Circle 118: The Bold New Face of University Circle

University Circle is home to 20+ artistic and cultural venues, over 100 restaurants and dining options, one of the most idyllic urban parks in the state (Wade Oval), and it is visited by over 2.5 million people per year.

Sounds like a great place to live, right? Yet if you would like to buy a new home within the University Circle district, your options are comparatively few. While University Circle is surrounded by attractive, historic neighborhoods, there has been relatively little for-sale housing built within the Circle itself.

Until now.

WXZ Development recently announced plans to break ground on Circle 118, a new community of 17 townhomes, in the Fall of 2008. Located at the corner of Euclid Avenue and East 118th Street in University Circle, Circle 118 will serve as the first new community in University Circle in several years.

“University Circle is one of Northeast Ohio’s greatest success stories – the home of some of the greatest museums and cultural institutions in the world, and a place that is the second largest employment center in the city of Cleveland,” commented Keith Brown, President of Progressive Urban Real Estate, the marketing firm that represents Circle 118. “This project adds to University Circle’s strengths: it will help to satisfy pent-up demand for new housing in one of the most desirable neighborhoods in Cleveland.”

“Circle 118 is the bold new face of University Circle,” added Brown. The development is located within walking distance of all of University Circle’s amenities – including the Cleveland Museum of Art, Severance Hall, Case Western Reserve University, the Botanical Garden, and the Cleveland Museum of Natural History.

Circle 118 is a collection of 17 elegant, modern townhouses. Exterior features include red brick accentuated with bright blue and red panels that are constructed from recycled materials. The townhomes’ glass-filled corners will offer residents a view of bustling Euclid Avenue as well as the newly completed Euclid Corridor project. Residents will also enjoy three levels of outdoor space: a landscaped interior courtyard; a deck above the courtyard; and a third floor roof deck that functions as an outdoor living room.

Interior features of Circle 118 include a two car garage, first floor bonus room (facilitating a live-work lifestyle), an open great room and kitchen allowing maximum flexibility of space, and a bedroom level with either two bedrooms or two bedrooms and a den, depending upon the floor plan. Standard features include bamboo flooring, ceramic tile, energy-efficient windows, high-efficiency mechanical systems, and Energy Star appliances.

Pre-construction pricing starts in the low $300,000’s and every unit owner benefits from 15 year tax abatement. Key Bank is offering a reduced rate mortgage product that will save owners 1.5% interest on a 30-year loan.

Incentives are also available for University Circle employees through the Greater Circle Living Initiative. Full time employees at many UC institutions are eligible to receive up to $15,000 in forgivable loans through this innovative program.

For more information about exciting happenings in University Circle and the Greater Circle Living Initiative, check out www.universitycircle.org.