News & Events
Article From: Cleveland Business Journal
By: Mary Vanac
GREATER CLEVELAND PARTNERSHIP-BACKED PROJECT BEGINS LEASING RETAIL, OFFICE SPACE
A live-work-play project in downtown Akron in which the Greater Cleveland Partnership has invested has started leasing 40,000 square feet of retail and office space, some of which faces the Ohio and Erie Canal.
The project marks the first time the GCP has invested in a project outside Cleveland and Cuyahoga County and it could deliver $245 million in economic impact and more than 2,000 jobs.
“The Bowery project is indeed catalytic and will be the keystone project for all future downtown Akron development,” said Akron Mayor Dan Horrigan, in a statement.
Started in November 2018, the $42 million Bowery District project redeveloped, restored and rehabilitated six historic — and long vacant — buildings on South Main Street as a mixed-use residential, retail and office complex.
As long as things return to normal as planned and attitudes toward urban living survive this historic episode, that is. If so, it may even present the city some opportunities.
The COVID-19 crisis has downtown Akron, like a lot of city centers, virtually shuttered. But at least the shutdown is occurring when the core of the city was already hobbled by a massive construction project on Main Street, said the builder spearheading downtown’s $42 million Bowery Project, which now sits behind orange barrels on Main Street.
“Developers working Downtown Akron’s Bowery Project expect residents will be able to move into apartments in the renovated bank building starting Oct. 1.
It’s the first phase of a mixed-use project expected to add jobs in construction, legal services and retail…”
Posted Nov 28, 2019 at 7:31 PM
“The Bowery redevelopment project intended to revitalize a prominent part of downtown Akron made it to the Thanksgiving finish line — with some pieces not quite over that line just yet.
Most of the six downtown buildings have met their major construction deadlines…”
Welty/Bowery Development Group
Via Vera Group
Welty Building Company Releases Bowery Project Economic Impact Report: $245 Million and more than 2,000 Jobs in Summit County over 20 years
“September 19, 2019 – Akron, OH – Welty Building Company, the City of Akron, and the Bowery Development Group announced today the exciting results of the Economic Impact Report for the Bowery Project. The Bowery will generate $245 million in economic impact and more than 2,000 jobs in Summit County over 20 years, with $44 million and 400 jobs created during the first five years…”
“When Don Taylor, head of Welty Building Co., envisions the late fall completion of the $42 million Bowery redevelopment in downtown Akron, he’s not quite sure which metaphor he should use.
It will be like going from watching black-and-white TV to color, he said, or seeing a caterpillar that has turned into a butterfly.”