University Circle Inc. has announced plans to construct a $130 million, 20-plus story apartment highrise on the current site of the Children's Museum, as well as surrounding land owned by UCI. The nonprofit has selected Mitchell Schneider of First Interstate Properties and Sam Petros of Petros Homes to lead the development team.

The announcement is the fruit of years of discussion about a luxury residential tower in University Circle. UCI has long set its sights on building such a tower, seeing unmet demand for housing in an area experiencing strong job growth, near 100-percent rental occupancy and growth in commercial amenities.

The project will include about 280 units ranging in size from 720 to 4,200 square feet. The structure will have floor-to-ceiling windows and views of the downtown skyline and Lake Erie. Initial plans call for a building that is 25 to 28 stories tall. The property also will be green-built and offer easy access to public transportation.

"There is substantial demand for this type of housing in University Circle," explained Chris Ronayne, President of UCI, in a release. "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... 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.”

In keeping with a luxury urban apartment building, One University Circle will offer concierge services, a fitness center and an indoor pool. The project also will include a green rooftop and other shared amenities. Ronayne says work could begin in 2015, with the first residents moving in two years later.

The Children's Museum currently is seeking a new location in Cleveland that will accommodate its plans for expansion. The developers have announced that they intend to work with the City of Cleveland to craft a community benefits agreement for the project. The agreement will stipulate goals for hiring local and minority tradespeople and working with area high schools to provide internships.

Source: Chris Ronayne
Writer: Lee Chilcote