{"id":1004053111,"date":"2012-03-11T20:26:05","date_gmt":"2012-03-12T04:26:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=38773"},"modified":"2022-12-04T23:12:59","modified_gmt":"2022-12-05T07:12:59","slug":"university-circle-plans-100m-tech-office-and-apartment-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/university-circle-plans-100m-tech-office-and-apartment-complex\/","title":{"rendered":"University Circle Plans $100M Tech, Office and Apartment Complex"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/p>\n

Lot 45, a surface parking lot with 200 \"\"<\/a><\/em>parking spaces, sits today at the edge of University <\/em>Circle and Little Italy, a crucial piece of real estate in one of Cleveland\u2019s most important neighborhoods. Starting next year, however, a more than $100 million project could turn it <\/em>all into a hub for technology companies, offices, apartments and a 700-car garage.<\/p>\n

Spread across 2.2 acres off Mayfield Road, north of Circle Drive, the project would be one of the largest in University Circle. University Circle Inc., a nonprofit corporation established in 1957, owns 1.8 acres of the 2.2-acre site. It has hired the Coral Co. of Cleveland and <\/em>Panzica Construction Co. of Mayfield Village to develop the project.<\/p>\n

As Cleveland\u2019s Little Italy is ranked among the top 10 Little Italies in America, the project received the name Intesa. It means \u201dunderstanding\u201d or \u201daccord\u201d in Italian. It will feature <\/em>buildings ranging from eight to 12 stories, more than 100,000 square feet of offices, 96 apartments and even student housing.<\/p>\n

The buildings would share retail and space for start-up companies on the first and second floors. Offices and apartments would be situated on the higher floors. The lack of office <\/em>buildings in University Circle could work in favor of Intesa, as many companies would not pass up the opportunity to work in such a vigorous neighborhood.<\/p>\n

Coral and Panzica have 12 months to secure major tenants and financing. The developers <\/em>will bring $30 million to the project. The two companies are trying to attract the expanding Cleveland Institute of Art, which is looking for new housing for its students.<\/em><\/p>\n

Bialosky + Partners Architects, an award-winning architectural\u00a0firm based in Cleveland and New York City, is the project architect. If construction starts in early 2013, Intesa is <\/em>expected to open in 2015.<\/p>\n

Image courtesy of Bialosky<\/em><\/em> + Partners Architects.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Adrian Maties, Associate Editor
\nLot 45, a surface parking lot with 200 parking spaces, sits today at the edge of University Circle and Little Italy, a crucial piece of real estate in one of Cleveland\u2019s most important neighborhoods. 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