Signet to build offices near Main and Market
March 15, 2007
News Release, City of Akron
The City of Akron today entered into an agreement with Signet Enterprises to construct an office building and parking facility on South Main Street between the Federal Building and the Chase Building.
Outlined in a memorandum of understanding with the City, Signet plans to construct a three to five story structure occupying 50-100,000 square feet at a cost of roughly $10-$15 million. The parking deck, which will be constructed beneath and behind the office building is planned to accommodate approximately 1000 vehicles.
The Signet Building, as it is to be called, will be the new home of Signet Enterprises. The commercial real estate and venture capital firm has outgrown its current location in the Carnegie Building on East Market Street.
As part of the agreement, the City will buy the Carnegie Building from Signet, should the company not be able to sell it by the time it moves into the new development on Main Street. The City would purchase it for the same price it sold the building to Signet for after the Roetzel and Andress Law firm vacated to relocate on Main Street in the late 1990s.
"As Signet outgrew the Carnegie Building, some of its tenants had to move out and some left the city," said Mayor Don Plusquellic. "Signet could have done the same. We're very pleased they're staying here and expanding to provide even more jobs for Downtown Akron.
"The agreement also calls for the City to enter into a ground lease at a cost consistent with what other downtown parcels have sold for. Two of Signet's subsidiaries are Signet Development, which does commercial real estate, and Signet Industries, which is a venture capital firm. Each is in the top 25 firms of its type in Northeastern Ohio.
Signet Chairman Anthony Manna said, "We certainly wanted to make every effort to stay in Akron, and appreciate the work the City has done to help make this possible." Plans are for ground to be broken by this fall for the office building with completion scheduled by the fall of 2008.
Contact: Mark Williamson, Director of Communications, City of Akron willima@ci.akron.oh.us
