The developers behind
University Place Townhomes, a 19-unit project on E. 118th Street in University Circle, have broken ground on their new project. With two sales in hand, they're laying the foundation and intend to start vertical construction in the spring.
"The demographic is pretty much what we thought it would be," says Russell Lamb, a principal with Allegro Realty and partner in the project, which includes several Allegro principals. "The buyers are either people who work in the Circle, particularly medical institutions, people who want to move back to an urban environment who are downsizing, or young professionals."
"We're the only for-sale project in University Circle," he adds. "We're pretty comfortable with where we are right now." The developers hope to obtain several additional sales in the spring so they can start construction on additional units.
While much of the action these days is in the rental market, the for-sale market also is showing signs of renewed life, says Lamb. He believes University Circle is a particularly strong, underserved market, in part because there's so little developable land. The parcel on E. 118th was a rare vacant property within the district's boundaries that could be developed.
The units range in size from 1,100 square feet to just under 2,100 square feet, with prices starting at $250,000 and climbing to $450,000. Lamb describe the prices as "expensive for Cleveland, but not expensive for University Circle," an area that commands a premium.
The project design features five separate buildings around a central, European-style courtyard utilizing modern building techniques including cementitious exteriors. Dimit Architects designed the units. The interiors, while not extravagant in terms of square footage, are "modern, open and airy; there's a good use of space," Lamb says.
Uptown has been a particular "center of gravity" for the project, he adds, providing much-needed amenities that will attract the home-buying set.
What's needed to complete the Circle? "More people," Lamb says. "If any place in Cleveland has got it all, it's gotta be University Circle."
Source: Russell Lamb
Writer: Lee Chilcote