May 18, 20169 yr I know I am beating a dead horse but UCI really dropped the ball when they selected the developer for this project. Such a prime parcel and now it is not going to look much different than its bland neighbors built more than 30 years ago.
September 11, 20168 yr I have heard from good sources that this project is alive and close to closing on financing.... we shall see
September 11, 20168 yr ^This is sweet news; let's hope the financing closes soon and the complex can break ground. This would be one of Cleveland's more visible, recent TOD projects and really serve as the glue to bind Uptown to Little Italy.... The silence surrounding this project has had me worried it might not materialize.
November 2, 20168 yr Movement.... http://planning.city.cleveland.oh.us/designreview/drcagenda/2016/11042016/index.php Ordinance No. xxx-16(Ward 6/Councilmember Mitchell): Authorizing the Director of Economic Development to enter into the chain-of-title for certain properties associated with the Centric development for the purpose of entering into a non-school Tax Increment Finance agreement with Midwest Development Partners, LLC or its designee. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 23, 20168 yr Just saw an email: November 30, lot 45 will close permanently for the beginning of construction on the centric development.
November 23, 20168 yr Just saw an email: November 30, lot 45 will close permanently for the beginning of construction on the centric development. Outstanding!
November 30, 20168 yr Went by this a.m. Still a parking lot....though I'm not sure if it was to close today or today was the final day of parking.
December 9, 20168 yr Latest word is that there is finally going to be some movement on this project next week
December 19, 20168 yr Just curious as I am not in the area, but have they fenced off the parking lot yet? Reading about the development happening over in Little Italy (Mayfield Station) had me thinking when this was going to actually start or at least some movement. This entire area is really starting to take off, and it's nice to see some development happening next to a redone rapid station.
December 22, 20168 yr http://realestate.cleveland.com/realestate-news/2016/12/centric_project_in_university.html "After five years of planning, several redesigns, logistical snarls and a reconfiguration of the development team, a large apartment project finally is moving forward where University Circle meets Little Italy. A financing deal closed this week for Centric, a $70-plus million investment that will add 272 apartments, 27,000 square feet of commercial space, a 360-space parking garage and two-thirds of an acre of public green space to the city's arts, educational and medical district."
December 22, 20168 yr An "average rental rate of $2.25 per square foot"? No wonder their financing was much more simplified than what we're used to in Cleveland. I hope that means good things for the much larger UC3 development. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 23, 20168 yr Centric is moving finally forward after financing has been nailed down. This, about one week after another, smaller yet substantial apartment building before the CPC set to move forward on the other side of the Little Italy-UC Rapid station -- both representing badly-needed, important TODs in a city whose rail system has been struggling to spawn them... ... add to this the fact that the Indians just landed one of the top power hitters in the MLB in Edwin Encarnacion ... all in all, some cool, early Christmas/Hanukkah presents for the Forest City.
December 28, 20168 yr http://realestate.cleveland.com/realestate-news/2016/12/centric_project_in_university.html "After five years of planning, several redesigns, logistical snarls and a reconfiguration of the development team, a large apartment project finally is moving forward where University Circle meets Little Italy. A financing deal closed this week for Centric, a $70-plus million investment that will add 272 apartments, 27,000 square feet of commercial space, a 360-space parking garage and two-thirds of an acre of public green space to the city's arts, educational and medical district." Some national love.... Berkadia Secures $50M Financing for Cleveland Project by Laura Calugar DEC 27 2016 Cleveland—Berkadia recently announced that it has arranged a $50 million loan for Centric Apartments, a new community in the Cleveland Heights submarket. The deal was completed on December 20th and the loan was secured from Related Fund Management. The borrower was Midwest Development Partners LLC, based in Shaker Heights, Ohio. The non-recourse construction loan features a three-year, interest only initial term, with two one-year extension options. Centric Apartments will be located at 11601 Mayfield Road in University Circle, the city’s arts, educational and medical hub. The property is directly adjacent to the Little Italy-University Circle RTA light-rail station. It will comprise 272 units, 27,000 square feet of commercial space, a 360-space parking garage and two-thirds of an acre of public green space. The property is being developed by Midwest Development Partners, Coral Co. and Panzica Construction Co. MORE: https://www.multihousingnews.com/post/berkadia-secures-50m-financing-for-cleveland-project/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 29, 20168 yr OK, so Centric got financing.... So everything re Centric/formerly Intesa is 'locked', including final design approval from CPC, and that we're looking at shovels going into the ground soon (Jan or Feb)?
December 29, 20168 yr Everything is set. Fencing is up. Lot is closed. If shovels aren't in the ground already, they will be in days. It's a go.
December 30, 20168 yr Ready to put shovels in the ground for Centric. Although the sign still says Intesa.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 31, 20168 yr Ready to put shovels in the ground for Centric. Although the sign still says Intesa.... So does the heading of this thread.
February 20, 20178 yr Was there an official groundbreaking? The weedy parking lot has disappeared into dirt and there are a earth movers on site.
