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Wednesday marked the official groundbreaking for the development of the long-awaited U-Square at the Loop, located between Calhoun and
McMillan streets.

Bordering the Southwestern gateway of the University of Cincinnati, the $78 million residential and commercial development will transform the vacant plot of land into a vibrant addition to the uptown area.

“This is the beginning of the fulfillment of a dream,” said Towne Properties managing partner Arn Bortz. “This has been a long and winding road to get to this point in the project.”

In financial partnership with Clifton Heights Community Urban Redevelopment Corporation (CHCURC), New Market Tax Credit financing and the City of Cincinnati, Towne Properties and Al. Neyer Inc. have begun construction on the 4.2-acre site.

The space will be comprised of 80,000 square feet of restaurant and retail businesses, 40,000 square feet of office space, 161 residential units, two structured parking garages and 100 hotel rooms.

The urban complex will be a beneficial enhancement for the UC community, said UC President Gregory Williams.

“With enrollment now standing at 42,400 students — the largest we’ve ever had — this is going to be a very special place for the University of Cincinnati,” Williams said. “It will allow us to do things in the lives of students, faculty and staff that is going to be totally unlimited.”

Initially planned nearly a decade ago, Jim Neyer — executive vice president of Al. Neyer, Inc, project co-developer — compared the tumultuous journey of development to the Rolling Stones hit, “Can’t Get No Satisfaction.”

The funding, construction and collaboration to create the urban place has been an incredibly difficult equation to solve,
Neyer said.

“Today is the proclamation that we can get satisfaction,” Neyer said. “Today, we have met the needs of the community with a partnership that is collaborating to bring together a project that is everyone’s hope and desire.”

The first phase, costing approximately $50 million, will incorporate the retail, apartment and parking garage components of the plan. Opening of the retail space is slated for March 17, 2013, including a lineup of potential retailers such as Qdoba,SmashBurger and Noodles & Company.

The market-rate apartments will be available for the 2013-14
academic year.

“U-Square will truly be a transformative project for Uptown Cincinnati,” said CEO of Uptown Consortium, Beth Robinson. “This project will solidify the role of Uptown as an exciting place to be for dining, entertainment and a place to come experience a young, innovative and dynamic urban environment.”