Progress continues to be made on the East End redevelopment of the former Goodyear Tire and Rubber Co. campus off East Market Street in Akron. In November, Phase I of the redevelopment initiative was completed with the opening of the Hilton Garden Inn, Akron’s first full-service hotel to be built in more than 20 years.
Next on the agenda is the completion of the renovation of Goodyear Hall, which formerly served as the home of the World of Rubber, Goodyear Gift Shop and company exhibit hall. In their place will be more than 120 upscale apartments, along with office and retail space. The expansive theatre that seats more than 1,000 people, as well as the facility’s large gymnasium, will remain largely intact.
None of this work would be possible without the support of a complex financing structure that relied heavily on historic and new market tax credits. Walter | Haverfield real estate attorneys were called upon to negotiate the financing so that favorable terms were reached for all of the investors, as well as the developer. Supplementing their expertise were the firm’s tax attorneys who provided the necessary counsel to ensure that the project qualified for tax credits and that the financing was in line with ever-changing tax guidelines.
Renovation work on the $37 million Goodyear Hall project, which has been described as a major catalyst for the redevelopment of downtown Akron, is expected to be completed in the second quarter. Plans for Phase III are already underway. Walter | Haverfield attorneys, who have been involved with the East End redevelopment since its inception, have already submitted the application for historic tax credits to help fund the massive renovation of the old million-square-foot Goodyear Headquarters.
In total, the revitalization project is valued at more than $200 million.