Cleveland-- February 22, 2007-- Sharing their late father Don Sr.’s belief in the redevelopment of Tremont, property owners Don and Cecil Bergen, together with Sutton Builders, the City of Cleveland, the Tremont West Development Corporation and a $4 million loan from KeyBank, are constructing Bergen Village, one of the first new private subdivisions in Cleveland featuring underground utilities.

Fueled by strong demand among consumers looking for upscale urban lifestyles, Tremont’s Bergen Village will consist of 36 contemporary town homes in the $300,000 price range. The development will provide homeowners with 2,100- to 2,350-square-feet of living space on a three-acre ridge overlooking the downtown Cleveland skyline.

"Bergen Village is huge for Tremont’s ongoing revitalization," remarks Stephen Bloom, interim director of the Tremont West Development Corporation. "Despite the current housing market slump, we’re one of the few neighborhoods in greater Cleveland that can still sell homes for $300,000 and up. We’ve become the neighborhood of choice."

Six of the town homes are already sold. Homebuyers receive a 15-year property tax abatement from the City of Cleveland and are offered low-interest financing through KeyBank’s Urban Assist program.

Recently developed upscale housing projects have attracted an influx of affluent young professionals and retired empty nesters with average incomes of $50,000 to $70,000 and up, compared to Tremont’s average household income of $24,000, according to the Tremont West Development Corporation.

Sutton Builders, which has built more than 140 new homes in Tremont over the last 10 years, approached KeyBank for financing because of Key’s strong record of supporting community redevelopment projects. Key provided construction financing and permanent mortgage financing for the $15 million Tremont Ridge project, which included upscale single-family homes, condos and town houses completed by Sutton Builders in 2004.

"There’s just a wonderful renaissance taking place in Tremont," says Jim Poznik, senior vice president of Key Community Development Lending. "Urban renewal combined with recent notoriety gained from the opening of the ‘A Christmas Story House’ over the holidays are a testament to the vision of so many who call Tremont ‘home’ "“ and that number keeps on growing. The neighborhood’s resilience over the years and desire to innovate are making a model difference."

Nationally, Key lends more than $500 million through its community development bank. Key is recognized by the federal Office of the Comptroller of the Currency (OCC) for exceeding the terms of the Community Reinvestment Act (CRA) in meeting community credit needs in low-to-moderate income neighborhoods. As a result, Key received six consecutive "outstanding" ratings from the OCC.

In addition to Bergen Village and Tremont Ridge, Key has recently invested more than $32 million in Cleveland area redevelopment initiatives involving Fairfax and other neighborhoods. Projects include Bridge Square, Larchmere Lofts, Battery Park, Mill Creek and The Avenues.

"These reinvestments have a ripple effect throughout Cleveland’s neighborhoods," says Colleen Gilson, executive director of the Cleveland Neighborhood Development Coalition. "They set the trend for more development and growth."

Sutton Builders:
Sutton Builders has constructed hundreds of new homes in Cleveland. Keith Sutton took over the business in 1992 after his father, Edward, retired. Keith and his business partner Dave Territo began focusing on Tremont in 1994. Since that time, Sutton Builders has worked on several projects such as the Tremont Ridge and the recent rehabilitation of Sutton’s new offices on Professor Street.

KeyCorp:
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $92 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com, that provides account access and financial products 24 hours a day.

Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.

KeyBank

KeyBank

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. 

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