Wednesday, June 1, 2011 at 4:11 PM
Cleveland State University and a local builder are creating what they're calling a new neighborhood. ideastream's Rick Jackson reports the fifty-million-dollar development will go up adjacent to the CSU campus.
Set to begin construction in early summer, the project will be a brand new urban district along the campus’ northern edge, fronting Chester Avenue.
Construction of nine buildings over two years will include retail space, and an outdoor swimming pool, but will be anchored by a 300 unit apartment complex…
‘Not a dormitory’ - says CSU spokesman Joe Mosbrook, but higher end apartments; designed specifically to attract people who want the feel of urban life.
”This is part of a larger strategy to bring more residents living downtown, living around campus, to build up the community and the economy around the university.”
Cleveland State trustees signed off Wednesday on the deal with Gates Mills developer Polaris Real Estate Equities, which has experience building urban centers near colleges in Indiana and Pennsylvania. The company also told the school it hopes to attract new restaurants into the space as well.
Cleveland State will sell bonds to finance land preparation, and lease the grounds to Polaris. Mosbrook says the first residents should be able to move in by October of next year.
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