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Redevelop Key Downtown Properties

Description

Support the redevelopment of challenging downtown properties to drive residential growth, commercial occupancy, and hospitality, with a focus on hotel development near the convention center.

Why is This Important

Vacant and underused buildings hold back downtown's potential. By actively supporting redevelopment through financing tools, technical assistance, and strategic partnerships, the City is turning legacy properties into assets that attract residents, workers, and visitors.

Initiative Wins

  • Supported GPD Group's acquisition of Buildings 24, 25, and Spaghetti Warehouse in 2025, establishing their Akron headquarters campus and adding 150 jobs.

  • Supported the sale of five key downtown properties for redevelopment in 2025: 1 Cascade, 123 Bartges, Quaker Square, CitiCenter, and FirstEnergy Building (50 S Main).

  • Supported redevelopment financing efforts in 2025 through actions such as supporting ODOD brownfield applications for CitiCentre and Quaker Square developments and supporting Historic Tax Credit applications for CitiCentre and The Goodrich developments.

  • Supported collaboratively-funded hospitality study in 2025 to inform hotel development in downtown.

  • Created a downtown commercial tenant attraction program and unified parking discount program for City-owned parking decks.

Impact Spotlight

What We’ve Done This Quarter

  • Finalized an agreement with the University of Akron to support renovation of the Polsky Building.

  • Attracted Buckingham, Doolittle & Burroughs' headquarters to the AES building downtown in 2026, bringing 70 jobs to downtown Akron by Fall 2026.

  • Millenium Capital expanded downtown footprint with an additional 120 employees.

What We’re Working on Next Quarter

  • Advancing CitiCenter, 123 Bartges, Akron Beacon Journal, and The Goodrich properties from "pipeline" to "construction" stage in the residential redevelopment process in coordination with respective developers.

  • Advancing Quaker Square property from "pipeline" to "construction" stage in the commercial/mixed-use redevelopment process in coordination with the respective developers.

  • Evaluating 70 N Broadway redevelopment feasibility with a developer that responded to our RFP regarding redevelopment of the former APS headquarters.

  • Assisting with redevelopment of the University of Akron’s Polsky Building to make the western frontage more appealing and accessible to the public.