From University Circle to downtown Cleveland, housing development projects are on the rise

Posted at 7:12 AM, Mar 27, 2018
and last updated 2018-03-27 07:13:36-04

April in Northeast Ohio can be a mixed bag but it is generally a time of new life and growth. That’s especially true this year with it comes to Cleveland’s downtown housing scene.

One University Circle project rising 20-stories above the circle will begin welcoming the first of the tenants for the 276 units in April. The units range from 512 square foot studios to the top floor penthouse that is a single 5,000 square foot space leased months ago to an unnamed tenant.

Opening a year behind will be the Beacon which is rising above the parking garage at 515 Euclid Avenue.

Work began last fall on the 29-story apartment tower that will feature 187 luxury units.

Stark Enterprises is the developer behind that project and the nearby Nucleus project across the street from Quicken Loans Arena that was announced in 2014 but has yet to break ground.

Late last month Stark’s Vice President of Development Steve Coven appeared before the Ohio House Government Accountability & Oversight Committee to speak on behalf of House Bill 469 which would benefit Nucleus with tax credits.

Of the more than $500 billion project Coven told lawmakers that Nucleus “has the opportunity to be the hub that connects all of the city’s main points of interest: the financial district, the convention center, the sports arenas, Playhouse Square, the Casino and public square.”

“Nucleus will consist of over 300,000 sq. ft. of office space, 100,000 sq. ft. of retail space, approximately 450 residential units, a hotel and over 1,800 structured parking spaces. 

"When you think about projects of this scale, you need only look down the street from the nuCLEus site to understand what a transformational project means to a city and a region,” he said referring to Terminal Tower.

“Terminal Tower isn’t just a 30-year asset, and it isn’t just a generational asset, but rather it is a 100+ year asset.  That is what nuCLEus will mean to the City of Cleveland, and Northeast Ohio.”

Meanwhile, in Playhouse Square, the parking lot that is the site of the new 34-story apartment tower that will rise at the corner of E. 17th and Euclid shut down to the public on Monday ahead of next week’s groundbreaking for the project that will have 319 units. That building is scheduled to open in 2020.