Monday, June 12, 2017

Centric: Transit-oriented development in University Circle

Panzica Construction took to Twitter last week to brag about its latest project, a 272-unit apartment complex colocated with the Little Italy RTA station.

Formerly known as the "Lot 45 project," this project replaces a the eponymous CWRU/CIA parking lot that separates Little Italy from University Circle. The seven-story, mixed-use building will include streetfront retail, covered parking, and a rooftop patio. Perhaps the most important part of this building is its direct connection to the rapid-transit station that was recently relocated to Mayfield Road from East 120th Street, where it stood disused and neglected. This project will be one of the most ambitious deployments of transit-oriented development in the state once finished.

Once finished, the $70 million project expects to rent at $2.25 per square foot. The author happens to believe that this is very optimistic given the rapidity of apartment development in the immediate area, but things must need to be said in order to secure financing. We welcome the addition of new development to tie the community together.

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