Akron: Downtown: Bowery Project

[KJP]

Mayor Horrigan introduced legislation for renovation of the Historic Landmark Building into mixed-use development:

http://www.akronohio.gov/cms/news/a786e93ab30869c5/index.html

 

 

 

[yanni_gogolak]

New proposal could breathe life into Akron's Landmark Building

November 28, 2016

By Dan Shingler

 

Akron's historic Landmark Building might soon get a $33 million face-lift that would convert the former savings and loan headquarters into a mixed-use development.

 

Akron mayor Dan Horrigan has introduced legislation to city council's planning committee to authorize the sale of the building, along with some others on Main Street, his office announced on Monday, Nov. 28.

 

http://www.crainscleveland.com/article/20161128/NEWS/161129851/new-proposal-could-breathe-life-into-akrons-landmark-building

 

 

 

Also, there is another deal in the works to bring another substantial housing project downtown.

[yanni_gogolak]

City settles two big development deals

By Doug Livingston

Published: December 5, 2016 - 08:30 PM

 

The second development before the council Monday involved the selling of six downtown properties to the Bowery Development Group, which includes two developers and an array of consultants and investors.

 

Leading the planning are Geis Cos. of Streetsboro and the DeHoff Development Co. of North Canton.

 

http://www.ohio.com/news/local/city-settles-two-big-development-deals-1.731687#

 

 

[yanni_gogolak]

 

[X]

Very Riverwalk-esque!

[Dougal]

Very Riverwalk-esque!

 

Frederick, Maryland's Carroll Creek Park is a nice model for Akron to look at - minimal budget, maximal impact. They took a flood-prone industrial "sewer" and made it an attraction.

 

https://www.washingtonpost.com/news/going-out-guide/wp/2015/04/17/street-smart-carroll-creek-park-frederick-md/?utm_term=.b1413cc3eb1d

[yanni_gogolak]

Very Riverwalk-esque!

 

Frederick, Maryland's Carroll Creek Park is a nice model for Akron to look at - minimal budget, maximal impact. They took a flood-prone industrial "sewer" and made it an attraction.

 

https://www.washingtonpost.com/news/going-out-guide/wp/2015/04/17/street-smart-carroll-creek-park-frederick-md/?utm_term=.b1413cc3eb1d

 

The infrastructure is already there and looks great. I don't see how retail would work though as there is not near enough foot traffic to support it and it's sunken down from street level. It's a pretty picture, but I would be willing to put a few bucks on it that it will amount to more than that.

Here's some coverage of the recent improvements which was adding lighting, movable furniture and they will hold more events in the space. They are looking at adding some containers with food retailers as well.

http://www.cleveland.com/akron/index.ssf/2016/11/akrons_lock_4_park_transformed.html

http://www.cleveland.com/akron/index.ssf/2016/11/harvest_fest_to_kick_off_publi.html

 

 

[LadyCle]

I can't believe how long this took to come to fruition. The city never should have sold the buildings in the first place for the amount that they did. If Main Street Partners LLC didn't have the funds to renovate, they shouldn't have accepted the deal. Those buildings have sat vacant for so long that more damage has been done to them by letting them sit / rot. I'm excited to see this deal come through! A former Akronite myself, I moved to Cleveland because Akron was lacking in the planning area... Cleveland has so much more to offer, and Akron is really late to the game.

[surfohio]

The pace of change in Akron is glacial.

[jeremyck01]

The pace of change in Akron is glacial.

 

Not as glacial now. The new mayor is a younger guy who gets it and he has surrounded himself with others who get it. Good things are in the future for Akron.

[yanni_gogolak]

I can't believe how long this took to come to fruition. The city never should have sold the buildings in the first place for the amount that they did. If Main Street Partners LLC didn't have the funds to renovate, they shouldn't have accepted the deal. Those buildings have sat vacant for so long that more damage has been done to them by letting them sit / rot. I'm excited to see this deal come through! A former Akronite myself, I moved to Cleveland because Akron was lacking in the planning area... Cleveland has so much more to offer, and Akron is really late to the game.

