Release Date: June 13,2024
Ohio Senate Approves $2.5M for Cascade Plaza
Total investment now at $5M for downtown redevelopment
Akron, Ohio, June 13, 2024 — Earlier this week, the Ohio Senate voted to pass Senate Bill 288 which outlines $350 million in investments to projects throughout Ohio. This bill includes $2.5 million earmarked for the Cascade Plaza redevelopment. This is in addition to the $2.5 million already passed for the project by the Ohio House of Representatives in February bringing the total investment to $5 million. This funding supports the redevelopment of Cascade Plaza through repairs to the Cascade parking structure which sits beneath four tower buildings on the downtown plaza.
Akron’s application was supported by a number of community stakeholders, including the University of Akron, Akron Energy Systems, the County of Summit, Huntington Bank, Akron Children's Hospital, Testa Companies, Downtown Akron Partnership, OKSK, LLC, Akron RubberDucks, the Greater Akron Chamber, Summa Hospital, the Akron Art Museum, PNC Bank, Development Finance Authority, Summa Hospital, and Akron/Summit Convention and Visitors Bureau.
The bill also outlines investment into other Akron area projects including:
- Akron Children’s Medina Health Center, $1.4M
- Akron-Canton Airport West Side Development for Aeronautic Activity, $3.2M
- Akron Art Museum, $2M
- Akron Zoo Veterinary Hospital, $1.75M
- Akron Community Health Center Addiction One Campus Expansion, $1.25M
- Akron Urban League Building Improvements, $400,000
- Summit County Mobile Medical Project, $1M
- Middle School Trades Education Center in Summit County, $750,000
- Summit County Fairgrounds New Agriculture Center, $600,000
According to Senator Vernon Sykes, this project meets the special fund's objective to invest in innovative and/or transformational projects that will maximize community development.
"The development of Cascade Plaza exceeds this objective," says Senator Vernon Sykes via the Akron Beacon Journal. "Its rehabilitation will provide infrastructure that will prove instrumental in the future development of our central business district.”
“I am delighted to see that the City of Akron is receiving this crucial funding to redevelop the Cascade Plaza. As Downtown Akron continues to experience revitalization, this project will help the entire region prosper and grow,” says Senator Kristina Roegner in a statement to the Akron Beacon Journal.
“I want to thank all of our community partners and our area legislators including Senator Vernon Sykes and Senator Kristina Roegner for their support of this much needed investment,” said Mayor Malik. “For Akron, this funding represents a significant investment in downtown redevelopment as we expand residential and retail uses, while maintaining and growing commercial office usage. The public parking at the Plaza efficiently provides parking for a number of offices, residential buildings, and also cultural amenities like Knight Stage, Civic Theatre, Lock 3, Cascade Plaza and Main Street festivals, because of its location underground. The deck provides space for density to help downtown feel more lively and accessible. By making needed improvements to the deck, it will enhance its efficiency and experience. This will allow us to continue supporting growth, activity, and density in this critical corridor of downtown."