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12-15-06
HISTORIC PRESERVATION DOWNTOWN
NEW RETAIL, ENTERTAINMENT, RESIDENTIAL
Mayor Don Plusquellic today announced a $15 million development plan that in the first of two phases would rehabilitate six historic properties on South Main Street.
The City of Akron has entered into a letter of understanding with Main Street Partners LLC to bring a mixed-use project that would neighbor the Akron Civic Theatre. “We’ve taken time to look at many options for the property around Lock 3 over the last several years,” said the Mayor, “and we are pleased that so much of the built legacy of Downtown Akron will be preserved in this project, which for the first time in more than 40 years, will add new retail and entertainment venues to this part of South Main Street.”
Plusquellic also noted that in addition to the construction employment that will be created by the project, the development will provide a significant number of new jobs at restaurants, clubs, and other retail operations. The new amenities provided by the project will also serve other businesses downtown - -still Summit County’s largest employment center.
Main Street Partners LLC is comprised of BTE Enterprises Co. and TerreMark Partners of Atlanta. “We are delighted that after months of planning and research, “ Plusquellic said, “ that a development team has emerged with an innovative financial plan that will allow this project to go forward.”
Main Street Partners LLC will rely heavily on historic tax credits to finance the project at 164-186 South Main Street. The properties between the Akron Civic Theatre and the Landmark Building include the venerable Whitelaw’s building which dates to 1895 and was continuously operated as a saloon for more than 100 years. The developers’ vision for an urban retail and entertainment center utilizes the rejuvenated Civic Theatre as an anchor. It is already listed on the National Register of Historic Places.
For its part under the letter of understanding, the City of Akron will be responsible for the environmental remediation and cleanup of the properties which is expected to get underway early in 2007 and be completed by summer, at a cost of $468,000. Legislation to authorize the expenditure is being presented to Akron City Council Monday, December 18.
Beginning in February, the City will also begin demolition of the parking garage on Bowery Street adjacent to the Landmark building, opening up a portion of the Ohio & Erie Canal for the first time in more than a century. Main Street Partners proposes using the lower levels of the rehabilitated buildings as walk-out areas at the canal level to serve customers at restaurants and clubs.
From the Main Street development team, Jack Crews, president of BTE Enterprises Co. said, “This is an appealing blend of Akron’s heritage with new and exciting uses.” The mixed-use plan for the six properties includes retail, office space and up to 33 new residential units on upper levels of the properties.
TerreMark Partners president Craig Kaser says, “By bringing an entertainment theme to the Akron properties, we will create a thriving urban neighborhood in an underutilized area.” Kaser’s prior experience includes successful projects in Austin, Texas and Charlottesville, Virginia as well as the revitalized East 4th Street neighborhood in downtown Cleveland.
Under the agreement with Main Street Partners, the developers will also have the right to construct a second phase of the project by purchasing the Landmark Building from the City, which would be then converted into 44 additional market-rate apartments.
The Mayor said that the City continues to develop a master plan for the remaining areas of the block around Lock 3, bounded by Main, Bowery and State streets. The City completed the $1 million construction of an outdoor park at Lock 3 in 2003, which in the summer includes a concert pavilion and in the winter doubles as an ice rink.
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