 

Two things:

1. The former Mayor, while did do a lot for starting to turn Downtown, also liked to play developer and scratch backs.

2. The buildings were originally sold in Jan. of 2008. I think we know what happened to the market around that time. It took the new Mayor to finally push some legal decisions on the property owners.

[MuRrAy HiLL]

Six building project.

 

Akron's Bowery project moves forward with $5 million in historic tax credits

BY JENNIFER CONN, AKRON REPORTER, CLEVELAND.COM jconnCleveland[/member].com

 

AKRON, Ohio - Akron's Bowery project, formerly the Lock 4 redevelopment, is progressing toward reality with more than $5 million in Ohio Historic Preservation Tax Credits.

 

The $38 million project led by the Bowery Development Group -- DeHoff Development Co. working with the Welty Building Co. -- will redevelop the historic 12-story Landmark building and five smaller retail buildings on Main Street next to the Akron Civic Theatre into a block of retail and office space with residential housing above. Four of the six buildings received the historic credits.

 

http://www.cleveland.com/akron/index.ssf/2017/06/akrons_bowery_project_moves_fo.html

[NorthShore647]

Downtown Akron’s Bowery Project expected to generate $245 million in economic impact over 20 years, study finds

 

"Among the report’s findings, every dollar invested into the $42 million project will result in $6 in economic impact. “The findings of this study verify what we have been saying from day one: the Bowery Project is a truly catalytic endeavor that will help usher in the next wave of private investment in downtown Akron,” Mayor Dan Horrigan said. “Better yet, we can expect to see substantial benefits to the community within the next five years, which is even sooner than we could have hoped.”

 

Link: https://www.cleveland.com/business/2019/09/downtown-akrons-bowery-project-expected-to-generate-245-million-in-economic-impact-over-20-years-study-finds.html

[marty15]

$6 for every $1?  What kind of accounting magic is that?

[yanni_gogolak]

On 9/21/2019 at 6:58 PM, marty15 said:

$6 for every $1?  What kind of accounting magic is that?

What do you mean? They have provided the report publicly.

Among the report’s findings, every dollar invested into the $42 million project will result in $6 in economic impact.

 

https://thinkwelty.com/Akron+Bowery+Economic+Impact+Study

[marty15]

It’s nonsense. Think they just adjusted the $1 for the next 20 years of inflation. $6 dollars in 2039 will probably go as far a $1 today. Now that makes sense. 

[cadmen]

^ It's not nonsense it's simple economics. It refers to the concept that when dollar x is invested in a development by a government agency then x additional dollars are pumped into the area by ancillary private developers. Ex: public dollars invested into the Gateway sports facilities followed by additional private investment in the surrounding neighborhood or public dollars invested in a convention center followed by private dollars invested to build hotels, apartments, restaurants etc. 

 

Now that's not to say that EVERY investment by government in economic development will generate additional public investment. It's simply that each project has to be viewed individually. Some produce way more in additional private development and some don't. 

 

[KJP]

Usually the economic multiplier is 3-to-1 or even 4-to-1. Six-to-1 is pretty extravagant. I hope it's accurate.

[yanni_gogolak]

On 10/3/2019 at 11:17 AM, KJP said:

Usually the economic multiplier is 3-to-1 or even 4-to-1. Six-to-1 is pretty extravagant. I hope it's accurate.

 

There has not been any private investment in Downtown like this yet. Akron has been very slow to get to the development levels that Cleveland has.

[ASPhotoman]

Some updated pics I took last week. The interiors of these buildings are looking so great! Can't wait to see what businesses go in.

 

[ASP1984]

20 hours ago, ASPhotoman said:

Some updated pics I took last week. The interiors of these buildings are looking so great! Can't wait to see what businesses go in.

 

Being from Akron, and having spent a ton of time up and down Main Street, it truly makes my heart happy to see these restored windows and lights coming from the inside instead of the plywood murals. *sigh*

Edited April 17, 2020 by X
Please don't quote large numbers of pictures.

[jeremyck01]

I love this project.

[ColDayMan]

Greater Cleveland Partnership-backed project begins leasing retail, office space

 

 

The live-work-play 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.

