The 1565 E 118th St deconstruction was one of five structures, including 1561 E 118th St, 1571 E 118th St, 1575 E 118th St and 1573 E 118th St, cleared to make way for a new University Circle townhouse development. The project, called the University Place Townhomes, is in reaction to the growing demand for housing in this unique area of Cleveland.
Though many developers in the neighborhood are focused on apartments, Bluewater Capital Partners believes there is demand for new for-sale housing. This rendering depicts the western face of the townhouses from the far side of East 118th.
By focusing on for-sale housing, the leaders of Bluewater are taking a contrarian stance. The schools and hospitals in University Circle drive steady demand for apartments for researchers, doctors and students on several-years stints in the city. And apartments are easier to finance.
With the housing market improving, a few developers are speculating about condominiums. Still, everything under construction in University Circle, including two East 118th projects set to open in August and early 2014, is aimed at renters.