University Circle to be site of city's first market-rate, 20+ story residential tower in more than 40 years
4/13/2014, 9:13 a.m.
CLEVELAND - April 10, 2014 - University Circle is about to get a big addition. University Circle Inc. has partnered with a world-class development team to bring a $130 million residential high-rise that will be a towering and tasteful addition to this east side neighborhood of Cleveland.
The project - One University Circle - will include approximately 280 units ranging in size from 720 square feet to a 4,200 square foot penthouse, with floor-to-ceiling windows and breathtaking views of the city skyline and Lake Erie. Preliminary plans call for the building to consist of between 25 and 28 stories.
One University Circle will be a sustainable, transit-oriented development, emphasizing green construction principles and offering easy access to the Greater Cleveland Regional Transit Authority's HealthLine.
Chris Ronayne, president of University Circle Inc., expects the project to help satisfy a strong demand for housing.
"There is substantial demand for this type of housing in University Circle," Ronayne said. "One University Circle will provide a quality urban design solution that meets a market demand, brings greater density to University Circle and supports neighborhood businesses with new residents. We believe this project will continue the momentum of University Circle and the renaissance underway in Cleveland - from downtown to University Circle along the Euclid HealthLine. One University Circle will be a welcoming gateway to the institutions of University Circle and a home for their employees coming from all over the world."
The lobby of One University Circle will have concierge services available to all residents. In addition, the building will offer a first-class amenity package that will include a fitness center with private training rooms and an indoor all weather pool facility with indoor/outdoor access allowing for connectivity in the warm weather months. The project will also include a common area green rooftop for community gathering and extended living spaces with an outdoor kitchen, an entertainment theater/gaming room, indoor community lounges, a community room with kitchen, as well as other potential amenities that will evolve through design development. All modern security measures will be included in the building design.
Ronayne said he believes the project will be a truly global community attracting international residents working in the "eds, meds and arts" institutions as well as others from throughout Northeast Ohio.
"Attracting more residents to Cleveland will provide citywide benefits by generating tax revenues and spending within the city, supporting grocery stores and other retailers recently added to University Circle," Ronayne said. "Our plans were to build 1,000 new units in University Circle to create a complete urban neighborhood. It's the people who bring the concept to life. With One University Circle adding 280 units and more than 400 residents, we're rapidly reaching our goals."
Work is expected to begin in the summer of 2015 on the 280-unit project with the first units ready for occupancy in mid-2017.
University Circle is partnering with local developers Mitchell Schneider of First Interstate Properties and Sam Petros of Petros Development, both of whom are Cleveland natives. Schneider is also teaming with National Real Estate Advisors, which makes equity and debt real estate investments and has a portfolio totaling nearly $2 billion. More than a third of that portfolio is comprised of high-rise residential developments.