Cleveland: University Circle is BOOMING!!! (Green, Orient: 2013, apartment complex, gated)

[Kamms]

Originally Posted by costello_musicman

yawn...no big deal, just more multi-million dollar construction underway in University Circle... just another week...

Funds from six sources were used to assemble the $27 million financing package to build the hotel, said Pete Snavely, president of the family-owned development and construction firm. The project incorporates Cleveland and Cuyahoga County loans, funds raised through federal new market tax credits and construction union pension funds.

The eight-story hotel is expected to open late next year, said Mr. Snavely, who estimates nearly 150 workers will be on the project site at its busiest in late summer.

http://crainscleveland.com/apps/pbcs...EE%2F111219899

The article is correct in that UC hotels will attract the culture, medical and educational visitors and be distinct in general from the downtown market. UC will be a destination in and of itself for Cleveland visitors.

[costello_musicman]

UPDATE on the development happening in this neighborhood:


UNIVERSITY CIRCLE, CLEVELAND

Under Construction (TOTAL $1.036 Billion):
Museum of Contemporary Art -- $27 million MOCA Cleveland board approves building new home in University Circle's Uptown development | cleveland.com
Uptown Phase I Apartments and Retail -- $44.5 million Developer MRN Ltd. to break ground Monday on Uptown project in University Circle | cleveland.com
VA Medical Center Expansion -- $526 million http://www.crainscleveland.com/artic...FREE/100609883
Cleveland Clinic Reference Laboratory -- $75 million Cleveland Clinic breaks ground for $75M reference laboratory
Cleveland Museum of Art Expansion and Renovation -- $258 million
Taking a hardhat tour of the Cleveland Museum of Art's expansion project - Cleveland Entertainment Top Story from The Plain Dealer - Cleveland.com
University Circle Courtyard Marriott Hotel -- $27 million Developers lined up to build 150-room hotel in University Circle | cleveland.com
WXZ Hazel 8 Apartments -- $10.5 million Councilman clears path for University Circle apartment project | cleveland.com
Cleveland Institute of Art Expansion -- $65 million Cleveland Institute of Art will break ground in May on Uptown expansion | cleveland.com
Cozad-Bates House Restoration (circa 1853) -- $1-3 million http://universitycircle.org/annual2010/2010-UCI-AR.pdf (broken link)


Planning Stages ($439.7 Million):
Advanced Energy Facility: -- $270 million http://development.cuyahogacounty.us...RFNotice_1.pdf
Case Western Reserve Student Center -- $50 million Architect Ralph Johnson's new Tinkham Veale University Center at CWRU will bring 21st-century flair to University Circle | cleveland.com
Cleveland School of the Arts -- $30 million http://planning.city.cleveland.oh.us.../image/CSA.pdf
Pedestrian Bridge (University Circle) -- $7.5 million A trio of pedestrian bridges proposed by Boston architect Miguel Rosales could change the face of Cleveland | cleveland.com
Western Reserve Historical Society Crawford Auto Museum renovations (University Circle) -- $2.8 million Western Reserve Historical Society marks turnaround with updates | cleveland.com
Western Reserve Historical Society Euclid Beach Carousel installation and restoration -- $2 million The Euclid Beach carousel: Whatever happened to ...? | cleveland.com
Temple-Tifereth Israel Renovations into CWRU Performing Arts Center -- $25.6 million Maltz Family Foundation donates $12 million to CWRU to let school, synagogue share Temple-Tifereth Israel | cleveland.com
Uptown/MOCA Plaza -- $1 million Uptown plaza design wins conceptual approval from Euclid Corridor Design Review Committee | cleveland.com
Abington Arms Apartments "Green Retrofit" -- $2.6 million HUDNo.2010-10-05/U.S. Department of Housing and Urban Development (HUD)
Cedar-University Circle Rapid Train Station redesign -- $12.5+ million University Circle rapid station reconstruction project receives an additional $2 million in federal funding | cleveland.com
Mayfield Rd-E.119 Rapid Train Station -- $17.5 million RTA wins $12.5 million grant for new rapid station at Mayfield and East 119th | cleveland.com
Case Western Reserve University ThinkBox -- $10 million http://intecsky.files.wordpress.com/...l-083010-1.pdf
African American Cultural Garden in Rockefeller Park -- $2 million Plans for African American Cultural Garden unveiled at Cleveland City Hall
New Circle Vistas -- $6 million Maximum Accessible Housing of Ohio - NCVSite


