Akron’s CitiCenter Building Sold for Residential Revamp, Aims to Catalyze Downtown Revitalization

The landscape of downtown Akron is set to witness a transformation with the recent sale of the CitiCenter building. The City of Akron finalized the deal with Welty Development Group, which is poised to convert the historic 10-story Art Deco edifice into a 116-unit residential community. Situated at 146 S. High Street, this landmark has a storied past, initially serving as a YWCA upon its 1931 construction before morphing into various uses over the decades, notably a mixed-use office space. The city had maintained ownership since 1993, but now the building is bound for a residential revamp, aligned with the Downtown Akron Partnership-led Vision and Redevelopment Plan that targets a downtown population boost to 5,000 by 2030.

This development comes as a strategic move that is expected not just to convert the vacant CitiCenter, but also to broadly energize Akron’s core, with Mayor Shammas Malik stating, “This completed sale is a significant step towards new jobs, increased income tax revenues, greater tourism, higher population in the core of our city, and a renewed sense of energy and pride in Akron.” The city, keen to reverse decline and stimulate more life after hours, views increasing residential density downtown as key to a vibrant neighborhood that supports local businesses.

Welty Development Group, chosen after a Request for Proposals sometime in July 2023, is undertaking the project with a mix of funding sources, including state and federal historic tax credits, opportunity zone incentives, and local support. The sale and ensuing development of the building came after Akron Public Utilities vacated the space in 2017, rendering it essentially useless…

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