O'Neil says he's put millions into building
By Katie Byard
Beacon Journal staff writer
Published on Saturday, Jul 04, 2009
Developer Jeffrey O'Neil said his purchase 10 years ago of one of Akron's grandest buildings — the old Masonic Temple downtown — was ''a charity thing more than a business opportunity.''
Passionate about preservation of unique structures, O'Neil wanted to see the 1917 building — now called Greystone — preserved, not torn down or partitioned into offices.
Now, facing a loss in investments amid the weak economy, O'Neil is cutting his ties to the building at Mill and High streets, across from the John S. Knight Center.
City officials said this week that management of the building will be turned over to the convention center.
O'Neil had sold the seven-story building — chock-full of marble, plaster and wood craftsmanship — to the city in 2001.
But the switch was intended to be temporary — a way of financing improvements. O'Neil was leasing the building back with the intent to rebuy it.
O'Neil, son of former General Tire Chairman M.G. O'Neil, said the downturn in the stock market has derailed those plans.
He's glad the city has found a new manager.
''The good part of this is the city will be able to keep the
building up and assure its preservation,'' he said from his home in Santa Barbara, Calif.
Susan Hamo, president of the Akron-Summit Convention and Visitors Bureau, said in a news release that she envisions the Greystone building being used for overflow meeting space, receptions, weddings and other events.
The bureau operates the city-built convention center.
The building's Mill Street level contains retail space occupied by Carmen photography and the Beauty Lounge, a hair salon. These businesses are expected to remain tenants, the city said.
The bulk of the building has had minimal use since early 2008. That was when Greystone Caterers, which had leased the building from O'Neil, ceased business.
O'Neil's involvement with the building at 103 S. High St. dates to 1999. He purchased it from the Masons for $1.075 million and began renovations, keeping the high ceilings, ballroom and various decorative features intact.
In 2001, the city bought the building from O'Neil for $2.6 million as a form of a loan and structured a 15-year lease deal for him. After paying off the 15-year lease, O'Neil was to be given ownership.
''It's been restored now and it's worth a lot more than the city has in it,'' said O'Neil, who figures he invested more than $5 million in modernizing and restoring the building.
The building was designed by Akron's Harpster & Bliss, whose accomplishments include schools and churches in the area, in addition to the University Club.
O'Neil said he will remain involved in downtown Akron, retaining ownership of properties on Main Street.
Those buildings are at Main and Exchange streets (home of Bricco restaurant), 374 S. Main St. (DaVinci's pizza) and 326 S. Main St. (a former bank that is now vacant).
O'Neil said a Thai restaurant is scheduled to open soon in the 326 S. Main building.