Recently Completed ($1.226 Billion):
Tudor Arms (Circa 1931) Restoration into Double Tree Hotel -- $22 million COMPLETED 2011 Tudor Arms renovation is bringing a highly visible piece of old Cleveland back to life | cleveland.com
WXZ Circle 118 University Circle Townhomes -- $8 million COMPLETED 2011 Circle 118 townhouses by WXZ Development add life to University Circle in Cleveland | cleveland.com
27 Coltman Little Italy Townhomes -- $11 million COMPLETED 2011 Luxury townhouses in Cleveland's Little Italy are selling, but court fight looms | cleveland.com
University Hospitals Seidman (Ireland) Cancer Center -- $250 million COMPLETED 2011 New University Hospitals cancer hospital looks good in preview tour: Vital Signs | cleveland.com
University Hospitals Parking Garage -- $30 million COMPLETED 2011 http://media.cleveland.com/pdgraphic...5e3d84a04c.jpg
University Hospitals Center for Emergency Medicine -- $41 million COMPLETED 2011 http://media.cleveland.com/pdgraphic...5e3d84a04c.jpg
Hawken High School renovations and extension campus -- $6.6 million COMPLETED 2011 Hawken School to open new learning center in University Circle | cleveland.com
Cleveland Natural History Museum SmartHouse -- $500K COMPLETED 2011 Cleveland Museum of Natural History to debut its PNC SmartHome Cleveland on Monday | cleveland.com
Case Western Reserve Wind Turbine -- $6 million COMPLETED 2010 http://www.cwruobserver.com/home/news/2010/12/03/News/Nations.First.ResearchOriented.Wind.Turbine.Constr ucted.Near.Veale-3964332.shtml (http://www.cwruobserver.com/home/news/2010/12/03/News/Nations.First.ResearchOriented.Wind.Turbine.Constr - broken link)
Commodore Place Renovations -- $9 million COMPLETED 2010 http://www.universitycircle.org/uci.aspx?page=87 (broken link)
University Hospital QEA Neonatal Intensive Care Unit -- $27 million COMPLETED 2009 http://media.cleveland.com/pdgraphic...5e3d84a04c.jpg
University Circle East Plaza -- $400K COMPLETED 2009 http://www.cmgsite.com/projects/all/university-circle-plaza/ (broken link)
Cleveland Hearing and Speech Center -- $11.3 million COMPLETED 2009 Cleveland Hearing & Speech Center designed by Bostwick Design Partnership is a plus for University Circle | cleveland.com
Cleveland Clinic Heart Center -- $500 million COMPLETED 2008 http://my.clevelandclinic.org/heart/newheartcenter.aspx (broken link)
Park Lane Villa Apartments Renovations (circa 1920) -- $21 million COMPLETED 2008 Park Lane Villa - Welcome
Euclid Corridor Bus-Rapid Transit Line connecting Downtown to University Circle -- $197 million COMPLETED 2008 Cleveland's Euclid corridor project has paved the way to economic development | cleveland.com
Montessori High School renovations and creation -- $6 million COMPLETED 2008 New high school in University Circle combines Montessori education with the International Baccalaureate program | cleveland.com
Case Western Reserve Alumni House -- $2.5 million COMPLETED 2007 Case Western Reserve University | News Center
John Hay High School (circa 1929) restorations -- $37 million COMPLETED 2007 John Hay Campus schools live up to expectations, get excellent' rating from state - Cleveland.com
Cleveland Institute of Music -- Mixon Hall Expansion -- $40 million COMPLETED 2007 Cleveland Institute of Music – Mixon Hall Expansion


Proposed ($200-$500 Million):
Case Western Reserve Field House -- $5-$10 million Case Western Reserve University | News Center
Cleveland Natural History Museum Expansion -- $30-50 million Evalyn Gates takes helm at Cleveland Museum of Natural History as expansion plans gel | cleveland.com
Lot 45 -- $30-$100 million University Circle stretches its boundaries; leaders focus on building up district, blurring borders | cleveland.com
Uptown Phase II (Ford and Euclid)
Uptown Hotel TBA
E.119th three-story Office Building Developers settle dispute over land in Cleveland's Little Italy | cleveland.com
Case Western Reserve West Quad -- $50 million 90.3 WCPN ideastream / Northeast Ohio Public Radio, Television and Multiple Media
Circle Gateway Center Development - Strategic Investment Sites | University Circle
East End Development Development - Strategic Investment Sites | University Circle
Stokes Corridor Development - Strategic Investment Sites | University Circle

[usaf_1832]

^ daaang. So let me get this straight:

+ Underconstruction: $ 1.036 Billion
+ Planning Stage : $439.7 Million
+ Recently Completed: $1.226 Billion

From 2007-2012 in the University Circle neighborhood, there has been $2.7017 Billion spent in an area of 0.86 square miles.

