Akron Redevelopment Attracts Japanese Developer

The University Park Alliance's vision for Akron is to develop a diverse, walkable urban neighborhood, and capture the economic synergy of the area's anchor institutions -- the University of Akron, Summa Health System, Akron General Hospital, Akron Children's Hospital, Leggett and Mason Elementary Schools, Akron Stem Middle School, and the Austen Bio-Innovation Institute. The Crossroads District is rendered here. Source: University Park Alliance / Akron Tomorrow

Last spring the University Park Alliance (UPA) showed off its master plan for redevelopment of 50 city blocks around the University of Akron and surrounding downtown areas. The plan, developed with cooperation with the university, business partners and city and county government, divided the area into four districts of downtown along three major roads - Market, Exchange and Main streets.

UPA has now entered in a ''master services agreement'' partnership with the real estate firm KUD International, giving KUD responsibility for developing a portion of the projects outlined by the plan. KUD is known for its work on sports stadiums and aquariums. The partnership also allows KUD, whose parent company is Kajima Corp. of Japan, to work on financial and other resource issues to help local and other developers secure financing and reduce risk.

''Anytime a community can attract a major, well-known successful developer, it says something,'' said Akron Mayor Don Plusquellic. ''It's a good message that gets out not only locally, but in the development community across the country. This must be a good place, or they wouldn't invest their money or be interested.''