Auction Provides Residential Development Opportunity for Developers and Investors

On December 18, Bambeck Auctioneers Inc., located in Dover, Ohio, will take bids for an unfinished $20 million residential development project located on the West Side of Cleveland, Ohio at W. 53rd and Walworth Ave. In 2004, construction commenced on a project known as Ashbury Towers, an Approved Planned Unit Development for 150 residential units consisting of 96 new townhouses and 54 rehab condominiums in former buildings of the Joseph & Feiss/Hugo Boss clothing manufacturing facility.

The Ashbury Towers auction will consist of two separately auctioned parcels. Parcel 2 provides for (3) six-unit and (2) four-unit townhouse structures. Two of the six-unit buildings are constructed and three townhouse units have been sold and are privately owned. Parcel 1 provides for the remaining new townhouses, rehab condominiums and 14 new one-story penthouse units.

Bids will take place on-site at Ashbury Towers at 11:00 a.m. The minimum opening bid for parcel 1 is $200,000 and for parcel 2 is $375,000. For additional information regarding the auction and the Ashbury Towers project, see

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