The sale is complete. Akron’s CitiCenter building at 146 S. High Street now belongs to Welty Development Group.
The 10-story Art Deco building was originally built in 1931 for the Young Women’s Christian Association, later becoming mixed-use office space. It’s been owned by the city since 1993.
Now, it’s going to become a “fully restored 116-unit residential community,” the city said in a July 10 news release.
The development will cost nearly $35 million, Welty Building Co. CEO Donzell Taylor previously told the Beacon Journal.
Welty’s plan for CitiCenter includes one-, two-bedroom, and studio apartments, and amenities such as plans for an outdoor dog area for exercising the development’s canine residents, according to the city.
The city said the project aligns with the “Downtown Akron Partnership–led Vision and Redevelopment Plan,” which aims to add 1,200 residential units and grow the downtown population to 5,000 by 2030.
Akron sells CitiCenter for reduced price of $769,210
Akron City Council voted unanimously on May 5 to reduce the price of the building from $1 million to $769,210 in the sale to Welty Building Co. subsidiary Welty Development. The price reduction came after a water leak caused “damage to some historically relevant building elements, including portions of plaster work and/or moldings,” according to the ordinance.
“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,” Akron Mayor Shammas Malik said. “This addresses a key initiative under our Working Together strategy to help support redevelopment of specific downtown assets to drive residential growth, commercial occupancy, and hospitality. This is an exciting moment for our entire city.”
Why did Akron sell the CitiCenter building?
After Akron Public Utilities relocated in 2017, CitiCenter has been largely vacant, prompting renewed efforts toward redevelopment. Following an request for proposals process, Welty was selected in July of 2023. The project leverages a mix of state and federal historic tax credits, opportunity zone incentives, and local support from the city.
According to the city, drawing more people downtown to live “is essential to transforming Akron into a truly 24/7 neighborhood where life extends well beyond business hours,” benefiting retailers, restaurrants and service businesses.
“By preserving historic architecture and adding apartments in the CitiCenter, Welty will not only preserve an important part of Akron’s history, but also help create a resilient, active, and economically thriving downtown,” Welty Chairman and CEO Don Taylor said. “We expect the project to generate more than 500 jobs and $77 million in economic activity within the first five years. Over 20 years, it is projected to support 1,200+ jobs and contribute more than $178 million to the local economy.”
Contact reporter Derek Kreider at DKreider@Gannett.com or 330-541-9413.
This article originally appeared on Akron Beacon Journal: Akron completes sale of CitiCenter. What’s next for downtown Akron building?
Reporting by Derek Kreider, Akron Beacon Journal / Akron Beacon Journal
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