Akron, Ohio News Release...

O'NEIL'S SITE ATTRACTS CLEVELAND RESTAURANT DEVELOPER

Mayor Don Plusquellic shows reporters rendering of O'Neil's Main Street level plans

(July 22, 1998)-A restaurant developer from Cleveland has his sights set on a downtown Akron site for a new venture. Mayor Don Plusquellic, at his weekly news conference today, announced that the George Group has signed a memorandum of understanding with the City of Akron to develop up to 60,000 square feet of the O'Neil's building on South Main Street. Contained in the non-binding agreement are plans by George Group President, Tony George to create entertainment venues, including restaurants, specialized food service, and a banquet hall in the four-phase development. A wide range of entertainment is also planned including an establishment featuring interactive entertainment. The George Group has produced restaurants and entertainment venues in Cleveland and northeastern Ohio, including Slam Jam's, Harry Buffalo and Farris Steak House.

The next step in the process is the negotiation of a formal development agreement. The proposal will then go before the Planning Commission and then the Akron City Council. Deputy Mayor for Economic Development James Phelps said he hopes to have the plan before council by early fall. Mr. George would like to see construction begin this fall on phase one, which will encompass the southern half of the floor space on the Main Street level.

"Akron has done an excellent job of positioning its downtown redevelopment to capture new entertainment opportunities," Tony George said today. "I see Akron's redevelopment similar to that of Cleveland over the past 10 years." Mayor Don Plusquellic commented, "The Main Street level of the O'Neil's building is a critical piece to the future of downtown development. We have been very patient and careful in the way we have gone about looking for a buyer for this space. I am pleased to see a businessman with Tony George's reputation for getting things done making an investment in such an important piece of Akron real estate."

The basement and Main Street levels of the O'Neil's building have been gutted. The George Group will invest an estimated $3-$5 million into finishing the two levels. The 60,000 square feet will be, according to the tentative agreement, divided into four condominium units---two on each floor---that will be developed one at a time. The George Group's first-phase plans call for a restaurant in the southern half of the Main level to be completed in early 1999. Purchase price for the first two floors of the O'Neil's building is approximately $1.2 million.

Roetzel & Andress Co. L.P.A., an Akron law firm, is proceeding with its more than 60,000 square foot renovation of the landmark structure, which is scheduled for completion this November. The firm will occupy the fourth, fifth and sixth floors. Once the formal agreement with the George Group is completed, only the second and third floors would be available for development.. The new parking deck will be finished this September.