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Wednesday, March 14, 2007

New building planned for downtown Akron

By STAN BULLARD2:45 pm, March 14, 2007

A plan for a new downtown office building costing upwards of $10 million was announced today — in downtown Akron.Signet Enterprises, an Akron-based venture capital and real estate development company, and Akron Mayor Don Plusquellic announced this morning that they have reached a memorandum of understanding for Signet to build a 50,000- to 100,000-square-foot building atop a 1,000-car parking deck on South Main Street.

Under the agreement, the city would lease the site for the new building to the developer.The city has agreed to buy Signet’s Carnegie Building in downtown Akron if the developer doesn’t sell it by the time Signet moves its offices into the new building, the mayor’s office said in a news release.Several tenants have moved to the suburbs the past few years from the Carnegie Building, and the mayor said he’s “very pleased” Signet is staying downtown.

Anthony Manna, Signet chairman, said he appreciated the city’s efforts to retain his company. To be called “The Signet Building,” the three- to five-story structure is scheduled to be finished in fall 2008 if construction begins this fall.


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