At the corner of 'eds' and 'meds': The emerging promise of University Park
Editorial
Published in the Akron Beacon Journal on May 1, 2011
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Eric Anthony Johnson sees ''significant economic horsepower'' in and around the diverse, 50-block neighborhood surrounding the University of Akron. He is executive director of the University Park Alliance, a nonprofit community development corporation seeking to transform the area and, with it, the city and region. A new study shows the building blocks are in place to pursue the ambitious goals, confirming the wisdom of the long-term partnerships among University Park's anchor institutions.
The study focused on five University Park partners, all fitting an ''eds and meds'' model often used in other communities. The five, Akron Children's Hospital, Akron General Health System, Akron Public Schools, Summa Health System and the University of Akron, have a total annual economic impact of $2.5 billion in the district, and $3.5 billion in Ohio.
Health care and education are the largest employers and major economic drivers in the University Park area, the study showed, the two sectors well-positioned to work together, each contributing to the other's success. A slightly broader perspective reveals that eight out of Akron's top 10 employers are in and around University Park. They are the hospitals, the university, the public schools, Summit County government, Goodyear and FirstEnergy.
That's considerable horsepower. The challenge wisely recognized in the formation of the University Park Alliance is to harness the strength to revitalize the distinctive urban neighborhood around the University of Akron, a core strategic asset after more than a decade of rebuilding and growth.
The study commissioned by the alliance serves to underscore the value of the investments being made in the University Park area and to help guide the formation of a development plan. The assessment contains valuable information for investors, identifying specific retail sectors where the local supply of goods and services does not meet local demand.
Affordable housing, a young population and the ability to walk to work all add to the appeal of University Park. As the transformation continues, capturing the power of major institutions, the potential exists for the development of a truly distinctive neighborhood, its amenities, economic opportunities and diversity lifting the surrounding city and region.
