Ground was broken Thursday for a 20-story residential tower in Cleveland's University Circle district. Planners are calling it the first residence of this scale to be built from scratch in the city in decades. It's called "One University Circle" and it will rise from the site of the old Children's Museum, which has moved to a new facility further west on Euclid Avenue.
"This is the first building of this kind to be built in Cleveland in more than forty years," says co-developer Mitchell Schneider. He adds that it's part of a hot real estate market both in the Circle and across the country.
"Buildings like this are being built around the country --- and not just in New York and San Francisco --- but in Minneapolis and Denver and Philadelphia and Pittsburgh. It's a sign of the move to urban cores by both millennials and baby boomers.
Of course, those millenials and boomers will need the means to afford one of the 280 upscale apartments. The $116-million project is being partially funded by an $80-million bond-financing deal from the Cleveland-Cuyahoga Port Authority. The planners estimate the building will be ready for occupancy in 2018.
