Midwest Development Partners
, along with Coral Company
and Panzica Construction
, quietly broke ground in late December on Centric Apartments, formerly known as Intesa, at 11601 Mayfield Road, marking the beginning of a residential construction project that was delayed for almost three years.
“It’s a really good achievement,” says University Circle Inc
. (UCI) president Chris Ronayne. “We are very excited about it.”
The seven-story Centric building, which sits on 2.2 acres and borders Little Italy
, will have 272 one- and two-bedroom apartments, averaging 750 square feet and running about $1,600 per month; 27,000 square feet of office, retail and commercial space on the ground floor; and a 360-space parking garage that will accommodate both residents and visitors to Uptown.
“I’m very excited about this project because it’s a connection between Little Italy, the Little Italy–University Circle Rapid Station and Uptown,” says Ronayne, adding that greenspace is part of the $70 million project investment. “It offers great walkable-friendly development.
But the Centric project is just one of many new apartment buildings going up in the neighborhood, bringing more than 600 new units to the University Circle area by late spring 2018, with even more projects in the works.
Also slated for completion by 2018 is the 20-story, 270-apartment One University Circle
building being developed by First Interstate Properties
and Petros Development
on the former site of the Children’s Museum at E. 107th
Street and Euclid Avenue.
“Together, 542 units will come online in 2018,” says Ronayne. He says the timing should coincide with “match week ”— the time in March when medical students find out where they will be placed for residencies. “We have 3,000 to 5,000 medical residents each year through University Hospitals, Case Western Reserve University and the Cleveland Clinic,” says Ronayne. “It’s a mad rush [for housing]”
Meanwhile, this summer Berusch Development Partners
plans to open its Euclid 116
, 31 apartment suites at 11611 Euclid Ave, which will cater specifically to students. The one- to four-bedroom suites are let by the room
. Rent covers internet and utilities.
Already complete is the Finch Group
's phase one of the 177-unit Innova Apartments
, 10001 Chester Ave. The parking garage, part of phase two, is scheduled to be completed this summer.
The massive mixed-use plans for Circle Square, formerly known as University Circle City Center
(UC3), spearheaded by Midwest Development Partners, are still in the works, Ronayne says, with a groundbreaking date for the site at E. 105th
Street and Chester Avenue still a bit in the future.
All of this new residential development stems from a plan created in 2007 by the University Circle Land Bank to build 1,000 new apartments and houses. “We’ve now reached that goal and we’re well on to the next 1,000,” says Ronayne.
Additionally, the Greater Circle Living Incentive Program
encourages residents who work at non-profit agencies in the Greater University Circle to also live there. The program offers the first month of a rental lease, up to $1,400 for free, or up to $30,000 in a forgivable loan on a house if the resident stays for five years.
“We’ve accepted nearly 1,000 applications,” says Ronayne, noting that eligible neighborhoods include Glenville, Hough, Fairfax, Little Italy, Buckeye-Shaker and parts of western East Cleveland.
The program furthers UCI’s goal of creating a true live-work community. “We’ve been trying to achieve a walking-friendly, high density, populated neighborhood,” says Ronayne. “Today’s employees have a healthy appetite of walking to work with a community that has [amenities such as] restaurants, a grocery store, a library ...
"We’ve done that.”