Wednesday, July 15, 2009
From Rubber to Rubble: Historic Building to be Torn Down to Make Way for Goodyear Project
A large, former General Tire building off Seiberling Street in East
Akron dating to 1898 that most recently was used as a warehouse
and business incubator is being turned to rubble.
Once all of the structure is knocked down and removed as expected in October, the $900 million Goodyear headquarters/Riverwalk project will have more land to grow on.
The new property owner, California-based Industrial Realty Group, is removing asbestos from the interior before completing the demolition
of the two-story, 276,846-square-foot building.''A piece of it is already
down,'' said Debra Harrell, IRG senior vice president. ''We're abating
the environmental issues first.''
The asbestos cleanup is being paid for with a $750,000 ''Clean Ohio'' environmental grant obtained by the city of Akron. Industrial Realty Group expects that by later this fall, only a slab will be left of the building.
Once the land is clear, the site off Interstate 76 next to the Little Cuyahoga River is earmarked for the first development phase of a
planned retail complex as part of the project.
IRG continues to market the site to prospective retailers, Harrell said.
''The project is going very well,'' Harrell said. The Seiberling St. building was always slated for demolition as part of the project, she added.
Construction of the new Goodyear corporate headquarters off Martha Avenue and the retail complex will follow what IRG calls the ''adaptive reuse'' of the current Goodyear-occupied buildings, Harrell said. IRG earlier this year obtained public funding to back its purchase of all but about five parcels of property from Goodyear. The tire company
is leasing from IRG the buildings it formerly owned.
The former General Tire & Rubber Co. property at 99 Seiberling
had been controlled by the city and used as a business incubator.
IRG bought the property in May 2007 for more than $2.2 million
through a subsidiary, Mahoning Valley-Seiberling LLC.
The building has a long history tied to Akron's rubber manufacturers,
including the former General Tire, which had a headquarters and
factory nearby on Englewood Avenue.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. www.polymervalley.com/
Monday, July 6, 2009
City, County Hope to Boost Goodyear Project with Foreign Investment
Akron and Summit County are seeking major foreign investors for the Goodyear headquarters project.
As part of that, the city and county are taking part in a federal program that
dangles high-level visas, offering the potential for permanent residency, as
carrots to entice that investment.
Public officials are hoping to expand the program beyond the Goodyear project.
Summit County is believed to be the first jurisdiction in Ohio that has been
designated by the U.S. Department of Homeland Security as a ''Regional Center''
that will provide incentives to international investors, the city and county said
in a news release.
Under the federal program, potential immigrants need to invest at least $500,000
in a U.S. project that creates at least 10 jobs.
The new tool is aimed at promoting job growth in Akron and elsewhere in the county
while initially revolving around the Goodyear project, according to the release.
The designation will be marketed internationally as ''CMB Summit LLC Regional
Center'' under what is called the Immigrant Investor Pilot Program.
Industrial Realty Group, also known as IRG, the California developer behind the
$900 million Goodyear headquarters project, told local public officials about the
federal program, according to Summit County Executive Russ Pry.
IRG is using the same approach in redeveloping the former McClellan Air Force
Base near Sacramento, Calif., now called McClellan Park. IRG and its other
partners in the McClellan Park group are seeking $6 million in foreign investment.
''It's another tool in the toolbox,'' Pry said. ''It opens up the ability to bring in
foreign investors.''
The money will be spent on the private side of the development, including the redevelopment of Goodyear's current buildings and in the proposed retail
development across the street from the site of the as-yet unbuilt headquarters
building off Martha Avenue, he said.
A Moline, Ill., company, CMB Export, will oversee the foreign investment as Akron
and Summit County's partner in the program. The company is a federally licensed
regional center and first used the investment program to help communities in
California hurt by the closing of military bases in that state, including McClellan.
The federal government annually offers 3,000 EB-5 visas to foreign residents who
invest at least $500,000 in American business, according to the city and county.
A foreign investor must have the cash on hand and has to be approved by
the U.S. Citizenship and Immigration Services before getting a conditional visa.
The Department of Homeland Security may investigate where the investor got
his or her money, according to the statement.
The investor has to prove to the government that the investment directly or
indirectly created at least 10 full-time jobs.
After two years, the investor can apply for a permanent visa.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. www.polymervalley.com/
As part of that, the city and county are taking part in a federal program that
dangles high-level visas, offering the potential for permanent residency, as
carrots to entice that investment.
Public officials are hoping to expand the program beyond the Goodyear project.
Summit County is believed to be the first jurisdiction in Ohio that has been
designated by the U.S. Department of Homeland Security as a ''Regional Center''
that will provide incentives to international investors, the city and county said
in a news release.
