Press Release

Groundbreaking Set for Second Phase of Slavic Village Housing Development

Company Release - 7/19/2018 3:49 PM ET

Dignitaries Set to Break Ground July 26 on Second Phase of Trailside

CLEVELAND--(BUSINESS WIRE)-- Groundbreaking for the second phase of Trailside Slavic Village will take place Thursday, July 26, at 3:00 pm at the corner of Aetna Rd and 71st Street. Third Federal Chairman and CEO Marc A. Stefanski and other dignitaries, including Cleveland Mayor Frank G. Jackson, will be on hand to celebrate the next phase of construction, which features six additional homes. The initial phase featured 10 new homes, all of which are currently owned and occupied by residents enjoying the convenience of being minutes from downtown.

This press release features multimedia. View the full release here:

Marc A. Stefanski Chairman and CEO Third Federal Savings and Loan (Photo: Business Wire)

Marc A. Stefanski Chairman and CEO Third Federal Savings and Loan (Photo: Business Wire)

Third Federal is partnering with the City of Cleveland, Slavic Village Development Corporation, and Knez Homes. The goal of the collaboration is to continue the revitalization and transformation of the neighborhood by focusing on brownfield redevelopment through property acquisition and new construction of single-family homes, to attract new home buyers to the neighborhood.

“My grandparents settled in Slavic Village in the 1890s and helped build a vibrant, thriving neighborhood,” said Marc A. Stefanski, chairman and CEO. “Today, more than a century later, Third Federal remains committed to supporting Slavic Village and enhancing the community by funding new, energy efficient, affordable homes.”

The City of Cleveland is supporting this project through development grants to address the appraisal gap that exists when building new construction in certain LMI (low-to-moderate income) census tracts within Cleveland.

The development’s second phase features single-family homes that meet or exceed Cleveland’s Green Energy Standards. The location, between Aetna Road, East 71st and East 72nd streets, sits adjacent to Third Federal's headquarters and the Morgana Run multipurpose trail, which connects to the Cuyahoga Valley National Park.

Home prices for phase II start at $149,900, and will include 15-year property tax abatements. Down payment assistance will be offered through Third Federal, allowing prospective buyers to purchase a new home at a very competitive price point.

More about the groundbreaking ceremony:

  • Thursday, July 26, from 3:00 -3:45 pm inside the Trailside development, East 71st Street and Aetna Road
  • Parking will be available on the streets of the development
  • Additional press materials will be available on location during the groundbreaking
  • Interviews will be available after the groundbreaking ceremony

Third Federal Savings and Loan Association (NASDAQ: TFSL), is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 80th anniversary in May, 2018. Third Federal, which lends in 21 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 17 full service branches throughout Florida. As of March 31, 2018, the Company’s assets totaled $13.96 billion. For more, visit our website at

Third Federal
Dave Reavis, 216-429-5036
Public Relations Manager

Source: Third Federal Savings and Loan