Intelligent Optimism: A buzzword finds new meaning in Akron
February 22nd, 2012
People still ask why I came to Akron. I tell them that the longer I’m here, the more evidence I see that Akron has the components to attract talent, as well as national attention, on the merit of economic redevelopment potential that stands to become a model for traditional American cities seeking a new and prosperous future.
Because I wasn’t born here, I weighed the possibility of living and working here with detachment. Having spent my career in cities around the country, I understood the pitfalls of urban redevelopment plans — and there are plenty of them.
Yet in Akron, I saw something rare. To borrow from a buzzword, I saw “intelligent optimism” on the part of city leaders planning an economic revitalization. Akron enjoys solid planning, backed by years of effort to draw on an existing knowledge base, to develop a new economic base that is global in reach. Importantly, a talented development team and collaborative leadership backs the local effort.
Recently, the scope of Akron’s potential came into clearer view with a new analysis that builds on a 2011 Tripp Umbach, of Pittsburgh, assessment of existing economic activity among anchor institutions. The latest data, coming in a pair of studies by Tripp Umbach and Tetra Tech of Arlington, Va., indicates that $2.5 billion in current spending in the core of Akron — just as a result of anchor institutions — has the potential to increase to $4.3 billion a year by 2030 with implementation UPA’s strategic plans.
The Akron Beacon Journal, a voice of critical commentary, referred to the studies as lending “a measure of concreteness to the opportunity and the promise.”
The promise is further bolstered by the presence of the global real estate firm KUD International, which signed a master services agreement in 2011 to develop projects outlined in UPA’s master plan to revitalize four districts in downtown Akron.
As an investor, KUD’s CEO Marvin Suomi also came here as an outsider. Suomi’s optimism over Akron’s economic future developed out of the due diligence that his company applied in assessing Akron’s potential to grow economically.
My prediction: Expect more outsiders to come to Akron. There is opportunity here.
We now enjoy a clear and accelerated strategy to execute a vision that will forever change our city. Intelligent optimism, in Akron’s case, emerges out of planning followed by action and investment with an eye toward transformational change.
Tags: Collaboration, Leadership, University Park Alliance, Vision
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Beyond boundaries
February 7th, 2012
This guest blog entry is provided by Dr. Luis M. Proenza, president of The University of Akron
By Luis M. Proenza
Our vision for Akron and all of Northeast Ohio is of a place where the artificial boundaries that separate university and community blur and become irrelevant.
As a metropolitan-sited institution, The University of Akron aligns itself with the local and regional community to build economic, social and physical health. We seek the development of an innovation ecosystem that encompasses campuses, business districts and neighborhoods. In physical terms, our vision is of a vibrant, mixed-use environment that is pedestrian friendly and in which everything that happens is somehow about learning and health and wellness.
Economically, we are strong proponents of collective impact, and have established a broad-based and robust platform for regional economic development, which has come to be known as the “Akron Model.” As this exemplar attracts national attention for strides in economic revitalization, we are increasingly asked how and why we are achieving success.
We explain that a changing economy or changing technological underpinnings of any industry require the institutions, themselves, to change, and that the Akron Model provides a useful framework for such a transformation.
We demonstrate how, through innovative collaborations, initiatives and interactions, metropolitan-sited institutions can play a vital role in sustaining and growing their regions in this global, knowledge and conceptual economy. And we tell them that, beyond the many statistics and facts that detail our successes, the most important outcome of the Akron Model is the least quantifiable and most intangible. It is a kind of entrepreneurial optimism, a belief that our collective impact can achieve audacious goals and improbable outcomes.
The Akron Model enables us to believe that we can accomplish bold endeavors because we have accomplished bold endeavors, and we will continue to do so by using the Akron Model as our framework.
For example, our partnership with three regional health care centers and a nearby medical school, supported by additional public, private and philanthropic entities, launched the Austen BioInnovation Institute in Akron in 2008. The institute seeks to establish Akron as the world’s leading location for biomaterials and medicine, and health care innovation and commercialization. Because of the university’s strength in synthetic materials and polymer research, we chose to focus on innovations that would draw on our existing knowledge base.
Another key component of the Akron Model is the University Park Alliance (UPA), which was established more than a decade ago with major support from The John S. and James L. Knight Foundation. This neighborhood revitalization initiative catalyzes community engagement and private investment in a 50-block area adjacent to campus.
UPA continues to attract additional partners, who have brought new capabilities and vitality to the organization. The latest member to join the UPA team is the global real estate firm, KUD International, a subsidiary of the Japanese construction company Kajima Corporation. KUD signed a master services agreement in 2011 to develop projects outlined in UPA’s master plan to revitalize four districts in downtown Akron.