March 25, 20178 yr It sure felt like Spring Friday evening, so I figured I would stroll down to Centric and see what's sprouting out of the ground. :-)
April 11, 20178 yr Die, parking lots! Die! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 4, 20178 yr Two pics from the west and east ends of the Centric project earlier this weekend. The ground floor appears to be completely built out. One interesting note, at least for me--the pylons and foundation work extend all the way to the train tracks and west end of RTA's Little Italy Transit Station. Will the project eliminate the portion of West 117th Street just north of Mayfield Road?
June 4, 20178 yr Yes, and be replaced with a newly built West 115th Street. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 9, 20178 yr From Panzica's twitter account: Centric is on the rise in @inthecircle ! 272 unit apartment & retail complex coming in 2018! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 10, 20178 yr I spoke with someone on the inside with Peter Rubin's Coral Group. According to him this project has been stalled for over a month. A lot of financing is contingent upon construction deadlines and they have not been met. He doesn't know when construction will re-start.
June 10, 20178 yr I can directly refute this claim with 100% accuracy. I will not go into detail, but this project is still going full steam.
June 10, 20178 yr Having had some encounters with the Coral Group and properties it still owns, and others it has sold off or allowed to go into foreclosure, I will say the Coral Group has a reputation problem in some of the communities it has properties, and personally am not confident of it being the co. developing the Centric project.
June 10, 20178 yr I thought Midwest is now taking the lead on this project? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 10, 20178 yr According to my source Midwest is the problem. Just someone driveby next week. There is nothing happening. I drove-by on 5/23 and that picture posted the other day is about the same of what I saw on that day.
June 12, 20178 yr I happen to drive by the project site today about 2:30 p.m. There was activity but my quick glance only revealed about 7-8 workers on site and they were hard to detect. At this stage I would have expected many more workers.
June 15, 20177 yr There's activity. My mom lives in Abington Arms, which is right outside of this project (in fact it took over half their parking lot and those "older" folks are HOTT...lol! But I digress...seeing this project regularly I can say there is progress. In fact work on the 2nd floor has begun. I can't speak to the project timeline and if there supposed to be further along, but visually I see progress week to week every Sunday when I pick mom up for church.
June 16, 20177 yr A couple of my pictures from today.... And I intentionally showed in the above pictures that it is next to this..... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 23, 20177 yr Once again I spoke with someone with the Coral Group and he says that this project has all but stalled. Minimal activity going on.
June 23, 20177 yr It has not stalled. NRP will be managing the property once complete. Their target lease-up date still remains the same.
June 23, 20177 yr I'm hearing such conflicting things about this. I've heard there was some kind of huge mess involving permits and property ownership. I hope that's wrong though.
June 23, 20177 yr I'm hearing such conflicting things about this. I've heard there was some kind of huge mess involving permits and property ownership. I hope that's wrong though. Makes it difficult to explain the construction workers laboring there every day. You can't see them unless you get up high, such as I did when I went to the top level of the UH parking deck across Mayfield and took photos. I posted one of them above. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 23, 20177 yr Midwest Development Partners is leading this project now - no longer Coral. They took over from Coral when Centric replaced Intesa. Coral still has an ownership stake though, along with Panzica, but just how involved are they with the construction now? Based on all their false promises before, I don't really believe anything I hear from Coral. KJP's photos of construction progress and workers seem like more trustworthy sources.
July 7, 20177 yr And I can confirm from my own eyes yesterday (around 1:30pm) this whole site was swarming with construction workers and heavy machinery in motion. I personally feel this one is going up pretty quickly, considering how large it is and that its been all steel and concrete thus far (unlike Detroit/25 which is moving much faster, but is wood above the first floor).
July 25, 20177 yr Panzica Construction @panzicaconst 42m42 minutes ago Team Panzica taking in the view from 3rd floor at Centric! #ClevelandRising @inthecircle #LittleItaly
September 4, 20177 yr Two from the past week, as seen from the Little Italy-University Circle Red Line station.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20177 yr Tremont Athletic Club to open 9200sqft space at Centric. http://www.cleveland.com/business/index.ssf/2017/09/tremont_athletic_club_to_open.html#incart_river_home
September 13, 20177 yr The Picture that KJP posted from Panzica's Twitter shows that this entire building is post-tensioned concrete. Think Parking garage design standards. I'm really surprised by that, but happy to see they went with that type of design. I think back to when Stonebridge was built with all light gauge steel. Much different construction standard here.
September 13, 20177 yr The 1st floor is concrete, but the upper levels are certainly wood construction.
September 13, 20177 yr The Picture that KJP posted from Panzica's Twitter shows that this entire building is post-tensioned concrete. Think Parking garage design standards. I'm really surprised by that, but happy to see they went with that type of design. I think back to when Stonebridge was built with all light gauge steel. Much different construction standard here. I didn't post that. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 13, 20177 yr The 1st floor is concrete, but the upper levels are certainly wood construction. I'm no construction expert, by any means, but this seems to be a consistent method of framing living spaces in multi-unit residential buildings. Euclid 116, which recently opened their student apts around the corner, and the Van Aken Center residences going up, are using a similar method. The outer shell of these buildings, however, are sheathed in concrete, steel and often brick.
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