Akron’s 139-unit residential development at Canal Place – one of the largest to date – is slated to open at the end of the year under a new name, and its developer is already considering other projects in the center -city.
Mentor developer Lance Osborne, chairman of Osborne Capital Group, said his apartments at Canal Place will be named The Goodrich, after BFGoodrich, which formerly operated from the two buildings Osborne is converting into apartments for luxury.
Construction began in March and Osborne has so far said he has not had major issues with a shortage of labor or materials.
“It’s going well. We just have to do it – I hope we can guide you through the holidays when it’s finished,” Osborne said during a visit to the project in September.
Osborne said he would have spent more than $ 40 million by the end of the work, including acquisition and development costs, making the project his largest to date.
The Goodrich project includes buildings 10 and 17 at Canal Place and a total of approximately 250,000 square feet of space. Building 10 will have four floors of apartments, while Building 17, which is nearing completion, will have three floors of residential units.
The development will include 104 one-bedroom units of approximately 880 square feet each, 32 two-bedroom apartments ranging from 1,200 to 1,400 square feet and three studios of approximately 400 square feet each, reports Osborne.
Osborne said he was calculating the rents, but added that the units will likely be rented at around $ 1.65 per square foot. This puts the rent for a one-bedroom unit at around $ 1,450 per month and the rent for the larger two-bedroom units at around $ 2,300 per month.
It is not cheap; the average rent in Akron is $ 888 per unit and less than $ 1 per square foot citywide, according to the RentCafe.com website. But that’s no exaggeration for downtown, where the website cited an average rent of $ 1,255 per month.
Osborne rents will in fact be lower than some other developments. This includes the Bowery District, which has already rented all of its apartments for over $ 2 a square foot, and The 159, where New Jersey architect and developer Tom Rybak says he’s half-rented at an average rent of 1.90. $ per square foot. .
All projects – especially The 159 and The Goodrich, which will hit the market later – are watching each other very closely, in the hopes of gauging local demand and determining where their rents should be. Both Rybak and Osborne inquired about each other’s progress.
Rybak said he has received a good response to his development, although, to his surprise, most of his new tenants come from out of town and work either from home or at new jobs in the city. region.
“I would say 95% of my renters are from out of town – I was very surprised,” said Rybak, who added that he did not plan to market the 159 to residents of Cleveland who may travel to the Akron area for work and may want to shorten these trips.
As is the case with other luxury developments downtown, Osborne is investing heavily in the conversion of its buildings. In addition to what has become almost standard features in high-end downtown developments, such as the granite countertops in island kitchens, Osborne has gone to great lengths to outfit its buildings with new large windows that let in natural light and create a feeling of the outdoors.
Some of its units are also among the largest being built downtown. The Bowery, for example, has a 3,000-square-foot penthouse, but its two-bedroom apartments measure just under 1,000 square feet.
Once he’s done with The Goodrich, Osborne probably won’t be done with his developments on Akron.
He is also completing an 80,000 square foot mixed-use development at the former Rosemont Country Club in Fairlawn. There, he built 55 apartments on the top three floors of a four-story building, while working with other home builders to build the rest of the 150-acre site.
After that, Osborne said he would look for other Akron projects. He said he would likely start with another 100-unit development at another industrial building on Akron’s West Bartges Street, which he hopes to start next year.
His efforts, like those of other promoters, have been hailed by authorities in a town where Mayor Dan Horrigan has made the reconstruction of the population a fundamental policy.
“The city certainly supports Mr. Osborne’s efforts to redevelop the Goodrich and other Akron sites,” Sean Vollman, deputy mayor of the Office of Integral Development, said via email. “We have partnered with Mr. Osborne on the Goodrich case and there is a development agreement relating to the commercial and residential development that Mr. Osborne is undertaking. We look forward to working with him in his continued efforts to invest in our business. community.”
Osborne said he was looking to do more apartment developments, in particular.
“We’ve been doing a lot of retailing, but we’re kind of looking into the multi-family market with this development,” Osborne said.