The University Park Alliance received two grants on Wednesday totaling $150,000 from two banks to assist in an upcoming project.
The nonprofit community development corporation, whose mission is to transform a 50-block neighborhood surrounding the University of Akron, will be developing a 100 percent “LEED-certified” neighborhood in Akron within a year.
On Wednesday, Chase bank contributed $100,000 and Fifth Third Bank contributed $50,000 toward the efforts.
LEED is the name given to projects that are certified by the U.S. Green Building Council’s Leadership in Energy and Environmental Design.
The exact location in the neighborhood has not been chosen, but there are a number of sites under consideration, said Beth Boggins, UPA senior director of communications and community relations.
The neighborhood is planned to offer affordable single-family housing, apartments and town homes mixed with retail, UPA officials have said.
“University Park’s special, unique aspects such as proximity to the University of Akron, three hospitals, two brand-new schools and downtown offer some real advantages for success,” said Eric Anthony Johnson, UPA executive director. “Our plans will be rooted in green and sustainable strategies and can improve property values and stimulate both neighborhood and downtown economic development.”
John Batcho, president of the Akron market of Chase, said the bank and UPA “are working to build a more vibrant Akron with attractive housing that will encourage people to live in the city. Studies show that young, educated adults increasingly want to live within three miles of the urban center. UPA’s mixed-income units can retain current University Park residents and attract more people to this strategic Akron neighborhood.”
Ted Walter, Akron Market President for Fifth Third, said the bank “strongly believes in supporting community-based organizations such as University Park Alliance. Fifth Third is committed to providing resources to create affordable housing and job opportunities for residents throughout the Greater Akron region.”
Boggins said the grants are the first for the LEED neighborhood and UPA hopes to get more. The grants will likely go toward pre-development costs, Boggins said.
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