 

More below:

https://www.bizjournals.com/cleveland/news/2020/05/18/bowery-district.html

[audidave]

It sounds like Royal Docks is still part of this project.  I thought they had moved on. They are teasing at an opening date around early June. 

[ASPhotoman]

3 minutes ago, audidave said:

It sounds like Royal Docks is still part of this project.  I thought they had moved on. They are teasing at an opening date around early June. 

That'd be absolutely amazing. 

 

I don't mean to go off topic, but hopefully it's a quick answer. Does anyone know if the sewer project will help with the smell down at Lock4? Wasn't sure if they were somehow tied together. With all those new outside dining spaces down at Lock 4 the smell down there worries me a bit. 

[yanni_gogolak]

20 hours ago, audidave said:

It sounds like Royal Docks is still part of this project.  I thought they had moved on. They are teasing at an opening date around early June. 

 

That's great to hear. I thought it was reported that they had pulled out.

 

20 hours ago, ASPhotoman said:

That'd be absolutely amazing. 

 

I don't mean to go off topic, but hopefully it's a quick answer. Does anyone know if the sewer project will help with the smell down at Lock4? Wasn't sure if they were somehow tied together. With all those new outside dining spaces down at Lock 4 the smell down there worries me a bit. 

 

The smell is from the Canal. "They" (City & Ohio & Erie Canalway?) are aware of it and I thought they were trying to do something about it.

[audidave]

1 minute ago, yanni_gogolak said:

 

That's great to hear. I thought it was reported that they had pulled out.

There was a Beacon Journal article that was out 6-9 months ago that indicated Royal Docks was interested in opening a nano brewery in the Merriman Valley.  They were/are pursuing that with Crave.  I don’t know that it was mentioned they were pulling out of Bowery, but it left it open that they were expanding and were more pursuing the Valley. 
 

As an aside, interesting to note that Harry Buffalo and this new brewery will be in the potential open container district. The more old school bars of downtown 2 blocks away further down S Main st - Briccos, 69 taps, Brubakers, and 5-6 other bars and clubs that are in various states of shutdown are not part of the plan.  

[ASPhotoman]

21 minutes ago, yanni_gogolak said:

 

That's great to hear. I thought it was reported that they had pulled out.

 

 

The smell is from the Canal. "They" (City & Ohio & Erie Canalway?) are aware of it and I thought they were trying to do something about it.

Ah that's right. I'm hoping they do!

[audidave]

I popped into Royal Docks tonight and interrogated the bartenders. They are not opening a brewery in downtown Akron.  They are opening in North Canton somewhere. Oakwood square?  They did not know anything about the valley brewery either.  So the Foeder+kitchen will be open in early June in Stark county not in downtown Akron. Definitely a misunderstanding by the reporter. 

Edited May 24, 2020 by audidave

[yanni_gogolak]

On 5/23/2020 at 8:26 PM, audidave said:

I popped into Royal Docks tonight and interrogated the bartenders. They are not opening a brewery in downtown Akron.  They are opening in North Canton somewhere. Oakwood square?  They did not know anything about the valley brewery either.  So the Foeder+kitchen will be open in early June in Stark county not in downtown Akron. Definitely a misunderstanding by the reporter. 

 

[ASPhotoman]

Maybe the owner of Lock 15 could expand and do something up there... They already do a phenomenal job and I have no doubt they could develop another winner at Lock 4.

[yanni_gogolak]

May 16, 2021 04:00 AM updated 15 hours ago

Greater Akron's restaurant and retail market starts to perk up

Dan Shingler

 

Bowery District

While all neighborhoods are important, one area being watched closely is the Bowery District on Main Street.

Throughout 2020, the project's leader, Welty Building Co. CEO Don Taylor, had been reporting that while the Bowery's 92 apartments were leasing quickly, not a single bar, restaurant or other retailer had taken any of the project's roughly 40,000 square feet of retail space.

Now, Taylor says he's confident he'll soon be reporting several new tenants, including a major bar and restaurant for his largest single retail spot.

