The firm offered $1.8 million, less than half its appraised value, pointing to the economic conditions at the time, noting that the collapse of the United States housing bubble had slashed real estate values throughout the city and the region.
It was established to respond to the effects of the United States housing bubble in Cleveland and surrounding Cuyahoga County, where the housing bubble had a particularly strong impact.
However, this development stalled due to banks withdrawing funding during the nationwide real estate crash of 2007 and later re-sold to Branch Properties who developed West Village.
However, construction and growth slowed when the housing bubble burst in 2007, resulting in a housing market correction.
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