another big apt bldg announced for hot university circle —
AI Conceptual Render
June 18, 2025 05:50 AM
Broker envisions mid-rise residential tower in University Circle
DAN SHINGLER
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Rico Pietro, commercial real estate broker and principal with Cushman & Wakefield | CRESCO Real Estate, wants to develop an eight-story building in University Circle with up to 300 apartments, a potentially $100 mil project.
Pietro already owns the site, which currently is the home of Midwest Medical Transport at 10617 Cedar Ave (across the street from Skyline at Stokes).
Pietro said that while he’s open to a sale, he wants to develop it instead.
He's serious about developing it and already has started working with Geis.
“We’ve spent a lot of time and a lot of money figuring out what you could build with 80% of developers for this site,” Pietro said. “A mid-rise building is the just-right approach. It’s a project that’s affordable to build, is easy to underwrite, and it’s a project that will have the absorption a developer needs.”
Pietro is starting by finding potential development partners, investors and continuing to plan the project. He also wants to give his tenant time to plan, but to be ready when their current lease ends in five years.
more crains paywall:
https://www.crainscleveland.com/real...versity-circle