 

https://www.crainscleveland.com/real-estate/greater-akrons-restaurant-and-retail-market-starts-perk

[mrkpt]

There's a pop-up art gallery/museum opening in the first floor of the Bowery starting on 5/27.  Not a development per se, but a cool way of attracting interest in the space.  It's put on by Curated Storefront, an arts non-profit whose goal is development of downtown Akron.      

 

It's free but you have to sign up for a time slot:  https://www.eventbrite.com/e/clayton-baileys-world-of-wonders-opening-extravaganza-tickets-153861729575?aff=ebdsoporgprofile 

[NorthShore647]

Popular Akron eatery Crave to move to the Bowery development

Dan Shingler - Crain's Cleveland Business - Dec. 6, 2021

 

 

"The Bowery, Akron's flagship urban development and a linchpin of the city's strategy to rebuild its population and downtown economy, has landed its first major tenant. Meanwhile, what is perhaps downtown Akron's best-known restaurant, Crave, is expanding and moving to new digs. ... "We're shooting for April," said Aaron Hervey, Crave's chef, owner and the person who established the popular restaurant on East Market Street, a block from Main Street, in 2005. "Everybody's bursting to get out of their house in the spring, and I think it's going to be great." ... The new Crave also will be a bit more than a restaurant. It will help fulfill the Bowery's need to have a food market with a small market and grab-and-go food mart in the back, said Hervey and Taylor"

 

 

 

[yanni_gogolak]

Unfortunately I feel like this is a net don't fell there is an gain for Downtown. They are just moving to a different location that was not formerly occupied. Hopefully a new concept can move into their current space to keep that corner active. I feel it's the bright spot in Downtown currently.

[NEOBuckeye]

A net gain, or just breaking even? Feels more like the latter, since it's a relocation rather than an actual new addition to the Downtown scene. Good for the Bowery development, but a loss for the Main-Market district.

[jeremyck01]

7 hours ago, NEOBuckeye said:

A net gain, or just breaking even? Feels more like the latter, since it's a relocation rather than an actual new addition to the Downtown scene. Good for the Bowery development, but a loss for the Main-Market district.

This whole project is clearly a net gain even if the restaurant is moving from another downtown location. 

[yanni_gogolak]

21 hours ago, NEOBuckeye said:

A net gain, or just breaking even? Feels more like the latter, since it's a relocation rather than an actual new addition to the Downtown scene. Good for the Bowery development, but a loss for the Main-Market district.

Yes, that's what I meant to say.

[Gramarye]

For Downtown, I can see the no-net-gain view.

 

However, the Bowery streetfront space, considering both its proximity to the main entertainment draws of downtown (Civic Theatre, Lock 3, and Canal Park) and the main office center of downtown (Cascade Plaza), will be a more critical node in the fabric of downtown.  When people start returning to downtown office work in larger numbers, the Bowery space will let Crave draw a bigger lunchtime crowd, as in, reopen for lunch at all (it has not been open for lunch in a long time now, I don't think they ever tried reopening during lunch hours after the pandemic shutdown).

 

The Market & High space may have more car traffic visibility because of the number of cars that pass through that intersection, even with construction constricting everything.  But in terms of foot traffic, the Bowery is more central.  I'd rather have Crave there and let somewhere new take a chance at Market & High.

[Dblcut3]

I think this location will be better for them and will bring some life into this middle section of Downtown. As it stands now, Downtown Akron is basically two small entertainment districts on the north and south ends with a huge boring stretch of offices and such in between. I will say, the Main Street streetscaping project has done absolute wonders for Downtown both aesthetically and for walkability. It's crazy how much more pleasant it is Downtown now compared to even just 2019 when I went to school there.

 

I guess my point is that I'm just glad to see some commercial space in the Bowery project finally. If that middle part of Downtown around Bowery can become more vibrant, it will do wonders for making Downtown more cohesive. I'm sure something will take up the old space since there's been at least a couple new Downtown restaurants in the past couple years. That being said, it doesn't make me feel too confident since the Main/Market entertainment district is less healthy than the Main/Exchange one.