CLEVELAND-- Corner Alley Uptown at University Circle will be closing soon.
The company confirmed to FOX 8 News it will close its doors at the end of May, saying the nightspot was "far too large for the market."
Owner MRN released the following statement surrounding the closing:
"The Uptown development, completed in 2014, has been a tremendous success by almost every measure. Occupancy rates for both retail and residential units are consistently over ninety percent. Just as important for University Circle, Uptown proved that visionary large-scale projects could succeed, and many other such projects have followed, adding to the tremendous vitality in the area.
As with all developments, we have learned what works best for this site as time has gone on. While Uptown has been very successful, we found that Corner Alley Uptown was far too large for the market. Last fall we began seeking out opportunities that would allow us to divide the Corner Alley Uptown space into smaller units, to better match the success of the rest of Uptown. Today we are excited to announce that we already have generated strong leasing momentum for these prospective smaller units. We have a signed lease for a new taco and tequila restaurant, are on the verge of securing a lease for a national telecommunications company’s corporate store, and have a further signed letter of intent in place with a major international banking institution. We expect to announce additional tenants soon."
MRN says the closing of Corner Alley Uptown has no effect whatsoever on the downtown Corner Alley. "The downtown location remains the vibrant and successful anchor for East 4th as it has been for many years."
A shooting which happened outside Corner Alley Uptown in January had nothing to do with the company's decision to close. The company says the "unfortunate tragedy" had no impact on its decision-making.