The 401 Lofts to House 300+
Published: Wednesday, February 23, 2011
Construction of a new $12 million five story apartment building on South Main Street will bring new jobs and new residents to Downtown Akron, Mayor Don Plusquellic announced today.
The “401 Lofts” building on the site of the former Parrish McIntyre Tire store will offer more than 200 apartment suites - primarily for University of Akron students, but also for people who work Downtown or in the Biomedical Corridor. The more than 300 new residents will further enliven the south end of Downtown.
“This is another example of the city working with private developers to create new job and new housing opportunities,” said Mayor Plusquellic. “We have already seen the impact that first-rate student housing on Main Street has on the emergence of new retail businesses, which also translates to new jobs.”
The 401 Lofts project is the third phase of a development by Richland Communities, which last year completed housing for 468 students at 22 East Exchange.
“401 Lofts will integrate nicely with surrounding properties,” said developer Martin Mehall from Richland Communities, Ltd. “The design and the materials to be used will complement the AES campus across Main Street and 22 Exchange across Cedar Street.”
The new development will have two-bedroom units and studio loft-style apartments, Mehall said, along with a swimming pool and parking for more than 100 cars.
Mehall developed the first two phases of new student housing - a $25 million project which first opened in the Fall of 2009, with occupancy of all suites completed in the Fall of 2010.
The 22 Exchange development also houses Brubaker’s Pub and Jimmy John’s Gourmet Sandwiches. Another developer, Jeff Lorenzo is presently building out 8,000 square feet of previously undeveloped retail space in the Richland building at the corner of Main and Exchange. His company, Club 349 LLC is investing over a million dollars in “ZAR,” which will be a 2-story nightclub appealing to young professionals, and is expected to open in the summer of 2011.
“More than $40 million will have been invested in these two developments by the end of the year,” Plusquellic said. “When you add-up the jobs that are being created including the construction work that will bring better than 100 jobs to the site, plus dozens of retail sales jobs that are perfect for college students - this is an expansion of employment that rewards our involvement in the project.”
The city began demolishing the Parrish McIntyre building in February, the cost of which will be reimbursed by the developer, and will complete demolition by the first of March.
Construction on the new project will began soon therafter The city acquired the site for land banking in 2008 in anticipation of finding a developer. Richland is buying the land from the city. Akron will also construct the public improvements around the site, which will be paid for with tax-increment financing over a period of years.
