Developers Plan $130M, 28-Story Apartment Tower in University Circle

Cleveland is getting ready to say hello to a new residential tower, the first to be developed in the city in more than 40 years. The new high-rise will cost $130 million and will be located in the city’s University Circle neighborhood.

Cleveland is getting ready to say hello to a new residential tower, the first to be developed in the city in more than 40 years. The new high-rise will cost $130 million and will be located in the city’s University Circle neighborhood.

University Circle Inc. has partnered with two local developers, Mitchell Schneider of First Interstate Properties and Sam Petros of Petros Development, for the project, called One University Circle. Their plans call for the construction of a 25- to 28-story building, with about 280 units. Work is expected to start in the summer of 2015, with the first units ready for occupancy in mid-2017.

The apartments will range in size from 720 to 4,200 square feet. They will feature floor-to-ceiling windows and will offer residents views of the city skyline and Lake Erie. One University Circle will include such amenities as concierge services, a fitness center, an indoor pool, a green rooftop, an entertainment theater/gaming room and lounges.

Councilwoman Mamie Mitchell described the project as ”good news for University Circle and good news for Cleveland.” In a news release, she said One University Circle “will generate multiple benefits for University Circle and Cleveland. It’s going to add a new component to the neighborhood, offering residents a new housing option and bringing additional economic diversity and benefits to the neighborhood. This is going to be another gem in this jewel-filled neighborhood that helps to define Cleveland.”

“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,” Chris Ronayne, president of University Circle Inc., added.

The project will feature green-building principles. One University Circle will be constructed on a site mostly owned by University Circle Inc. However, a portion of it is occupied by the Children’s Museum of Cleveland. University Circle Inc. has been working together with the museum to find it a new location in Cleveland, one that will better accommodate its plans to expand.

Photo credits: Google Maps