Case purchasing Triangle property
University hires VP for Commercial Development in major step toward creating retail, residential “College Town” at Ford/Mayfield/Euclid intersection
December 29, 2004 | For more information: Jeff Bendix (216)-368-6070
 Case Western Reserve University is taking a giant step toward its goal of creating the best “college town” in America by purchasing the property known as the Triangle at the intersection of Mayfield and Euclid avenues.
The purchase includes two apartment buildings, two commercial structures and a parking lot. Case is also acquiring the approximately four acres of land on which the buildings are situated. The university is purchasing the land from University Circle Inc. and the buildings from Associated Estates Realty Corporation.
“This investment in our campus and our community has been discussed for years,” said Case President Edward M. Hundert, M.D. “Case is now taking multiple bold steps to invest in our city, and we are particularly excited about moving forward with our vision of creating a complex with retail amenities and residential options superior to those found adjacent to any other campus in the country.”
Case also has named Russell Berusch the university’s first vice president for commercial development. Berusch, senior vice president for real estate at Neighborhood Progress Inc., will join Case February 14 and lead the university’s efforts to develop the college town area and enliven other areas around the university. At NPI, Mr. Berusch has developed, along with community and private partners, ten catalytic housing and retail projects. "I am thrilled to join Case as it makes this kind of bold investment in its campus and its community," Mr. Berusch said.
Hossein Sadid, Case’s Chief Financial and Administrative Officer emphasized the role of the partnership: “Through this transaction, the university is proud to strengthen its collaborations with neighboring organizations and to continue building new partnerships. By bringing on board someone with Russell’s expertise, Case will have a perfect point person to collaborate with UCI and other Circle institutions,” he added. Terri Hamilton Brown, President of University Circle Incorporated commented: “Case’s acquisition of the Triangle enhances our ability to develop University Circle into a premier urban district.”
The purchase by Case of the Triangle land and properties comes on the heels of the first phase of construction by Case on the nearby $126 million North Residential Village (NRV) project. With thousands of Case students soon to be living in the district, the goal is to create a highly attractive extended residential and retail environment in the center of Case’s campus, just blocks from many of the diverse neighborhoods and cultural institutions that will benefit from the “college town” and that make University Circle so unique.
When completed in August 2005, the first phase of the NRV will include seven new residence houses contained in six buildings, a 1,200-car parking garage, a new field house, new locker rooms, a new track, an athletic field that will be used for varsity football and soccer and new baseball and softball fields. The complex is bordered by East 118th Street on the east, East 115th Street on the west, Wade Park Avenue on the north and Bellflower Road on the south.
The NRV, along with the developing plans for the Ford, Euclid and Mayfield intersection, are part of Case's master plan, which includes not only new research and educational facilities on other parts of the campus, but a vibrant “college town” in the Triangle district, with the goal of providing the best quality of student life of any university in America.
About Case Western Reserve University
Case is among the nation's leading research institutions. Founded in 1826
and shaped by the unique merger of the Case Institute of Technology and Western
Reserve University, Case is distinguished by its strengths in education, research,
service, and experiential learning. Located in Cleveland, Case offers nationally
recognized programs in the Arts and Sciences, Dental Medicine, Engineering,
Law, Management, Medicine, Nursing, and Social Work. http://www.case.edu.
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