Akron Children’s Hospital to acquire 47 North Main Street property

Akron Children's Hospital

Summit County, the Development Finance Authority (DFA), the City of Akron and Akron Children’s Hospital have agreed to the terms of a cooperative agreement to facilitate the purchase of 47 North Main Street in downtown Akron, pending board approval.

The county and the Development Finance Authority own the property, which is currently leased to Akron Children's for its Simulation Center for Safety & Reliability. The pediatric acute care hospital has agreed to buy the property for $4.5 million.

Summit County Executive Ilene Shapiro will introduce legislation to County Council on May 24 to approve the county’s participation in the cooperative agreement. Shapiro will transfer ownership of the parcel of land it owns to the Development Finance Authority (DFA) ahead of the sale to the hospital once approved.

According to the agreement, the DFA is allowed to make several adjustments to the property, including the bulldozing of a shed and trolley building, construction of a retaining wall along High St., parking lot improvements, and façade upgrades to the rear of the building. The city and county will finance the adjustments, with the city contributing a $1.4 million grant and Summit offering an initial $1.8 million loan.

“This project will contribute to the ongoing transformation of downtown Akron and further enhances the existing economic development we are seeing in our region,” said Summit County Executive Ilene Shapiro. “It represents yet another successful public-private investment in our community, and Summit County is proud to work alongside our many partners on this project and others that benefit our community.”

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