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HQ plan still far away, company responds
By Jim Mackinnon Beacon Journal business writer
Published on Thursday, Aug 16, 2007
Real-estate developer Stuart Lichter thinks he is within weeks of getting an agreement with Goodyear on his part in building a corporate headquarters for the Akron tire maker.
That does not mean the project is signed, sealed and delivered, Lichter said. It probably will not be until the end of the year before anyone knows whether Akron will be the site of the new Goodyear headquarters and related redevelopment, he said.
Lichter, founder and senior managing partner of Industrial Realty Group, discussed the Goodyear headquarters project and other subjects in a wide-ranging interview Wednesday at Canal Place, another of his Los Angeles firm's Northeast Ohio industrial redevelopment sites.
''I don't think I can sit here and say it's a done deal, but I think it's going well,'' Lichter said. ''I think it's going as well as a deal of this size and complexity can go.''
Goodyear still believes there is a long way to go before any deal is concluded, a company spokesman said.
''Goodyear continues to study the proposal. We're pleased with the progress we're making,'' spokesman Scott Baughman said. Company executives are focused on the Akron proposal and hope to decide how and where to proceed by the end of the year, he said.
The company ''can't say enough'' about the positive spirit of cooperation among the developer and Akron, Summit County and state governments to keep Goodyear in Akron, Baughman said.
Lichter said his part of the deal might be done sooner rather than later.
''I am hopeful to conclude my deal with Goodyear in the near future, basically talking weeks,'' he said. ''But my agreement with Goodyear will have a lot of contingencies in it that hopefully will be done by the end of the year.''
Companies such as Goodyear have many options when it comes to locating and building a headquarters, he said.
''A company that size basically is an extremely sought-after commodity,'' Lichter said. ''They will get, and are getting, a lot of people chasing them with offers.''
Goodyear can't stay where it is, he said. ''The facilities are antiquated. The neighborhood conditions are marginal.''
Whether a company moves two blocks or 200 miles, the costs are essentially the same, Lichter said.
''I'm very confident we're going to end up making a deal happen,'' Lichter said.
Lichter said he will not get an absolute commitment from Goodyear unless the overall package is competitive with what it could get elsewhere.
''That's just the way the world works,'' he said. ''We have a lot of meetings. We're getting very close. There's a bunch of people working on it. . . . It seems like everyone is stepping to the plate.''
Goodyear has put on hold its site search until it gets a deal in Akron, he said. ''We have a clear shot to make the deal. And I believe we will. They are giving Akron a clear shot to keep them. That is their clear preference.''
Lichter also confirmed that he signed an agreement last week to buy the 85-acre Hoover Co. campus in North Canton.
The sale is contingent on passing what is now a 45- to 60-day ''due diligence'' phase as his company checks the site for environmental concerns, structural integrity and other factors, he said. He envisions using the property for manufacturing, warehousing, office, loft residential and retail uses.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Real-estate developer Stuart Lichter thinks he is within weeks of getting an agreement with Goodyear on his part in building a corporate headquarters for the Akron tire maker.
Get the full article here.
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