Release Date: November 14,2018
Cleveland-based developer to lead a $20 million dollar mixed-use renovation of historic downtown Akron structure
The city of Akron announced a partnership with Weston on a mixed-use renovation of the historic CitiCenter Building in downtown Akron. The $20 million dollar project includes plans for 60 units of new market-rate apartments, 20,000 square feet of office, and 3,000 square feet of amenity space.
Established in 1972 by founder Anthony J. Asher, Weston brings 45 years of experience to the project. The company is a national leader in real estate development, owning and managing a diverse portfolio of more than 12 million square feet serving more than 500 tenants in Ohio and nine other states. Weston boasts an impressive track record of financing and completing large scale urban projects including parking facilities, industrial and commercial properties, and multifamily residential.
Joining Weston on the development team are Sandvick Architects, a respected leader in historic preservation architecture, and Akron-based Thomarios.
The development team intends to build a diverse financing package incorporating conventional loans, state and federal historic tax credits, owner equity, and use of the city’s 15-year residential tax abatement program.
The city has also committed to leasing the office space in the basement and first floor of the building. Additionally, the Akron Municipal Employees Credit Union will remain a tenant in newly renovated space.
“While staffing levels at the City have been reduced in the last ten years, the amount of space we own has not,” said Mayor Dan Horrigan. “This project allows the City to right-size our office space while gaining a fully renovated historic building in the heart of downtown. I’m thrilled to partner with a developer as skilled and progressive as Weston on such an important project. They bring a level of expertise, and a record of success, that is necessary to bring this building back to life.”
Ed Asher, president of business development for Weston, adds, “Interest in urban living has steadily increased over the last several years. The market for urban living in Akron is in the early stages. I see a lot of potential here. We look forward to partnering with the City to capitalize on this trend and to make Akron an even better place to live, work and play.”
“We are excited to be a part of the revitalization of the City of Akron,” said Paul Thomarios. “We look forward to partnering with the City, Weston, and Sandvick Architects for the benefit of the citizens of our great city.”