In commenting on Akron’s new relationship with KUD, The Wall Street Journal noted that many real estate investors pass over the nation’s midsection, while Akron now looks to the potential for hundreds of millions of dollars in construction and renovations, including new housing, offices and retail development.
Northeast Ohio can compete in today’s global marketplace, but to do so we must act regionally and collaboratively, we must welcome partners from across the globe as well as from across the street, and we must be bold in our vision, thinking and action.
Dr. Luis M. Proenza is president of The University of Akron, and a member of the executive committee for the Council on Competitiveness, and the Government-University-Industry-Research Roundtable of the National Academies.
Tags: Anchor Institutions, Austen BioInnovation Institute, Collaboration, Knight Foundation, Leadership, The University of Akron, University Park Alliance
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Akron makes MSN Real Estate’s list of top 5 real estate markets — want to know why?
January 17th, 2012
The news site MSN Real Estate just cited Akron, Ohio, as one of the five “most promising” real estate markets in the nation, defined by those markets expected to suffer the smallest slides. The forecasting firm Local Market Monitor made the picks.
The MSN report notes that Akron’s average home price of $148,508 fell by 4% in the last year, and that the local market should hit bottom this year followed by a modest 2% gain in 2013. “Jobs — especially manufacturing jobs — are coming back to Akron,’’ the report said. “Like many Midwest cities, there was no housing boom here to speak of. Values are down just 13% from the peak, about a third of the hit the U.S. as a whole suffered.”
On its face, the fact that Akron’s real estate market is to drop less than most others across the country may seem nothing to feel good about. A city doesn’t grow with soft real estate market. But if you look beneath the surface, there is reason for those of us in Akron to see opportunity ahead. The ranking also is affirmation of our economic recovery as we separate ourselves from the pack of traditional manufacturing cities stuck in the doldrums.
As the Harvard urban economist Ed Glaeser points out in his book Triumph of the City, not every once prosperous city can be restored to economic strength. But some cities can be saved.
The issue for cities today is who can and who cannot produce goods locally and sell them globally.
In Akron, we are maintaining and building a job base in traditional industries while creating new-economy jobs through the development of a vibrant medical industry.
On the traditional side, we’ve added jobs as a result in the uptick in the auto industry, plus we have Goodyear, Bridgestone Americas and nearby Diebold all building new corporate facilities here with a combined capital investment of $360 million.
On the new economy side, the business and university leaders in Akron have come together around a plan, primarily funded by the Knight Foundation, to leverage the economic synergy of our four major anchor institutions — The University of Akron, Summa Health System, Akron General Health System and Akron Children’s Hospital — to build a competitive city with a diverse economy. Seeing this potential, KUD International is now the project manager and major financial backer of the redevelopment of University Park — the 50-block are surrounding The University of Akron and bordering Akron’s three major hospitals. That signals hundreds of millions in capital investment beginning in 2012 and continuing through this decade.
Rather than coincidence, Akron’s ranking among MSN Real Estate’s Top 5 cities is a result of years of planning and proactive leadership in this city, which then led to new investment in the local economy.
University Park Alliance is particularly focused on revitalizing real estate in a 50-block area around the university. It is an area of great opportunity. Call us at 330-777-2070 if you are interested in learning more.
Tags: Anchor Institutions, Collaboration, Knight Foundation, Placemaking, real estate, The University of Akron, University Park Alliance, Urban Neighborhoods
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Award-winning promotions for Akron’s University Park speak to real plans, real substance
December 15th, 2011
It’s more than blah, blah, blah. A good marketing campaign for your community should go to the core of why people want to live, work and do business there. It’s up to each community to create an image of itself, backed by substance, to convey its unique competitive advantages.
No question, the perception of so-called “legacy” manufacturing cities tends to be old and uninviting, even in places where there is rebuilding. How does a community change that image?
Recently, the Mid-America Economic Development Council recognized Akron’s University Park Alliance as No. 1 among large communities in ten Midwestern states for its “Community Promotion and Marketing Program” and No. 2 for its website and online communications.
On top of that, UPA’s print marketing campaign placed No. 1 in Ohio’s annual Excellence in Economic Development Marketing competition for large communities, sponsored by the Ohio Economic Development Association (OEDA).
We’re proud of how we’ve promoted University Park through beautiful materials and online communications that reflect a new reality for Akron, which is a long way from its smoke-stack past. Most of all, we’re proud of the message that we can honestly convey about a new, emerging University Park in Akron, Ohio.
It’s not about talk. It’s about a whole lot of hard work, and collaborative planning among leaders of our city over many years. A substantive growth plan helps tell an effective economic development story.
