UC – One Univerisity Circle – Ohio - Project Profile
"UC – One Univerisity Circle – Ohio - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
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University Circle Inc. (UC) is undertaking the construction of a high-rise residential tower in Ohio, the US.
The project involves the construction of a 20-story residential tower on 0.52ha of land.
It will include the construction of 12 penthouses and 270 residential units, retail units, a fitness center, an indoor swimming pool, a parking facility and related facilities and the installation of elevators and safety systems.
On April 10, 2014, First Interstate Properties Ltd. and Petros Development Corp signed an agreement with UC for the development.
Dimit Architects has been appointed as architect and Panzica Construction as contractor.
In August 2015, First Interstate Properties and Petros Development submitted the planning application.
On September 5, 2015, UC secured early design approvals and conceptual approval from Cleveland City planning commission. Developers had to provide detailed presentations to the commission.
On February 11, 2016, the Cleveland-Cuyahoga County Port Authority approved a bond-financing deal. The port expects to issue up to US$80 million worth of bonds, which will be sold to a lender group led by First National Bank of Pennsylvania.
Cleveland City Council also approved a tax-increment financing deal that will divert a portion of new property-tax revenues created by the apartment building to paying off project debt during a 15-year stretch after the abatement period ends.
On June 9, 2016, groundbreaking ceremony held with the commencement of construction.
Construction works are underway and slated to be completed by 2018.
The One University Circle project involves the construction of a 20-story residential tower on 0.52ha land in Cleveland, Ohio, the US.
The US$116 million project includes the following:
1. Construction of 270 residential units
2. Construction of 12 penthouses
3. Construction of retail units
4. Construction of a fitness center
5. Construction of an indoor swimming pool
6. Construction of a parking facility
7. Construction of related facilities
8. Installation of elevators and safety systemsReasons To Buy