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Old Bridgestone Firestone facility has $5 million price tag for city; might be worth more
By Rick Armon
and Stephanie Warsmith
Beacon Journal staff writers
Published on Wednesday, Nov 26, 2008
With Bridgestone Firestone ready to build a new technical center in Akron, the city is offering to buy the current facility and two other properties for $5 million if the company cannot sell them.
The price would be a bargain, according to Summit County tax records. The properties along South Main Street, including a building known as ''the clubhouse'' across the street from the main campus, have been appraised at $13.7 million.
The purchase offer, contingent on the company keeping the liability for any environmental problems, is outlined in a draft development agreement obtained this week by the Beacon Journal.
Bridgestone Firestone would first try to sell the properties with the city's help, and then the city would purchase them if no buyer stepped forward. There is no time period yet agreed upon that the properties would be on the real estate market.
The agreement is being reviewed by the city, county and company. The city and county are providing financial assistance for the project, along with the state and Summit County Port Authority.
Both the city administration and Bridgestone Firestone declined to comment Tuesday, saying the agreement is still being negotiated.
Building might be used similarly to Canal Place
''It's best that we don't discuss the specific terms of the development agreement until it's finalized and signed by all parties,'' company spokesman Dan MacDonald said.
Akron Councilwoman Tina Merlitti, who represents the Firestone Park area, said the city likely would try to find a developer to buy the current tech center or transform it into another Canal Place, the former B.F. Goodrich building complex now filled with a variety of businesses and professional offices.
Bridgestone Firestone announced last summer that it planned to build a new 240,000-square-foot tech center at its current location bordered by South Main Street, Wilbeth Road and Firestone Boulevard. The company, which employs about 1,000 workers here, also had considered moving to Murfreesboro, Tenn.
The new center will replace the building on Firestone Parkway that at one point was a tire factory and also served as Firestone's corporate headquarters.
The entire project has been estimated at $101.8 million.
In a related matter, Akron council this week approved a renewal plan for the Firestone Park neighborhood that had rankled several people whose property the city will be looking to acquire, possibly through eminent domain.
The South-Wilbeth Urban Renewal Area plan is a key part of the Bridgestone Firestone project.
Merlitti said she and city planning officials talked to the residents and business owners who testified at a council hearing last week. She said they were able to allay the concerns the residents had by giving them more information about the city's plan, the process for acquiring the properties and the help that will be provided to property owners.
''We want people to find a place and be OK,'' Merlitti said.
The renewal plan authorizes the city to use eminent domain, if necessary, to acquire and redevelop property in an area extending from the intersection of South Main Street and West Wilbeth Avenue south and west and along portions of Firestone Parkway.
The city wants to bring new retail, commercial, recreational and residential development to the neighborhood.
Merlitti said it will probably be at least a year before the city actually begins acquiring property.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com. Stephanie Warsmith can be reached at 330-996-3705 or swarsmith@thebeaconjournal.com.
Get the full article here.
Comments
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Akron, OH
Posted 07:24 AM, 11/26/2008
My first official job was in that building!
Wadsworth, OH
Posted 07:37 AM, 11/26/2008
Waiting for Beta to chime in on this one...
Seriously, he must cut and paste his comments about this kind of stuff.
Posted 08:28 AM, 11/26/2008
Buy for 5 million, sell for 3.
woof
Akron, OH
Posted 09:13 AM, 11/26/2008
5 million could buy enough salt and beet juice to turn our snowy streets into Margaritaville.
Not to mention the pot holes come springtime.
akron, oh
Posted 09:17 AM, 11/26/2008
Let's see, Akron can't salt the streets but they can buy more real estate.
RECALL PLUSQUELLIC
Posted 09:36 AM, 11/26/2008
There's the right way, the wrong way, and the akron city hall way, which bears no resemblance of the facts
My Heart Is In K-Town, .
Posted 10:00 AM, 11/26/2008
Yeah, but they can collect leaves with snow on the ground.
Posted 10:23 AM, 11/26/2008
Oh the Coke Dealers want to steal all realestate in hopes that when somone civilizes the hell hole they'll have two dimes to rub together.
Remember when Gerry Faust told Buchtel High School's Ricky Powers to pass up the 106,000 people crowds in Michigan so he could play in Bob Meeker's Domed Rubber Bowl?
Hey you guys in this Forum REALLY are on to these clowns.
I think they're set for life!!!
In a Hell-Hole ofcourse !!!
south of Akron, NO
Posted 11:36 AM, 11/26/2008
bitter Paul?
Posted 05:26 PM, 11/26/2008
Jimbo its fun trashing your hell hole!!!
Sell it to .........Hmn....................(fxxxxxking funny,eh?)
Akron, OH
Posted 09:54 AM, 11/27/2008
John Nevin sold that property to Bridgestone, got the money from Bridgestone and paid off the Firestone stockholders. That was the end of Firestone. Then Nevin went back to Illinois, having done what he was hired to do.
RMK
Akron
akron, oh
Posted 03:36 PM, 11/27/2008
that's it..just keep putting the city into more debt--why not use that"$" and clean up the city pot holes, empty buildings, help sr. citzens with their yard work, snow shoveling- and leaf raking
