As senior vice president of Neighborhood Progress, Inc., Russell led transformative and highly complex housing, retail and land developments in partnership with community development corporations. These projects resulted in $90 million in direct investment into Cleveland’s neighborhoods. We hired Berusch Development Partners as a development advisor to conceive and lead the recapitalization and conversion of an Ohio City apartment building into condominiums, and to write a strategic business plan for a new joint venture. Both engagements had highly successful outcomes.”
President, Neighborhood Progress, Inc.
The area known as South of Lorain Road or “SOLO” hadn’t seen new housing or much reinvestment in the existing stock for years. While the location was edgy it was also across the street from a community anchor, Orchard Elementary School. The nonprofit Neighborhood Progress, Inc. (NPI) and the local community development corporation wanted to both strengthen the community and prove a point: that new for-sale housing that was well built, well priced and cool could work. In part what gave the project added allure was bold architecture and designs that made the homes highly energy efficient.
Leading the joint venture was Russell Berusch, then NPI’s senior vice president of real estate.
Both time and tenacity were needed to acquire and assemble a site that had more than 75 individual parcels and numerous property owners. In addition the developers had to strike a difficult balance: they sought to both build high-quality homes with striking designs, and make them affordable for homebuyers.
|STATUS & RESULTS
Orchard Park was completed in 2002, and has received several design awards. Its homes have energy-saving features such as high R-factor windows, high efficiency furnaces, and Energy Star appliances.