Under the federal program, potential immigrants need to invest at least $500,000
in a U.S. project that creates at least 10 jobs.
The new tool is aimed at promoting job growth in Akron and elsewhere in the county
while initially revolving around the Goodyear project, according to the release.
The designation will be marketed internationally as ''CMB Summit LLC Regional
Center'' under what is called the Immigrant Investor Pilot Program.
Industrial Realty Group, also known as IRG, the California developer behind the
$900 million Goodyear headquarters project, told local public officials about the
federal program, according to Summit County Executive Russ Pry.
IRG is using the same approach in redeveloping the former McClellan Air Force
Base near Sacramento, Calif., now called McClellan Park. IRG and its other
partners in the McClellan Park group are seeking $6 million in foreign investment.
''It's another tool in the toolbox,'' Pry said. ''It opens up the ability to bring in
foreign investors.''
The money will be spent on the private side of the development, including the redevelopment of Goodyear's current buildings and in the proposed retail
development across the street from the site of the as-yet unbuilt headquarters
building off Martha Avenue, he said.
A Moline, Ill., company, CMB Export, will oversee the foreign investment as Akron
and Summit County's partner in the program. The company is a federally licensed
regional center and first used the investment program to help communities in
California hurt by the closing of military bases in that state, including McClellan.
The federal government annually offers 3,000 EB-5 visas to foreign residents who
invest at least $500,000 in American business, according to the city and county.
A foreign investor must have the cash on hand and has to be approved by
the U.S. Citizenship and Immigration Services before getting a conditional visa.
The Department of Homeland Security may investigate where the investor got
his or her money, according to the statement.
The investor has to prove to the government that the investment directly or
indirectly created at least 10 full-time jobs.
After two years, the investor can apply for a permanent visa.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. www.polymervalley.com/
Friday, May 8, 2009
Goodyear Headquarters Project Gets Initial Financing
National City Bank has agreed to provide financing for the first phase of
the Goodyear Akron Riverwalk project, officials said today.
The bank, now a part of PNC Bank, will buy $17.2 million worth of government-backed bonds so the massive redevelopment project in East Akron can get under way.
The financing is the first step in an estimated $900 million, multiphase project that will result in a new world headquarters for Goodyear Tire & Rubber Co. The project also includes retail office space, recreation and a hotel to be built in the area.
''National City's decision allows us to take another step forward in this development
and to reach our ultimate goal of saving 2,900 jobs and keeping the new Goodyear headquarters in Akron,'' Mayor Don Plusquellic said in a prepared statement.
The Summit County Port Authority plans to issue the bonds for Industrial Realty Group, the private developer behind the effort. IRG will purchase the Goodyear headquarters, Goodyear Hall, Tech Center and other properties.
Goodyear will pay rent to IRG for use of the facilities.
Summit County and Akron will guarantee the payment of the bonds
in case of a default.
Both County Council and City Council must approve the deal.
''The spirit of cooperation on this project over the past several months has
been extraordinary and I want to thank National City for their commitment
to our entire community and their leadership in keeping this project moving
forward,'' County Executive Russ Pry said in a prepared statement.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. www.polymervalley.com/
Thursday, May 7, 2009
Goodyear to Raise Extra $500m. From Bond Issue
So, what is Goodyear going to do with an extra $500 million or so in its coffers?
The money, from a $1 billion bond issue the Akron tire maker announced late Wednesday, will go to ''general corporate purposes,'' according to spokesman
Keith Price.
The hundreds of millions of dollars may be used for normal expenses including
making pension payments, rebuilding inventories when the economy improves,
and perhaps as an extra source of cash if contract negotiations don't go well
this summer with the United Steelworkers, said industry analysts.
Goodyear Tire & Rubber Co. on Tuesday initially announced it was going to sell
$500 million in senior unsecured notes and use the proceeds, along with cash,
to pay off $500 million in other notes due Dec. 1.
Saul Ludwig, industry analyst with KeyBanc Capital Markets, said he long felt
Goodyear needed to raise $1 billion. ''The only surprise was the timing,'' he said.
''In the capital markets,you raise the money when the opportunity is there.''
But the positive response to the offering — the seven-year notes sell at a
discount and pay 10.5 percent interest for a return of 11.375 percent — led
company executives to double the size to $1 billion.
And that means Goodyear might have about $500 million extra to put to use.
''There seems to be a positive spirit of cooperation,'' Ludwig said.
Moody's Investor Services rated the Goodyear notes at ''B1.''
