Cleveland-based developer Weston Inc. is buying the 11-story CitiCenter Building in downtown Akron from the city.
According to a report from the Akron Beacon Journal, the city had announced in the summer that it was selling the building for $2.6 million to an unnamed developer. It revealed the name and details of the project last week.
The planned $20 million renovation will reportedly include 60 market-rate apartments, along with 20,000 square feet of offices and 3,000 square feet of amenity space. Akron has committed to leasing office space in the basement and first floor of the building, located at 146 S. High St. The Akron Municipal Employees Credit Union will remain a tenant in renovated space.
The Beacon Journal adds that the development team, which includes Sandvick Architects and Thomarios, will finance the project through conventional loans, state and federal historic tax credits, owner equity, and the city’s 15-year residential tax abatement program.