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A unified vision drives redevelopment
December 2nd, 2011
If you want to get a glimpse of what’s possible in the area of urban redevelopment, take a trip to Milwaukee. I was among a group of business and civic leaders from Akron who recently visited that city to gain insights into their successes and learn how they are tackling ongoing challenges. It was an energizing experience for two reasons. One, I was impressed by what our gracious hosts had accomplished. Two, I knew Akron was embarking on much the same path, with what I believe to be great promise for the future.
Milwaukee is taking advantage of its own unique resources. The city is reinventing itself by systematically drawing on assets that already are part of the town. The Milwaukee River runs through the city’s heart, a characteristic the city has done well to capitalize on.
Milwaukee now has its vibrant RiverWalk along three miles of the central city. RiverWalk beautifully defines what’s new and promising about Milwaukee. You’ll find high-end housing, stores, restaurants and open walkways for art shows, music and festivals. This is the kind of place where people want to work, live and spend their time.
What was the critical first step to producing RiverWalk? Key community leaders came together and worked through the planning. City leaders talked to each other. That’s how the complex became a reality. While collaboration may seem to be a simple concept, it doesn’t happen everywhere. This kind of collaborative approach is what Akron and Milwaukee have in common.
Photo Credit: Wikipedia
Too often, communities are disrupted by siloed agencies, government bureaucracy and a divided business and nonprofit leadership. Communication is inconsistent.
In Akron, as in Milwaukee, a unified vision drives redevelopment efforts. With this kind of sharp focus on a viable future, University Park Alliance recently attracted KUD International, a leading international real estate developer, to be the project manager on the revitalization of a 50-block core area of our city.
This is a tremendous victory for our community, but it didn’t occur overnight. It is an outgrowth of years of city leaders talking to each other, weighing possibilities on how to parlay existing assets into new opportunities, and then creating the right structure to enable success.
UPA exists for this reason. We were created as a real estate development corporation to advance deals — such as the one with our new real estate development partner, KUD.
Akron’s leaders were so persistent in the need for this type of new organizational structure that they convinced the John S. and James L. Knight Foundation to provide the necessary major funding.
This is the new-economy approach. It’s about leaders coming together, assessing unique strengths that already exist, developing creative financing and ultimately, creating and executing a master plan for implementation.
Yes, RiverWalk is a fantastic achievement other cities no doubt hope to emulate in one form or fashion. You’ll see if you visit. Akron, too, is building its own success. In the coming months and years, Akron and UPA will host leaders from other cities, and share our secrets to redevelopment success. Of this, I am quite sure.
Tags: Akron Beacon Journal, Collaboration, Community, Leadership, Placemaking, Urban Neighborhoods, Vision, Walkability
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To Gallup CEO Jim Clifton: Akron, Ohio, is your example
November 11th, 2011
To understand the transformation happening in Akron, Ohio, read the new book “The Coming Jobs War” by Gallup CEO Jim Clifton.
One of Clifton’s main points is that major economic problems can only be solved one city at a time, and the real fix is in the creation of new jobs. He’s right. Without decent jobs, people are miserable and lack stability. Clifton offers a 10-part approach on what to do. And guess what? He outlines the exact approach we are taking in Akron, and through the redevelopment efforts of University Park Alliance. It’s also exactly why Akron is gaining national attention for drawing on the sheer force of its own perseverance to push our way into the global economy. Do we still have a long way to go to create the good new jobs that Clifton talks about? Sure we do.
But in following the steps Clifton identifies in his book, we in Akron have been able to catalyze significant new development.
Most recently, UPA entered into a partnership with a premier international real estate developer to serve as project manager in the regeneration of a 50-block area around The University of Akron. By The Wall Street Journal’s estimate, KUD International’s decision to invest here positions Akron for hundreds of millions in new capital investment — on the heels of $500 million in recent construction by the university, not to mention huge investments by our three local hospitals. We’re really talking about the remaking of an entire urban landscape.
Other recent national attention includes:
- The New York Times mentioned Akron in a story in which a Brookings Institution fellow raises the specter of the Great Lakes as a renaissance region:
- In September, a new Brookings Institution analysis noted that with a rebound of manufacturing, especially in the automotive industry, Akron now ranks among the 20 best-performing metropolitan economies for its rate of recovery.
Clifton is dead-on in the points he makes in his book. We in Akron are dead-on with our direction and vision. In fact, we are several years down the road Clifton recommends. Just take a look at this excerpt from Clifton’s book.
Clifton describes his “war on job loss, on low workplace energy, on healthcare costs, on low graduation rates, on brain drain, and on community disengagement.”
He explains further: “Every city needs a team to work on the alignment, focus, and strategies that put all businesses and local institutions of absolutely every kind on the same page. “
Akron has that aligned team. We are on the same page. And we are working toward a common goal. In the future, the results will be truly exciting.
