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Akron Approves Downtown Development Deal

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  Published in Politics and Government on Tuesday, February 10th 2026 at 3:06 GMT by WKYC
      Locales: Ohio, UNITED STATES

Akron, Ohio - February 10th, 2026 - The Akron City Council concluded its 2025 session Monday night by approving a pivotal development agreement that promises to reshape a key section of downtown. The project, spearheaded by Rise3 Development, will transform the block at 500-520 S. Main St. into a vibrant mixed-use hub featuring apartments, retail spaces, and a much-needed parking structure.

The approval culminates nearly a year of intense discussion, negotiation, and community engagement, highlighting a new era of collaborative development within the city. The project wasn't simply rubber-stamped; rather, it underwent significant revisions based on feedback from Akron residents, demonstrating a commitment from both the council and Rise3 to create a development that benefits the entire community.

A Multi-Faceted Project to Address Downtown Needs

The planned development aims to address several pressing needs in Akron's burgeoning downtown core. The project boasts 124 apartments, offering much-needed housing options, particularly appealing to young professionals and those seeking a walkable urban lifestyle. Alongside the residential units, 14,432 square feet of retail space is envisioned, potentially attracting new businesses and enhancing the area's commercial vitality. Critically, the inclusion of a 375-space parking deck will alleviate the ongoing parking challenges that have long plagued the downtown area, a recurring concern voiced by both residents and business owners.

"This project is about more than just bricks and mortar," stated Councilwoman Sarah Miller after the vote. "It's about investing in the future of our downtown, creating a welcoming and vibrant space for people to live, work, and play. The concessions made throughout the process reflect our commitment to responsible development that prioritizes the needs of our community."

Financial Incentives and Community Benefits

The agreement includes a tax increment financing (TIF) package totaling up to $6.2 million over a 20-year period. This TIF will be used to fund essential infrastructure improvements surrounding the site, ensuring the development integrates seamlessly with the existing urban fabric. While TIFs are often subject to scrutiny, city officials maintain that this investment is justified by the long-term economic benefits the project is expected to generate, including increased property tax revenue and job creation.

However, the city didn't simply offer financial incentives without demanding reciprocal benefits. Rise3 Development committed to incorporating a public art component into the design, enriching the aesthetic appeal of the development and fostering a sense of place. Furthermore, they agreed to contribute to a dedicated city fund specifically earmarked for affordable housing initiatives, addressing a critical need within the city and ensuring a broader range of residents can benefit from the downtown revitalization.

Responding to Community Concerns

The path to approval wasn't without its hurdles. Numerous community meetings were held to gather feedback from residents, who raised valid concerns regarding potential increases in traffic congestion, limited parking availability, and the overall character of the downtown area. Rise3 Development and the city council responded thoughtfully, making several key modifications to the original plan.

One of the most significant changes was a reduction in the building's height, addressing concerns about the project overwhelming the surrounding historic structures. Additionally, the developers agreed to increase the amount of green space incorporated into the design, creating a more pedestrian-friendly and aesthetically pleasing environment. These alterations demonstrate a willingness to listen to the community and prioritize their input, fostering a sense of ownership and shared responsibility for the project's success.

Funding and Next Steps

Rise3 Development now turns its attention to securing the necessary funding to bring the project to fruition. The company plans to pursue a multi-faceted financing strategy, combining private investment with applications for low-income housing tax credits. The use of tax credits will not only help finance the project but also ensure a portion of the apartments are designated as affordable housing, further aligning the development with the city's broader goals.

Construction is tentatively scheduled to begin in the spring of 2027, with an estimated completion date in late 2028. This project represents a significant step forward in Akron's ongoing efforts to revitalize its downtown, fostering a vibrant and sustainable urban center that attracts residents, businesses, and visitors alike. The success of this project will undoubtedly serve as a model for future development initiatives within the city.