$50 Million Mixed-Use Development Under Way

CLEVELAND — Officials at Cleveland State University broke ground on the campus’ new $50 million mixed-use community — the largest residential development to come to the city in more than 30 years.

The Campus Village, developed by Gates Mills, Ohio-based Polaris Real Estate Equities and Indianapolis-based Buckingham Cos., will feature nine buildings, 300 market-rate apartments, residential amenities and 9,000 square feet of retail space.

The development’s “modern lifestyle” design expects to draw young professionals, alumni and graduate students interested in living downtown and near a campus community, according to university officials.

Ronald Berkman, President of Cleveland State University, said the development was exciting for both the university and the City of Cleveland.

“This is a significant step in our ongoing process of creating a vibrant campus neighborhood,” he said. “With 600 additional residents in the area, there will be a new energy on campus that will spark additional development throughout the surrounding area.”

Buckingham Cos. joined Polaris on the project earlier this year and will serve as the construction manager and the property manager after completion.

“It is our hope that the Campus Village will be the catalyst for further investment in the neighborhood’s vibrancy and re-development,” said Rob Martinson, development manager for Buckingham.

Completion of the first construction phase is expected by fall of 2012 and the second phase should be completed by fall of 2013.

Cleveland State University is a public research institution and serves more than 17,000 students within its eight colleges and 200 academic programs.