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Building blocks for 50 blocks
October 24th, 2011
In a column on Sunday, the Akron Beacon Journal’s Editorial Page Editor notes that University Park Alliance has reached a new level with its partnership with the international real estate development firm KUD International. Calling the alliance “a triumph,” the column refers to Akron as a “city with an opportunity to take long strides toward distinction and competitiveness.” Read the full commentary by Michael Douglas.
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Our new word is “regeneration”
October 17th, 2011
For a former industrial city, this is a big week. Actually, for any city, this would be a big week.
Today Akron and University Park Alliance announced that KUD International of Long Beach, Calif., was making a long-term commitment to Akron to help build out UPA’s core vision for Akron’s core. On Wednesday, the community will welcome KUD CEO Marvin Suomi to town to meet local officials. The relationship with KUD will dramatically accelerate the economic activity and redevelopment in Akron, contributing to the city’s growing vitality.
We know that the perception of our city, by and large, has lagged our continual progress toward this new reality. If you’re reading this blog from outside our city, put yourself in our shoes: Through years of effort, we’ve cast off the storied Rust Belt, yet the label remains.
We don’t want to hear about it anymore.
Yes, Akron endured difficult times and we still have plenty of challenges ahead. But our story is one of surmounting obstacles — through the camaraderie of local leaders who planned a comeback and capitalized on existing strengths to compete in new markets. Akron still makes things, but it boasts an increasingly diversified economy.
Just last month, a new Brookings Institution analysis reaffirmed Akron’s continued progress. With a rebound of manufacturing, especially in the automotive industry, Akron now ranks among the 20 best-performing metropolitan economies for its rate of recovery.
Expect more good news from Akron. Our new partnership with KUD brings a new level of commercial real estate development to our economic recovery. As a global real estate company, KUD comes with a clear purpose: To advance large-scale projects that will change our urban landscape. Akron has long awaited this kind of turning point — when we feel cranes shaking the Earth beneath our feet because of our own participation in the global marketplace.
We hope you’ll continue to follow this blog, because we’re going to share our secrets to this and other successes.
Just don’t say Rust Belt when discussing Akron. Our new word is regeneration.
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The New York Times mentions Akron
September 30th, 2011
The New York Times mentions Akron in a recent story in which a Brookings Institution fellow raises the specter of the Great Lakes as a renaissance region.
“It’s possible,’’ Howard Wial told the Times, following a new Brooking’s analysis of the nation’s metropolitan areas.
The article noted that economic recovery around Akron and Youngstown has “outpaced that of former boomtowns like Colorado Springs and Tucson.”
Following a recession that so deeply cut into employment across the nation, a stronger recovery in Akron is in no way by accident. It is the result of decades of effort toward resurgence, and a clear, consistent focus on the basic building blocks:
- Consistent leadership
- A realistic analysis of core strengths that could form the foundation for future growth
- A growth strategy in which local institutions collaborate to leverage their combined strengths
- Active pursuit of investment to put plans into action
Akron’s name now pops up regularly in national reports and listings of cities that are doing better than circumstances might dictate. Why? It’s because the leadership here has planned for recovery — and is still working at it every day.
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Renovation is a great option
August 19th, 2011
At University Park Alliance, our offices reflect our mission. We’re located in Akron’s Andrew Jackson House, built around 1868 as a family home for a merchant by the same name. Instead of cubicles, our surroundings include 12-foot ceilings, ornately crafted woodwork and an outdoor balcony off the second floor. We love it.
Like any successful restoration project, the Jackson House serves as a good example of why renovation is a great option. You can see the distinct beauty of the Jackson House from the this photo:
Andrew Jackson House
Many places merit restoration, and we’re not just talking about the most exceptional historic structures.
Seemingly ordinary places, too, can become extraordinary with hard work and investment. For a buyer, the cost of restoration can be far less than building new. Economics is clearly one of the factors attracting people back to cities to live and work. But the trend also relates to the richness of character that comes with old structures. If you restore an old home, for example, you’re likely to end up with more amenities for less cost — and you’re likely to have nooks and crannies that add to the appeal.
In one study, the nonprofit PolicyLink research institute referred to the refreshing richness of urban settings, juxtaposed against the “homogenized world” of commercial strips and new homes that look so much alike that you can’t tell Michigan from Massachusetts.
In my work, I strive to balance the increased value and attraction of new housing and development with the charm that often comes with renovated buildings. If we strike the right mix, we will attract both those seeking new homes and those who are looking for unique opportunities to enhance assets we already have. In Akron, we need attract new housing while we restore structures such as the Jackson House to create a sense of place that contributes to a positive, evolving identity.
Our job at UPA is to keep the restoration projects moving forward, and to make it financially attractive for residential and commercial buyers to locate here. Call us at 330-777-2070 if you’re interested in seeing some of the properties we have available.
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