Two studies commissioned by the University Park Alliance group are putting numbers behind the effort to redevelop the 50-block neighborhood around the University of Akron.
UPA is a nonprofit community development corporation working on the project.
Last spring, the organization released what it called a “Master Plan” put together with the university, business partners and city and county government. The plan divided the area into four districts of Akron’s downtown along three major roads — Market, Exchange and Main streets.
Among the findings:
• By 2030, UPA’s “Core City Vision Plan” could have an annual economic impact of $1.8 billion, generate $90 million in tax revenue and sustain 14,392 jobs.
• In a shorter time frame, residential development and operations from now to 2016 could have an economic impact of more than $250 million, create more than 2,500 jobs and generate $16 million of tax and government revenue.
“The outcomes of these studies form an analytical platform to support a new reality for Akron — our urban core has a lot to offer and build on,” said UPA Executive Director Eric Anthony Johnson.
“Even though population has been declining and unemployment has been on the rise in recent years, Akron remains a large economy with substantial purchasing power.”
He noted that jobs are growing in health care and said: “Income, spending potential and real estate demand is higher than assumed. The opportunity for redevelopment is much greater than most people think. We have to capitalize on it.”
The studies also showed:
• A compound annual growth rate of 2.73 percent from 2000 to 2009 indicates the average wage per job in Akron is rising.
• Akron remains a large economy with substantial purchasing power with a $27.5 billion gross regional product and $13.4 billion in wages and income.
• A total of 131,000 of all households, or 46 percent, in the Akron metropolitan area make more than $50,000 per year.
• A $130,000 residence is affordable to nearly 75,000 households in the Akron metro area, which comprises Summit and Portage counties.
• Retail spending potential, commercial space and hospitality demand in the Akron area are larger than assumed.
• University of Akron students who don’t live on campus and could live in the UPA vicinity are also considered a large market, reaching 8,000 by 2016.
The report, Return on Investment and Economic Impact, shows “the potential does exist for the transformative growth that could be developed based upon the UPA’s core city vision,” said David Primm, a principal with Tripp Umbach, the Pittsburgh-based research firm that conducted one of the studies. The other was completed by Tetra Tech of Arlington, Va.
Primm and Johnson released the information Tuesday night at the UPA’s first presentation in the Urban Innovators Speaker Series.
The next speaker will be Wendy Holmes of Minneapolis, vice president of Artspace, who will speak on Building a Vibrant Community: Artists’ Live/Work Space as a Redevelopment Catalyst. Her presentation will be Feb. 29.
On March 28, Steve Davies of New York, vice president of the Project for Public Spaces, will speak on Healthy Food Hubs: Eliminating Food Deserts and Supporting Local Economies.
Events begin at 6:30 p.m. at the Andrew Jackson House and are free. Seating is limited to 100 per presentation, and reservations are required by calling 330-777-2070 or emailing info@uakron.com.
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com. Follow her on Twitter at www.twitter.com/blinfisher and see all her stories at www.ohio.com/betty