And other $200-$500 million that could be announced at anytime.

WHOOOOA CLEVELAND...!

[costello_musicman]

More national exposure -- University Circle was recently ranked by Forbes as one of "America's Prettiest Neighborhoods:"

http://www.forbes.com/pictures/efel4...leveland-ohio/

[RioDominicana]

Originally Posted by costello_musicman

More national exposure -- University Circle was recently ranked by Forbes as one of "America's Prettiest Neighborhoods:"

http://www.forbes.com/pictures/efel4...leveland-ohio/

Forbes giving credit for anything to Cleveland is so rare I had to do a double take at the article, nice find.

[Traveler87]

Originally Posted by RioDominicana

Forbes giving credit for anything to Cleveland is so rare I had to do a double take at the article, nice find.

I never trust a Forbes' article even if it is positive. Next week they will talk about Cleveland's terrible decent into abyss.

[330to216]

First post here,

Im a sophomore at CSU. Came here from youngstown and absolutely love this city. I am a chem engineer major currently but decided that after I graduate, I'd like to start my own business renovating old homes and factories around the city into lofts. Basically, the engineering degree is my back-up plan. I'd like to start by owning a couple rentals, but I want to do these renovations with pride and not be a horrible landlord because they ruin neighborhoods. I like quality and professionalism. Anyway this pertains to this thread because I want to focus on the southern Glenville area because of its proximity to the BOOMING U.C. and it's still relatively cheap to pick up a beautiful historic home or double. What do you think of this idea. Please be honest because I really want this to work. It is my passion to do this. Keep in mind that I want these renovations to be historicaly accurate (stripping off vinyl siding, maintaining woodwork, etc...)

[Traveler87]

Originally Posted by 330to216

First post here,

Im a sophomore at CSU. Came here from youngstown and absolutely love this city. I am a chem engineer major currently but decided that after I graduate, I'd like to start my own business renovating old homes and factories around the city into lofts. Basically, the engineering degree is my back-up plan. I'd like to start by owning a couple rentals, but I want to do these renovations with pride and not be a horrible landlord because they ruin neighborhoods. I like quality and professionalism. Anyway this pertains to this thread because I want to focus on the southern Glenville area because of its proximity to the BOOMING U.C. and it's still relatively cheap to pick up a beautiful historic home or double. What do you think of this idea. Please be honest because I really want this to work. It is my passion to do this. Keep in mind that I want these renovations to be historicaly accurate (stripping off vinyl siding, maintaining woodwork, etc...)

Welcome to the forum! Glad you're enjoying yourself.

[Kamms]

Originally Posted by 330to216

First post here,

Im a sophomore at CSU. Came here from youngstown and absolutely love this city. I am a chem engineer major currently but decided that after I graduate, I'd like to start my own business renovating old homes and factories around the city into lofts. Basically, the engineering degree is my back-up plan. I'd like to start by owning a couple rentals, but I want to do these renovations with pride and not be a horrible landlord because they ruin neighborhoods. I like quality and professionalism. Anyway this pertains to this thread because I want to focus on the southern Glenville area because of its proximity to the BOOMING U.C. and it's still relatively cheap to pick up a beautiful historic home or double. What do you think of this idea. Please be honest because I really want this to work. It is my passion to do this. Keep in mind that I want these renovations to be historicaly accurate (stripping off vinyl siding, maintaining woodwork, etc...)

Man, those residential buildings and homes along East Blvd. and the other streets over there are amazing.

Off-hand, I think it sounds like a great idea.

Real estate is all about hitting at the right time and going with it...you can become very wealthy. Do your homework, know the area and councilman. Crime has been an issue in Cleveland for decades and Glenville in particular. A booming health-care and related businesses will attract much interest in University Circle and southern Glenville by its location.

If it doesn't work-out initially, use the Engineering degree (a great ''fall-back") and hold your properties until the market turns, it will.

[330to216]

Traveler,
Yes I'm having a blast. Cleveland is definitely a nice change from suburban Youngstown.

Kamms,
Thank you for the feedback. I'm glad that I'm not the only one who feels this is a good investment. Yes I'd like to make a living off of this, but I'm also doing it because of pride. Id like to see that entire area south of superior to be the next revitalized area, and I already see it happening (I jog over there and there are a lot of renovations and improvements already)