Friday, August 6, 2010

More Development Breaking Ground in University Circle

After decades of discussions and nearly five years of planning, a developer finally is ready to build homes, stores and restaurants along Euclid Avenue in University Circle.

MRN Ltd. closed July 29, 2010 on its financing and plans to break ground Monday August 2, 2010 for the $44.5 million first phase of its long-anticipated Uptown project. Two buildings, comprising 102 apartments over retail space, will sit at the heart of $300 million-plus in ongoing and planned development radiating from Euclid at Mayfield Road. The apartments will replace a dusty parking lot and a dingy shopping strip at East 115th Street, across from the expanding Cleveland Institute of Art.


MRN, the development arm of the Maron family, turned East Fourth Street into an entertainment district. The Marons also are reviving the old United Bank Building in Ohio City, near the West Side Market, and turning the imposing Tudor Arms building at Carnegie Avenue and East 107th Street into a Doubletree hotel.


At Uptown, the Marons plan to build apartments aimed at nurses, doctors, graduate students and professors. A Barnes & Noble bookstore and other, unidentified businesses will fill the ground floor of the building north of Euclid, while restaurants ranging from quick food to fine dining will line the south side of the avenue. The Marons envision tucking an entertainment alley between that building existing residential towers owned by CWRU.

To read the entire article click HERE

For more information call Jen Zelko at 440.749.0546

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