The Community Improvement Corporation of Euclid on Aug. 11 approved taking title to 10 vacant parcels in the Monterey Heights subdivision and authorized a purchase-and-development agreement with Magas LLC to build owner-occupied single-family homes under the city’s Open Door Euclid program.

The board approved a resolution accepting the 10 parcels into the CIC’s inventory and a separate resolution authorizing the president of the board to convey those parcels to Magas LLC for $25,000 total under a draft purchase-and-development agreement included in the packet. The agreement requires new homes to be sold to owner-occupants and allows property tax abatement to apply so long as owner-occupancy is maintained during the abatement period.

Board members and staff said the lots sit within roughly 500 feet of one another on Monterey Avenue, Ormiston Avenue and Tyrone Avenue, east of East 190th Street, offering a rare contiguous cluster for infill. The developer identified in the packet is Magas LLC, led by AJ D’Annunzio, who previously worked with the CIC on rehabilitation and new-construction projects in Euclid.

Staff described the construction timeline as phased. The purchase-and-development draft requires construction to be completed within 365 days of transfer for each parcel; staff and the developer expect two to four construction phases, with typical new-construction work taking three to six months after permits are issued. The developer’s materials listed an overall schedule of about 12 to 16 months to account for weather and permitting.

The board packet estimates sale prices of about $275,000 to $300,000 per home. Staff said the developer has a $500,000 construction line of credit and that individual unit costs are about $200,000, which is one reason construction will be phased. Cuyahoga County Land Bank construction-gap financing was identified as a likely source to help bridge early financing shortfalls and support later phases.

Board members said the tax-abatement benefit remains if the property is sold later, provided it remains owner-occupied; the CIC’s staff said annual monitoring for owner-occupancy will be conducted for any properties receiving abatement. The packet also referenced comparable sales nearby and prior successful rehabilitations led by the developer.

The motion to approve both the acceptance of the parcels and the sale to Magas LLC passed by voice vote.