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. www.polymervalley.com/
Tuesday, March 24, 2009
Akron OKs Goodyear Deal
City Council unanimously votes for port authority to issue $17.2 million in bonds to fund the project.
Akron City Council members Monday approved a deal aimed at moving the
Goodyear Tire & Rubber Co. headquarters project forward.
'' This is good for Goodyear and good for the city,'' said Terry Albanese,
who chairs the council's economic development committee.
IRG announced this month that it couldn't find private financing to start the estimated $900 million project because of the souring economy and asked for public help.
Albanese said she and other council members saw the tentative agreement between IRG and Goodyear and were able to get their questions answered.
Albanese said the agreement will at least keep Goodyear in Akron for five years.
At that point, she said, the economy hopefully will have improved.
The Summit County Council approved the deal last week.
Both Akron and Summit County have committed to spending millions on public improvements tied to the project. On Monday, for example, the Akron council approved spending $751,000 for improvements to Tech Way off Kelly Avenue, work that is related to the project. The city and county would be responsible for repaying the bonds in case of a default.
Developer Stuart Lichter has changed the order of the project — opting to renovate the current Goodyear headquarters and later build a new facility. Goodyear will remain in the building during the renovation.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. http://www.polymervalley.com/
Akron City Council members Monday approved a deal aimed at moving the
Goodyear Tire & Rubber Co. headquarters project forward.
'' This is good for Goodyear and good for the city,'' said Terry Albanese,
who chairs the council's economic development committee.
IRG announced this month that it couldn't find private financing to start the estimated $900 million project because of the souring economy and asked for public help.
Albanese said she and other council members saw the tentative agreement between IRG and Goodyear and were able to get their questions answered.
Albanese said the agreement will at least keep Goodyear in Akron for five years.
At that point, she said, the economy hopefully will have improved.
The Summit County Council approved the deal last week.
Both Akron and Summit County have committed to spending millions on public improvements tied to the project. On Monday, for example, the Akron council approved spending $751,000 for improvements to Tech Way off Kelly Avenue, work that is related to the project. The city and county would be responsible for repaying the bonds in case of a default.
Developer Stuart Lichter has changed the order of the project — opting to renovate the current Goodyear headquarters and later build a new facility. Goodyear will remain in the building during the renovation.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. http://www.polymervalley.com/
Tuesday, March 10, 2009
Developer Plans to Change Order of Goodyear Project
Goodyear employees may need to get used to a noisier workplace later this year.
As Summit County and Akron city governments close in on signing a $17.2 million public financing agreement that will allow the $900 million Goodyear headquarters complex to proceed, the project's private developer said he needs to change the order of construction.
In this case, it means starting to rehab and retrofit Goodyear Tire & Rubber Co.'s existing and aging buildings in East Akron before building a new global and North American headquarters for the tire maker. The original plan, put together before the global credit crunch and recession hit in full last year, called for building the new headquarters off Martha Avenue first and then renovating Goodyear's old structures in what is called
the Riverwalk project.
The changes in the order of construction will help keep Goodyear in Akron, Lichter said. Once all parts of the complex deal are signed, Goodyear will remain obligated to stay in Akron and keep 2,900 jobs here, he and others said.
Lichter said his company remains strong and has the capacity to do the project.
IRG will spend millions of dollars to do such things as make the old Goodyear buildings, including the current Tech Center, much more energy efficient, Lichter said. The new headquarters is planned on a large lot next to the Tech Center, and a new retail
complex and hotel are proposed across the street.
As Summit County and Akron city governments close in on signing a $17.2 million public financing agreement that will allow the $900 million Goodyear headquarters complex to proceed, the project's private developer said he needs to change the order of construction.
In this case, it means starting to rehab and retrofit Goodyear Tire & Rubber Co.'s existing and aging buildings in East Akron before building a new global and North American headquarters for the tire maker. The original plan, put together before the global credit crunch and recession hit in full last year, called for building the new headquarters off Martha Avenue first and then renovating Goodyear's old structures in what is called
the Riverwalk project.
The changes in the order of construction will help keep Goodyear in Akron, Lichter said. Once all parts of the complex deal are signed, Goodyear will remain obligated to stay in Akron and keep 2,900 jobs here, he and others said.
Lichter said his company remains strong and has the capacity to do the project.
IRG will spend millions of dollars to do such things as make the old Goodyear buildings, including the current Tech Center, much more energy efficient, Lichter said. The new headquarters is planned on a large lot next to the Tech Center, and a new retail
complex and hotel are proposed across the street.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. http://www.polymervalley.com/
Sunday, September 14, 2008
Goodyear Complex Coming Together
Harrell and Laura Thompson, Goodyear vice president for business development are overseeing the East Akron headquarters project for their respective companies. They shared their thoughts on the project as part of a recent tour of Goodyear Hall and Goodyear's current headquarters.
