Release Date: July 10,2025
City of Akron Completes Sale of CitiCenter Building to Welty Development Group
Akron, Ohio, July 10, 2025 — The City of Akron announced today the completion of the sale of the historic CitiCenter building to Welty Development Group. This iconic, 10-story Art Deco landmark was originally constructed in 1931 as a YWCA, later converted into mixed-use office space, and has been owned by the City since 1993. The building will now take on an ambitious new chapter as a fully restored 116-unit residential community. The historic reuse project aligns closely with the Downtown Akron Partnership–led Vision and Redevelopment Plan, which aims to add 1,200 residential units and grow the downtown population to 5,000 by 2030.
"This completed sale is a significant step towards new jobs, increased income tax revenues, greater tourism, higher population in the core of our city, and a renewed sense of energy and pride in Akron," said Akron Mayor Shammas Malik. "This addresses a key initiative under our Working Together strategy to help support redevelopment of specific downtown assets to drive residential growth, commercial occupancy, and hospitality. This is an exciting moment for our entire city."
After Akron Public Utilities relocated in 2017, CitiCenter has been largely vacant, prompting renewed efforts toward redevelopment. Following an RFP process, Welty was selected in July of 2023. The project leverages a mix of state and federal historic tax credits, opportunity zone incentives, and local support from the City of Akron.
Increasing residential density in the core of downtown is essential to transforming Akron into a truly 24/7 neighborhood where life extends well beyond business hours. A robust residential base fosters consistent foot traffic throughout the day, benefiting retailers, restaurants, and service businesses.
“By preserving historic architecture and adding apartments in the CitiCenter, Welty will not only preserve an important part of Akron’s history, but also help create a resilient, active, and economically thriving downtown,” said Welty Chairman and CEO Don Taylor. “We expect the project to generate more than 500 jobs and $77 million in economic activity within the first five years. Over 20 years, it is projected to support 1,200+ jobs and contribute more than $178 million to the local economy.”
A vibrant downtown core drives the identity of the city and generates substantial economic impact in a dense, efficient handful of streets. Mixed-use, higher-density developments yield significantly more tax revenue per acre to support city-wide services and provide downtown living that is key to talent attraction and retention and reversing population decline.
Complementary to the successful Bowery project which opened in late 2019, Welty’s plan for CitiCenter includes one-, two-bedroom, and studio apartments, and amenities such as plans for an outdoor dog area for exercising the development’s canine residents. Located at 146 S. High Street, CitiCenter is within walking distance of key downtown institutions like the University of Akron, Akron Art Museum, and Bounce Innovation Hub allowing for a car-free, walkable, and amenity-rich downtown living experience in the heart of Akron.