July 30, 2010

Uptown “Shovel Ready” with $44.5 Million

Construction begins on Aug. 2

Case Western Reserve University, MRN, Ltd and University Circle Inc. announced today that the first phase of Uptown, a mixed-use residential and retail project at the intersection of Euclid Avenue and Mayfield Road, will begin on Aug. 2.

Uptown has closed $44.5 million financing from private and public sources to complete phase one of the project, including 102 housing units and 56,000 square feet of retail, restaurants and entertainment.

This project continues its momentum with the recent announcements regarding the engagement of Field Operations, an international landscape architect firm, to design a plan for the public spaces of the Uptown including the plaza and entertainment street. In addition, the Museum of Contemporary Art (MOCA), recently unveiled its design by London-based Foreign Office Architects and its decision to relocate at the intersection of Mayfield and Euclid, the gateway for this project.

“Uptown will enhance the vibrancy of University Circle and engage the greater community,” said Barbara R. Snyder, president of Case Western Reserve University. “John Wheeler, our senior vice president for administration, and Russell Berusch, vice president for commercial real estate, deserve much of the credit as they have remained committed and provided the support in bringing this project to the exciting milestone of breaking ground.”

MRN, Ltd., the lead developer of Uptown and the developer of East 4th Street in downtown Cleveland, has commissioned Stanley Saitowitz/Natoma Architects, one of the country’s foremost designers of modernist buildings, to oversee the design of the first two buildings at Uptown.

The retail portion of Uptown will be anchored by a two-story Barnes & Noble bookstore a commitment by Case Western Reserve University. MRN also is in discussions with leading restauranteurs and specialty retailers to be a part of the project.

“I am excited that we will be putting a shovel in the ground” said Ari Maron, partner of MRN. “This project demonstrates the ability of many diverse organizations to come together for the purpose of not only a significant development, but this region’s future. I am extremely grateful for the investment and vision of our funders including: Key Bank, First Merit Bank, the City of Cleveland, Cleveland Development Advisors, the Cleveland Foundation, the Enterprise Foundation, the George Gund Foundation and Village Capital Corporation.”

Uptown is anchored on one end by The Cleveland Institute of Art’s Joseph McCullough Center for the Visual Arts and its proposed addition designed by Burt Hill and Dutch firm MVRDV. Located on the other end of the corner of Euclid and Mayfield, is the proposed new home of MOCA Cleveland and their project designed by London-based Foreign Office Architects.

“Uptown brings together some of the most exciting and engaging architecture happening anywhere,” said Chris Ronayne, President of UCI. “This will be a top-quality development where people can live, work, play and learn. I want to thank everyone involved for helping to make this exciting project a reality.”

Go online for more information about Uptown.

Posted by: Kimyette Finley, July 30, 2010 08:55 AM | News Topics: Administration, Cleveland, University Circle

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