International firm’s partnership is “jolt” for University Park Alliance plans
Ohio.com Photo: University Park Alliance Executive Director Eric Johnson (Phil Masturzo/Akron Beacon Journal file photo)
The University Park Alliance, a nonprofit group working on the redevelopment of 50 city blocks around the University of Akron and surrounding downtown areas, has entered a partnership with an international real estate firm known for its work on sports stadiums and aquariums.
Last spring, the UPA showed off what it called a “Master Plan” put together with the university, business partners and city and county government. The plan divided the area into four districts of downtown along three major roads — Market, Exchange and Main streets.
Now KUD International LLC, with offices in New York, London, Long Beach, Calif., and Orlando, Fla., has joined with UPA on what is being called a “master services agreement.” It will give the company responsibility for developing a portion of the projects outlined by UPA.
The partnership also allows KUD, whose parent company is Kajima Corp. of Japan, to work on financial and other resource issues to help local and other developers secure financing and reduce risk.
Financial details of the partnership were not disclosed.
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