CLEVELAND, Ohio - The city's first new high-rise apartment tower in more than 40 years will start inching skyward this summer, with money in place and site preparations under way.

First Interstate Properties, Ltd., and Petros Development Corp., a team of local developers, closed on financing May 27 for One University Circle, a $116 million project scheduled to open in spring 2018. Workers quickly demolished the former Children's Museum of Cleveland buildings on the high-profile site, at Euclid Avenue, Stokes Boulevard and Stearns Road.

Vertical construction should be visible in August, said Mitchell Schneider, president of Lyndhurst-based First Interstate.

Fueled by seemingly ceaseless demand from renters, developers and major property owners in Cleveland have unveiled plans for all sorts of newly built projects. But few of them actually have put shovelsbefore a Thursday afternoon ceremonial groundbreaking for One University Circle. "I think there's a growing market that's going to continue."

But, he conceded, going from concept to construction is no small feat.

"It ain't easy," Petros said of securing financing and pushing forward. "It takes a lot."

One University Circle will house 280 apartments, from a 540-square-foot studio to a 2,700-square-foot penthouse. Schneider won't disclose rental rates yet.

"The rents are going to be what the market will bear," he said, "and we anticipate being around the top of the market, because we believe that the building will be unmatched in terms of quality and lifestyle experience in the Cleveland, Ohio, marketplace."

The 20-story building will include a parking garage, concierge services, a fitness center, an outdoor swimming pool and a sky lounge