Historic Tax Credits
$6.7 Million Federal
New Markets Tax Credits
$10 Million
Total Development Cost
$41.5 Million
Project Partner
Brokaw Development
Impact
Job Creation/Retention, and more.
History
Akron's South Main Street Historic District
The Bowery project consists of six previously city-owned buildings along Akron’s downtown corridor. Among them stands the 158-foot-tall Landmark Building at the corner of Main and Bowery, which opened in 1923 as the Akron Savings & Loan Company. One of the more prominent buildings in the district, it was designed by New York architect Alfred Hopkins, who at the time was primarily known for his economical, yet complex approach to architecture, as well as his specialization in farming complexes. The buildings are located at the center of Akron’s South Main Street Historic District and played a major role in establishing the area as Akron’s primary commercial district – particularly in the rubber industry. The city of Akron was the birthplace of Goodrich, Firestone, and General Tire.
The other buildings included in the revitalization project consist of various historic shops and office buildings that once housed furniture showrooms, doctors, and jewelers, but have since sat vacant for over two decades. The Akron Civic Theater, located a few doors down from the Landmark Building, was the blocks only heartbeat for nearly twenty years.
Revitalization Efforts
Activating Akron
This catalytic, mixed-use project features 92 mixed-income apartments, office space for local businesses, and over 39,000 square feet of storefront and commercial space, much of which was pre-leased prior to closing. The buildings are connected and have access to an adjacent parking structure owned by the city. Among the new tenants of the Bowery project is a local fresh food grocer and café that occupies 8,400 square feet of space.
The Akron Civic Theater, known as the “Jewel on Main Street” also played a significant role in the redevelopment. They leased 7,127 square feet of space from the development for a new box office, offices, space for small community events, and additional theatre space for small-scale performances.
In an effort to continue the activation of Akron’s Main Street, the City of Akron also used a portion of the development to create an indoor promenade connecting Main Street to the Lock 4 Park on the canal level behind the Bowery. The promenade features pop up retail spaces and community events and encourages pedestrians to take advantage of the scenic canal, which has also seen recent revitalization.
Community Impact
Lifting Up a Community
The downtown corridor of Akron has suffered considerable disinvestment for decades and is one of the most important components to the Downtown Akron Vision and Redevelopment 10-year action plan, which was created in collaboration with the city and community residents. Residents and officials have long identified the need for jobs, access to healthy food, and affordable housing as a top priority. The Bowery project addresses all these issues while eliminating blight and spurring additional revitalization for the historic Main Street of Akron.
The project is located in a severely distressed low-income area suffering from high unemployment and poverty rates. To support the availability of affordable housing in the area, the Bowery project dedicated 23 of the available rental units to low-income individuals and families (80% AMI). To ensure the inclusion of healthy food, the development team leased a significant portion of the commercial space to a local fresh food grocer. Before this project, downtown Akron had no substantial grocer to support local residents and was considered a food desert.
10-Year Action Plan
for Downtown Akron
39,000 Square Feet
of Commercial Space
23
Low-Income Apartments
92
Mixed-Income Apartments
NTCIC & Progress
Economic Impact
The Bowery was made possible, in part, by NTCIC through an equity investment in the $6.7 million in federal Historic Tax Credits (HTC) generated by the project as well as a $10 million New Markets Tax Credit (NMTC) allocation.
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