Akron Reporter

Today, the City of Akron released an updated Development Agreement with Triton Property Ventures for the purchase of 68 acres of land located in the northwest portion of the city with Frank Blvd. on the north and White Pond Drive on the east. The City has also released a traffic review prepared by Akron Metropolitan Area Transportation Study (AMATS) for the surrounding area based on this proposed development.

The key updates to the Development Agreement include:

1. Developer’s commitment to pay $15,000 into the City’s tree fund.
2. Reduction of the total retail space to 30,000 square feet from 60,000 square feet;
3. Traffic Engineer’s approval of Developer’s traffic plan required prior to closing (as opposed to getting building permit);
4. City’s approval of environmental risk mitigation plan prior to closing.

The traffic review conducted by AMATS indicates that the development will add an estimated 3,385 trips per weekday.  Even with these additional trips, however, the total traffic will be well under the pre-pandemic levels (2018/2019) and even further under the peak numbers that occurred in 2004 and 2006.   While adding additional traffic, AMATS does not anticipate major impacts on the transportation network. The review states: “White Pond Drive has already been improved and has the capacity, turning lanes and traffic controls in place for the traffic that will be generated by this development. Even with the additional traffic, White Pond Drive will still carry less traffic than at its peak and pre-pandemic. AMATS would not anticipate any major improvements being needed on White Pond Drive due to this potential development.”

White Pond Average Daily Traffic
	Peak Count	Pre-Pandemic Count	Latest Count	Estimate w/Development
North of Pine Grove Drive	11,550 (2004)	9,322 (2019)	7,860 (11/2022)	8,875
South of Pine Grove Drive	12,700 (2006)	11,150 (2018)	8,000 (11/2022)	10,370

 

Additionally, the Office of Integrated Development has looked at the potential property and income tax implications of this development.  The city anticipates that property tax/tax increment financing (TIF) revenue will provide an additional $8.8 million to the Akron Public Schools and $200,000 to the Public Arts Council over the TIF period. These revenues would come from the retail portion of the development and years 16-30 of the residential portion.  In addition, the City estimates additional income tax starting at approximately $102,000 each year. Additional tax revenue is expected from operating profits of the businesses in the mixed-use component, as well as from property management and rental income. 

The redevelopment of a 29-acre portion of a 68-acre set of parcels in the White Pond-Frank Blvd Urban Renewal Area by Triton will consist of a mixed-use residential and retail development. The wetlands on the site are not proposed for redevelopment. The development will include approximately 98 ranch style living units, 90 townhomes, 40-50 loft style apartments and approximately 30,000 square feet of retail or commercial space. The City expects that work on the project would begin next year and is expected to be completed as early as 2026.

“As a city, we must embrace investment and progress. Without that, there can be no future growth for Akron,” said Mayor Dan Horrigan. “The reality is that we have steadily lost residents since the 1960s and with that loss comes the loss of jobs, tax base, potential customers for retailers, and help covering the cost of much needed infrastructure for our city. This development would be one of the most significant housing investments into Akron in recent memory and would meet a need for additional new housing. This development will exist somewhere in Summit County. Why should we be content allowing this massive investment to go to a suburb of Akron when we could embrace it right here and help spur more growth for our residents and our local economy? My team has worked tirelessly over the past months responding to residents’ questions and concerns. We have each had dozens of conversations and listened to hours of public comment. We have addressed questions about the environment, traffic, and the need for this type of residential development. I am more certain than ever, that this is the right choice for all Akronites, and that is who I was elected to represent.”

Original source can be found here