Akron, Ohio News Release...

CITY READY FOR DEVELOPMENT OF NEW CORPORATE CAMPUS

The City of Akron is working with a developer and existing land owners to create a new corporate/office campus in West Akron. Omni Realty Company has acquired 58 acres at the southwest corner of White Pond Drive and I-77, through agreements with the Telxon Corporation and Akron Jewish Community Center and with cooperation and assistance from the City of Akron.

Omni has proposed the development of a corporate campus with buildings ranging from 15,000 to 150,000 square feet, clustered and located in pockets, to protect the site's park-like setting. The project will take shape with woods, ponds, trails and aesthetics similar to those of one of Akron's Metro Parks. It is expected that this corporate office campus will unfold over the next five years.

The initial phase of development is an approximately 24,000 square foot, two-story corporate office building on a three-acre parcel adjacent to White Pond Drive. Construction completion is expected by the end of this year.

Three of the principals in the project, Patrick Finley, Michael Sapp and Doug Loehr, all grew up in the Akron area and graduated from the University of Akron. In a joint statement released today, Finley, Sapp and Loehr said, "We believe this is an excellent opportunity to create an Akron-based development the likes of which will compete with other office parks in the Fairlawn and Cleveland markets. We are thrilled we could find a property with this kind of regional access, exposure and identity."

Although the site design will be more challenging from a development and construction point of view, Omni's principals say it will allow them to maintain the beauty and natural setting of the property. The site will be tailored for both the small leasing occupant and the corporate entity wishing to own its own building.

Finley, Sapp and Loehr commended their partners in the project, saying, "We appreciate the assistance we received from both the Telxon Corporation and the Akron Jewish Community Center. We especially appreciate the cooperation and support the City of Akron has provided."

Akron City Council had been approached for other types of developments of this property in the past, but has encouraged that the land be held for a job-creating office development project. The City will be constructing and financing the infrastructure and road system on the property, on behalf of the benefiting property owners. The proposal will be presented to the Planning Commission at its March 19 meeting.

Omni Realty recently was named Small Scale Office Developer of the Year by the National Association of Industrial and Office Properties. The company is located in suburban Cleveland.

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