The two executives say they and their respective teams are progressing on the necessary paperwork so that the various private and public entities can close,
as they expect, later this year on the $900 million complex, which will be called Akron Riverwalk.
Right now, Goodyear is more concerned about working out the
details of its new headquarters, she said.
Goodyear is being very supportive of IRG's plans to reuse the buildings, Harrell said.
That support includes giving regular tours to prospective tenants interested in space once Goodyear vacates the premises, she and Thompson said.
It's been largely Ohio-based businesses on the tours so far, Thompson and Harrell said. They will try to use incentives to get out-of-state businesses to move to the Riverwalk properties, Harrell said.
''We have companies that do business with Goodyear that have called us to say,
'We want to locate near Goodyear. How can you help us?' '' Harrell said.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. http://www.polymervalley.com/
The two executives say they and their respective teams are progressing on the necessary paperwork so that the various private and public entities can close,
as they expect, later this year on the $900 million complex, which will be called Akron Riverwalk.
Right now, Goodyear is more concerned about working out the
details of its new headquarters, she said.
Goodyear is being very supportive of IRG's plans to reuse the buildings, Harrell said.
That support includes giving regular tours to prospective tenants interested in space once Goodyear vacates the premises, she and Thompson said.
It's been largely Ohio-based businesses on the tours so far, Thompson and Harrell said. They will try to use incentives to get out-of-state businesses to move to the Riverwalk properties, Harrell said.
''We have companies that do business with Goodyear that have called us to say,
'We want to locate near Goodyear. How can you help us?' '' Harrell said.
View full article at: Ohio.com
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA. http://www.polymervalley.com/
Friday, August 8, 2008
Advancing Akron Riverwalk:
Goal of Brownfield Project at 99 Seiberling Street Property
PDF excerpt: "Project Ties in with Master Plans" -
"The Akron Riverwalk redevelopment is a key component of the overall Akron Goodyear Redevelopment Plan, a plan that was created by IRG Rubber City, LLC with significant input by the City of Akron, Summit County Port Authority, and Goodyear. While certain components of this larger plan evolve as tenant commitments are made, the overall concept of this redevelopment plan serves as the directive for economic development and infrastructure improvement activities for this massive $800 million, 600-acre public-private redevelopment partnership." ( PDF Document )
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA
Goal of Brownfield Project at 99 Seiberling Street Property
PDF excerpt: "Project Ties in with Master Plans" -
"The Akron Riverwalk redevelopment is a key component of the overall Akron Goodyear Redevelopment Plan, a plan that was created by IRG Rubber City, LLC with significant input by the City of Akron, Summit County Port Authority, and Goodyear. While certain components of this larger plan evolve as tenant commitments are made, the overall concept of this redevelopment plan serves as the directive for economic development and infrastructure improvement activities for this massive $800 million, 600-acre public-private redevelopment partnership." ( PDF Document )
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street #400, Akron, OH 44333 USA
Monday, March 24, 2008
Akron Riverwalk Project Announcement:
"This project has been called the most ambitious development effort in the history of the City of Akron, and this announcement represents a tremendous and truly historic success," said Joe Gingo, Goodyear's Exec. V.P. and Chief Technical Officer. "I cannot say enough about the positive spirit of cooperation between all the groups who helped make this vision a reality."
The cost of the entire project -- including the Goodyear facilities plus multi-phase development of other parts of Goodyear's property into a combined office campus mixed-use village, retail town center and industrial park to be called Akron Riverwalk, pegged at nearly $900 million, may involve as many as 12,000 jobs over a seven-year span. click-on aerial view map posted above
See full City of Akron news release of 12/5/07 < here >.
The proposal timeline includes breaking ground for Goodyear's new buildings in 2008 and moving into the new facilities in 2010.
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street # 400, Akron, OH 44333 USA
The cost of the entire project -- including the Goodyear facilities plus multi-phase development of other parts of Goodyear's property into a combined office campus mixed-use village, retail town center and industrial park to be called Akron Riverwalk, pegged at nearly $900 million, may involve as many as 12,000 jobs over a seven-year span. click-on aerial view map posted above
See full City of Akron news release of 12/5/07 < here >.
The proposal timeline includes breaking ground for Goodyear's new buildings in 2008 and moving into the new facilities in 2010.
Information on this site is provided for discussion purposes only as a public service of Polymer Valley Media Corporation, 3867 W. Market Street # 400, Akron, OH 44333 USA
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