AKRON, Ohio - Another block in downtown Akron is poised for redevelopment as plans are in the works for sale of the Mayflower Manor.

New York-based Capital Realty Group Inc., which specializes in senior subsidized housing, is finalizing purchase of the 16-story, 450-room building at 263 South Main from the Mayflower Housing Partnership.

The sale price of the building is not available but Capital Realty plans to invest more than $10 million in the renovation. said Sam Horowitz, a co-principal with Capital Realty.

The deal will allow the developer to benefit from Akron's 15-year residential tax abatement program as well as tax increment financing, similar to financing that helped make the nearby Bowery Project a reality.

The Bowery project, which is expected to be completed next year, includes redevelopment of the 12-story Landmark building and five smaller retail buildings between Bowery Street and the Akron Civic Theatre is led by the Bowery Development Group.

Previous interested developers proposed rehoming the current residents, for whom housing is subsidized, to create market-rate apartments. In the current deal, the residents will not only remain at the Mayflower, their rent will not increase, Horowotz said.

During the work, residents will remain on-site and new amenities will be added, such as community spaces and a fitness area and a social coordinator will be on staff. The current retail offerings on the ground floor will also be redeveloped, Horowitz said.

"Seeing the city's excitement for the downtown revitalization, a mayor that is really dedicated with his team and seeing the restoration of downtown Akron, we're really excited to work together with the city on this project," Horowitz said.

The Mayflower deal is also a win for the city.

For the city, renovation of the building, which is listed in the National Register of Historic Places as part of the South Main Street Historic District, aligns with the Akron Vision & Redevelopment Plan to revitalize downtown. During public engagement for the redevelopment plan, residents said they want more downtown housing, which the project will provide.

"Obviously the Mayflower is one of maybe three must-have developments to really transform downtown," said Akron's Chief of Staff James Hardy. "We have been wanting to have a real partner to improve the building but also the lives and services available for the residents there. No one will have to leave the Mayflower or be displaced. Everybody is going to benefit."

Capital Realty plans to restore the historical character of the interior, including the apartments, and exterior of the building. Planning will take six to 12 months to complete, with renovation to begin immediately after, Horowitz said.

The Mayflower open in 1931 when Akron was booming with industry. It was designed with hotel, banquet and convention accommodations to serve business people visiting the city. When it opened, the ground floor retail space contained a dress showroom and a hat store, both owned by women.

During a day-long opening celebration attended by executives from around the country, roses were dropped from a fleet of airships and airplanes onto the Mayflower's roof, called the Zeppelin Observation roof.

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