Developers Plan to Break Ground This Fall of Phase I of Intesa
- May 10, 2014
In March 2012, University Circle Inc., a nonprofit corporation established in 1957, announced it had hired the Coral Co. of Cleveland and Panzica Construction Co. of Mayfield Village to develop the mixed-use Intesa, one of the largest such projects to be constructed in Cleveland’s University Circle neighborhood. Groundbreaking was scheduled for early 2013, but the project was delayed and many people started to wonder if it would ever happen. But its time has come.
The Cleveland Plain Dealer recently reported that after spending the past year renegotiating its deal with University Circle Inc. and redesigning the buildings, the development team plans to start work this autumn on the first phase of the project.
The Intesa will be developed on Lot 45, a surface parking lot with 200 spaces at the edge of University Circle and Little Italy, a crucial piece of real estate in University Circle. Originally, the project called for the construction of buildings ranging from eight to 12 stories, more than 100,000 square feet of offices, 96 apartments, retail, a 700-car garage and even student housing.
The reconfigured project features all the same elements, but the buildings have changed location on the site. The apartments will sit at Mayfield and Circle, the offices will move to the east and the parking garage to the north to make it more accessible from Euclid Avenue.
This fall, Coral and Panzica plan to start construction on almost 200 apartments as well as the 700-space parking garage. There will be a single residential tower, with three types of apartments: traditional apartments, micro-suites and 13 two-story, townhouse-style penthouses. Units will range in size from less than 300 square feet to 1,900 square feet, with rents going from $600 to $3,000 per month. The apartments and the parking garage are expected to open in the spring or summer of 2016. The 11-story office building will be constructed in the second phase of the project, once it has tenants lined up.
The award-winning Bialosky + Partners Architects designed the Intesa. The entire project is expected to cost between $100 million and $110 million.