The Bowery project will revive the heart of downtown Akron through the redevelopment of six vacant buildings along 156-180 South Main Street, including the iconic Landmark Building as a bookend to the Northeast at Main and Bowery totaling 104,000 square feet.

Project Partners: Huntington National Bank, National Trust Community Investment Corporation, The Community Builders, City of Akron, Summit County, Citibank, Foss, Nationwide, The Knight Foundation, Development Finance Authority of Summit County

Project Details

Completed Under construction; 2019 completion
Location 156-180 South Main Street, Akron
Project Type Mixed-use; Renovation
Program 92 apartments; 40,000 SF commercial and civic space
Sponsor Bowery Development Group
CDA Investment $6 million NMTC allocation
Total Project Costs $41.5 million
Community Demographics Poverty Rate: 70.7%
Median Income: 26.5%
Unemployment Rate: 20.6%

Impact

  • Job Creation

    The project is expected to create 108 FTE positions.

  • Goods or Services to Low Income Community

    The project will increase the provision of commercial goods or services to residents of the Low Income Community by leasing to new or expanded commercial businesses. Commercial tenants include an 8,300 SF grocer.

  • Cultural Amenities to Low Income Community

    Akron Civic Theater provides significant programming and community events which are available and/or affordable to low income persons.

  • Healthy Food Financing

    The project will increase access to fresh and healthy food by providing tenant space for a full-service grocery store.

  • Diversity and Inclusion

    The project sponsor committed to construction participation goals for Minority and Female Businesses (MBE/FBE) as well as minority, female and City of Akron resident workers.

  • Affordable Housing Units

    23 of the apartments will be reserved for people with 80% AMI providing an affordable housing option.

  • Environmentally Sustainable Outcomes

    The project includes adaptive reuse and preservation of 6 historic buildings, stormwater management measures, and bike infrastructure.

  • Executed Community Benefits Agreement

    The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.

  • Advances Neighborhood Revitalization

    The Downtown Akron Vision and Redevelopment Plan identified the Bowery District as a top opportunity site and residential site for Downtown Akron. This project is expected to stimulate redevelopment in surrounding buildings and development sites.

  • New Public Space

    The Lock 4 Arcade will provide public events and public amenities.