Poised to Grow in Akron
By Eric Anthony Johnson
Published in the Akron Beacon Journal: August 30, 2011
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The economic tumult emanating from Washington, D.C., points to a limit on the federal government’s capacity to help communities in the future. The stock market’s reaction to the new debt-ceiling only underscores the uncertainty.
Yet amid the shakiness, we in Akron can distinguish ourselves by pursuing a long-term growth strategy, both well-planned and consistent. It’s not a fast track, but it’s a steady track, and in today’s economy, steady progress is a mark of achievement.
In recent weeks as budget debates ensued, I embarked on a year-long program in real estate development at Harvard University’s Graduate School of Design, participating in timely discussions about attracting development in the face of adversity.
A key takeaway: Future real estate development will take place in communities that show patterns of stability over time as a result of solid growth strategies and coordinated leadership. In other words: Investors are looking for pockets of stability, where steady progress can be demonstrated and a commitment to implementation exists.
With this as the metric, Akron is exceptionally well-positioned for continued growth. Lest anyone doubt this, let me point to a recent conference titled “Reinventing America’s Legacy Cities.” Held in Detroit, the conversation focused on the nation’s most troubled cities. And guess what? Akron is not on the list of legacy cities. We’re beyond that.
A report that came out of the conference recommended economic development strategies that mirror Akron’s almost exactly. For example, we’ve already analyzed our assets, designed a redevelopment strategy based on existing strengths and are preparing to initiate the long-term plan.
As the report notes, change does not come easily or quickly, and long-term strategies take decades. Again, it’s the steady track, not the fast one. Thankfully, we in Akron have been on a steady track long enough for concrete change to materialize. Well-established anchor institutions, including three hospitals and the University of Akron, now support more than 20,000 jobs and create more than $2.5 billion a year in economic impact.
Tellingly, the nation is noticing. Consider:
• A 2007 Brookings Institution report, titled “Restoring Prosperity Case Study: Akron, Ohio,” pointed to sustained vision and leadership as driving forces of progress.
• In January, the Austen BioInnovation Institute and the University of Akron Research Foundation became one of only six winners nationwide in a competition managed by the U.S. Department of Commerce. The $1 million award recognized Akron’s ability to tap into innovative capacity important to the nation.
• Speaking in Akron in May, former U.S. Housing Secretary Henry Cisneros clearly distinguished Akron for a “brilliant” collaborative approach to planning that is absent in many cities across America.
In our role as catalyst, University Park Alliance is leveraging a strategy of collaboration, philanthropic investment and a strong history of civic leadership to renew urban neighborhoods and business districts in a 50-block area around the University of Akron. And we’re finding ourselves at the right place at the right time, as studies identify a major shift back to cities and away from sprawl.
In addition to young workers, aging baby boomers are part of this migration, as their kids move out and retirement approaches.
In an article last year titled “Back to the City,” Harvard Business Review pointed to a wide variety of factors driving the change, including real problems related to suburbs. One survey showed that measured against a number of daily activities, commuting had the worst effect of all on people’s moods.
By contrast, urban living offers lower-maintenance, less expensive homes, less yard work, and the vibrancy that goes along with a higher-density environment.
The kind of mixed-use development we’re pursuing in Akron is exactly the appeal. It’s nice to walk to a restaurant on a warm evening. And who wouldn’t mind saving time and gas money with a shorter drive home from work?
These are among the reasons Akron is so well-positioned for future real estate investment. You can already see renovation in our downtown area, which is an outgrowth of strategic planning and leadership that is continuing.
Now our task is to stick to the work ahead. And that brings up another takeaway from my time at Harvard: Urban redevelopment is an ongoing process of adjustment and adaptation.
In Akron, the steady-as-she-goes approach describes a deeply embedded civic culture. Our job at University Park Alliance is to send that message strongly to investors — that if volatility makes them nervous, they should come here. We possess plenty of opportunity for smart real estate investment.
Johnson has been executive director of University Park Alliance since July 2010.
http://www.ohio.com/editorial/eric-anthony-johnson-poised-to-grow-in-akron-1.232456
