University Park Alliance to buy former Fred Martin site on East Market Street
Download a PDF of this article
By Betty Lin-Fisher
Beacon Journal business reporter
Published: August 27, 2011 - 12:46 AM
The buildings at the former Fred Martin Chevrolet dealership on East Market Street in Akron will soon be demolished to clear the land for its next owners, who plan a mixed-use project for the site.
The University Park Alliance, a nonprofit community development corporation whose mission is to transform the 50-block neighborhood surrounding the University of Akron, is in the final stages of buying the approximately five acres at Market and Forge streets, said Eric Anthony Johnson, UPA executive director.
It will be the first purchase for the UPA, which is 10 years old but only last year merged with another organization to become a community development corporation. The merger allows the organization to buy and develop land, going beyond its previous role as a facilitator of projects, said Johnson, who has spent just over one year in his position. He came from the Cleveland Port Authority, where he had been real-estate director, and his main project was leading redevelopment efforts for 100 acres on the city’s waterfront.
While there are no specific plans yet, the former car dealership is key to what the UPA is calling the “Crossroads District” in its master plan for Greater downtown Akron. The plan was unveiled in May. The Crossroads District is the shortest path between the University of Akron and Summa Health System and in an area known as the “biomedical corridor.” The master plan has targeted this area to be built around technology and innovation.
“It’s key because of its location and its visibility off Route 8,” Johnson said. “It represents the ability of UPA and its partners to really start to bring to life the area of Market Street that we really believe holds great promise to this community.”
Johnson said the project, which would include multiple buildings, could offer office, residential and retail space. He estimates new construction would be worth a minimum of $30 million.
“We’ll seek to fill some market voids to serve this community with neighborhood-level services,” he said. That could include an urban market or a drugstore, he said. The development will be designed to appeal to people who live in the area, as well as workers at nearby Summa or other businesses, plus worshippers who drive by on Market Street from one of the many churches nearby, he said. The land would need to be rezoned for residential use and Johnson said UPA is working with the city to explore “overlay districts” for multiple uses throughout the University Park area to encourage new and current landowners to invest in their properties.
UPA will be both a developer and part owner in the project and will look for a development partner with the same goals, Johnson said. Another new element of the Fred Martin purchase is the UPA’s intention to create a revenue stream that could result in more projects, he said.
Johnson declined to discuss details of the purchase since it is pending. UPA is in the final year of its most recent five-year, $10 million grant from the John S. and James L. Knight Foundation and is in discussions with the foundation for more funding, he said.
Akron Mayor Don Plusquellic said the city has worked with the UPA to develop the master plan and is “excited to see it put into action.”
“This is a great first step and we are pleased to be working so closely with the University Park Alliance,” Plusquellic said. “I give Eric Johnson a great deal of credit for really aggressively going after opportunities for development in this important area of our city.”
The city also owns 11.5 acres behind the old dealership and fronting state Route 8. Johnson said UPA’s project and whatever develops on the city property will complement each other.
Bob Bowman, Akron’s economic development director, said: “The city has prospects interested in the property ... in the biomedical field. We intend to make that property work well with the University Park Alliance master plan.”
“It’s very early in the process, but I am very excited about the potential for the development of this land. This effort underscores the hard work being done by both the city and UPA,” said Tom Strauss, Summa president and chief executive, who was also among the founding partners of the alliance and is on the organization’s board of directors.
“Summa is very supportive of these efforts and we look forward to the positive long- term impact projects like this will have on our entire community in the coming years.”
The master plan depicts Akron’s downtown and surrounding areas as three main streets and four business districts. The main streets are South Main, East Exchange and East Market streets and the districts are being called the Main Street District; South of Exchange District, which includes Akron General Medical Center and Akron Children’s Hospital; University Square District, which includes the area near the University of Akron; and the Crossroads District.
Officials with the Fred Martin dealership did not return a call seeking comment. The Chevy dealership lost its franchise in 2009 when General Motors eliminated 661 dealerships as part of its bankruptcy reorganization. The Fred Martin group had bought the dealership from MacIntire Chevrolet in 2002. Before that, the dealership was known as City Chevrolet.
Johnson said Fred Martin officials approached UPA to buy the land and were supportive of UPA’s efforts to revitalize the area.
Preparations have begun for demolition of the buildings. While there is no date set, it will be sometime this fall, he said.
The UPA’s nonprofit status means the project can get moving quickly, even with the troubled economy, Johnson said.
“Here’s the beauty of this: We are mission driven. We’re not focused on profit, which in a time when the market is down, somebody has got to start setting the framework and lining the pieces together to serve in that role to jump-start this community. Because our motive is not to make a whole bunch of money, we can do things a little different,” he said.
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com.
