By Stephanie Warsmith
Beacon Journal staff writer
POSTED: 12:22 p.m. EST, Feb 23, 2011
More housing — for University of Akron students and downtown workers — soon will be built in downtown Akron, Mayor Don Plusquellic announced today.
The $12 million, five-story apartment building will be built on the site of the former Parrish McIntyre tire store at Cedar and Main streets. It will be across from a 468-unit student housing and retail complex at 22 E. Exchange Street spearheaded by the same developer.
''This is another example of the city working with private developers to create new job and new housing opportunities,'' Plusquellic, who is on a trip to Israel, said in a news release. ''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 new development, which will be called 401 Lofts, will offer 200 apartments — both two-bedroom and studio or loft-style. It also will have a swimming pool and parking for more than 100 cars, said Martin Mehall, the developer.
The city began clearing the Parrish McIntyre property in February — an expense that will be reimbursed by Mehall. Construction is expected to begin in March.
Mehall will buy the property from Akron and the city will pay for public improvements around the site using tax-increment financing.
Stephanie Warsmith can be reached at 330-996-3705 or swarsmith@thebeaconjournal.com.
