Akron landmark will become a hotel

Akron landmark will become a hotel

This article is shared from Crain’s Cleveland Business: https://www.crainscleveland.com/article/20180320/news/155551/akron-landmark-will-become-hotel

An affiliate of the Development Financing Authority of Summit County is lending $1.28 million to a developer who intends to turn downtown Akron’s United Building into a $10 million, 71-room boutique hotel in Akron’s Main/Market Streets Historic Arts district.

The loan was made through the Akron Community Revitalization Fund (ACRF), which is capitalized by local philanthropies, corporations and individuals. The ACRF was established to assist with financing important community and economic development projects.

The developer is the Riley Hotel Group of Medina, which will also manage the hotel. Riley Hospitality has hotel properties in several states. Its website lists 11 boutique hotels in Michigan and Key West, Fla., and the Kent State Hotel and Conference Center in Kent. It also operates five name brand hotels, four of which are in Northeast Ohio.

The building was constructed in 1924 as the headquarters for the United Cigar Co.

Other financing was provided through historic tax credit equity, Cortland Bank, and Village Capital Corp., which is affiliated with Cleveland Neighborhood Progress.

The project will create approximately 83 construction jobs and 20 permanent and 9 part-time jobs in Akron’s downtown. Pride One Construction of Medina is the general contractor for the project.