Feature
University Square takes shopping to a new level
by Rich
University Square may be relatively new to the community of suburban Cleveland, OH, but the 611,500 sq.ft. shopping destination is swaggering into town to flaunt a state-of-the-art, four-level vertical power center with three anchors.
University Square’s four-level, classical-design
will provide retailers streetfront exposure.
The center’s developer and owner, Starwood Wasserman, LLC, created the 12-acre
classically-designed complex to replace a 40-year-old marketplace known as
Kaufmann’s-on-the-Heights, a stand-alone store that previously occupied the
entire space. University Square opened phase one of the project on March 8, 2002
with a 165,200 sq.ft. Kaufmann’s at the intersection of Warrensville and Cedar
Roads, which has an average daily traffic count of 30,000 vehicles. Phase two of
the project is scheduled to open in March, 2003 with a 164,600 sq.ft. Target and
a 58,000 sq.ft. Tops Supermarket as the co-anchors.
Unlike most traditional big box power centers, University Square will present a
more urban streetscape appearance with the combination of a brick, stucco and
glass facade accentuated with towers, faux columns, roof articulation and
classical entrances. The design of the buildings will incorporate elements from
nearby John Carrol University and Cleveland’s downtown Warehouse District.
Tops Supermarkets, which specializes in catering and on-site baking, has its own
level and is accessible from the ground floor in the parking garage, while
Kaufmann’s, a leading retail department store, occupies the first and second
levels. Target, the main anchor, will have garage access from the third floor
and its main entrance on the fourth level. In addition to the three anchors,
University Square will feature an array of retailers, including T.J. Maxx,
Famous Footwear, Key Bank, and some yet-to-be-announced restaurants and
boutiques. Store entrances with the retailer’s signage will provide streetfront
exposure for tenants.
A 2,500-car, five-level parking garage with elevator access to the anchors will
give customers the luxury of shopping different tiers without the need to move
their vehicles. The parking facility has also been designed with a speed ramp
system for easy access to all levels. Cleveland-Cuyahoga County Port
Authority-issued revenue bonds for the parking garage as a public improvement,
with Fleet National Bank as the lead construction lender.
While the center will provide a convenient shopping experience, it is also being
designed with the surrounding residences in mind. Area demographics include a
population of 425,500 within five miles earning $60,059 as the average household
income. The aesthetically-pleasing landscaped grounds will serve as a buffer to
the neighboring community, while enhancing the look of the entire complex.
Well-lit walkways will give customers safe and easy access from store to store
and throughout the parking garages. A video monitoring and security system,
designed with help from the local police department, has already been installed.
The company did not release the rents, CAM or taxes.
The center’s management team is actively marketing the center through local
events, including the University Heights Road Race.
The company cites its nearby competition as the Cedar Center, an established
strip shopping center, and Beachwood Place, an upscale complex anchored by
Nordstrom, Saks 5th Avenue and Dillard’s.
Starwood-Wasserman LLC was founded in 1962 in Providence, RI by Bernard
Wasserman. In its 40-year history, Starwood-Wasserman has developed a
significant portfolio of commercial real estate holdings across the United
States. The company’s portfolio includes interests in retail properties,
industrial/warehouse buildings and office buildings, with 21 major projects in
CA, FL, MA, MI, OH and RI.
For more information, contact Lawrence Platt, Starwood-Wasserman, One Park Row,
Providence, RI 02903; 401-274-5700, Fax 401-223-RENT; Email: 1platt@starwass.com;
Web site: www.starwass.com