Akron’s efforts to revitalize its downtown area received a major financial boost, with the Knight Foundation stepping in with a $1.5 million matching grant, the city announced. This grant stimulates further investment, contributing to the Downtown Akron Development Corporation’s goal of transforming the downtown district into a bustling hub for commerce and community.
Last night, at the Akron Civic Theatre, Mayor Shammas Malik celebrated this milestone alongside community leaders, revealing that initial funding goals were met and surpassed, thanks to support from a coalition of 17 organizations. These backers, representing a cross-section of the community, including corporate, government, non-profit, and philanthropic entities, aim to shepherd the downtown area into a new era of prosperity. “A thriving downtown is critical to the success of our city and imperative to the health of our region,” Mayor Malik said, according to a press release from the City of Akron.
The rejuvenation plan encompasses several ambitious projects: mix-use residential redevelopment, a new hotel adjacent to the convention center, and a vibrant retail corridor poised to be the city’s centerpiece. To this end, the Knight Foundation’s contribution is structured as a 2:1 match, which will bolster the Development Corporation’s capacity and encourage additional investments in these key development projects…