401 Lofts gets Council approval

April 14, 2011

Legislation was passed at Monday's Council meeting that paves the way for construction of more student housing in downtown Akron. 401 Lofts - a $12 million development near the intersection of Exchange and Main Streets - will create 200 construction jobs that will generate $190,000 in city income tax revenue and bring an additional 310 residents to downtown, said Jeff Fusco, Chairman of Planning Committee.

The key to making the development go forward was Council's okay for the city to sell land it bought for $1.7 million to the developer for $200,000. Fusco said the difference in the purchase and sale prices would be recovered over time, and the action was similar to legislation Council approved for the nearby and highly successful 22 East Exchange student housing development.