New options for downtown living will soon be available in Akron.
New Jersey developer Tom Rybak plans to begin transformation of the historic Law Building on Main Street into a multi-use complex.
The Law Building faces the Bowery Project, a multi-use development now under construction and planned to open this November.
Rybak, principal of of Rybak and Associates, recently outlined a $25 million redevelopment project for the 11-story Law building. It includes 112 upscale, pet-friendly apartments, offices, a rooftop garden, a health club and an Amazon drop-off.
The city offers a 15-year residential tax abatement on new construction. Under the development agreement, the city will also work with Rybak to establish tax increment financing. The project also qualifies for Ohio Historic Preservation tax credits.
City Council Vice President Jeff Fusco said financial incentives are helping attract developers to town.
“Take into consideration the TIF (tax increment financing), historic tax credits as well as the residential tax abatement that we have in Akron, which attracts obviously people from New Jersey to look at Akron,” he said. “That’s what we’re seeing, people from beyond our borders.”
Residential units are also planned for the Citi Center Building on High Street and the Citi Center Hotel on Cascade Plaza, which is being renovated to house a hotel and apartments.
“It’s exciting to see, and I have to believe in two or three years downtown Akron is going to be the emerging and new place –a cool place - in Northeast Ohio to live, work and play,” Fusco said.
City Council is expected to approve Rybak’s development agreement for the Law Building project at its meeting Monday.
