership with First National Bank is exactly the kind of collaborative investment that transforms lives,” he added. “Together, we’re not only expanding access to homeownership, but we’re doing it in a way that honors the community’s vision for a vibrant future.”
Pittsburgh-based First National Bank, the banking subsidiary of F.N.B. Corporation, has promoted economic development through its corporate responsibility strategy, with affordable homeownership as a key tenet of its approach.
Circle East redevelopment efforts are an active work in progress in this view looking northwest along Woodland Avenue in East Cleveland (Land Bank).
The bank has demonstrated this commitment through its homebuyer education programs and focus on providing convenient access to banking resources, which is evident in its strategic expansion into Cleveland’s historically underbanked University Circle district, where it opened a new branch on May 5.
“At FNB, we believe in the power of partnerships to promote economic growth and reimagine our communities for a stronger future,” said Vincent J. Delie, Jr., chairman, president and CEO of F.N.B Corporation and First National Bank.
“FNB’s partnership with Cuyahoga Land Bank and the new University Circle branch are the latest examples of our long-term investments in initiatives that drive prosperity in the Cleveland region,” Delie said. “Our commitment is to participate in economic success for all our neighbors.”
FNB operates nearly 30 branches and 90 ATMs in its Cleveland region. The Circle East District represents a critical component of revitalization efforts in East Cleveland and surrounding neighborhoods. Located near world-class healthcare, education and cultural institutions, the development was conceived as a bold reimagining of underused land into a thriving, sustainable residential community.
Looking southeast from Euclid Avenue at Woodlawn, this vision for the Circle East District was set several years ago and is steadily being realized. It includes the renovated Mickey’s Building at left, future mixed use at right, and new single-family homes in the background, now underway (RDL).
Constructing the homes are Cleveland Bricks, Greenlight Builders and Martin Premier Homes. The land bank said each firm brings a wealth of experience and a proven track record of building modern, high-quality, energy-efficient homes.
Additionally, individuals employed by Cleveland Clinic, University Hospitals, Case Western Reserve University and other eligible institutions may also qualify for down payment assistance through the Greater Circle Living Program, an initiative designed to help employees live near where they work. This resource could further reduce out-of-pocket costs for buyers in the Circle East District.
Last year, the Circle East District landed a Boston-based biotech business, Verdynt Bio, for the Mickey’s Building, 12550 Euclid Ave. That structure was renovated by the land bank for $3.5 million. Verdynt Bio pledged an additional $12 million investment in the project and said it intends to buy the Mickey’s Building.
Ground was broken on the housing earlier this year. With the first homes nearing completion, the timing of this partnership ensures that new buyers will have the financial support needed to establish roots in this growing district. To learn more about homeownership opportunities and financial assistance in the Circle East District, visit circleeastdistrict.org.
END
