AKRON, Ohio (AP) — A downtown development project in northeast Ohio has landed nearly $8 million in foundation help.
The John S. and James L. Knight Foundation recently announced the financial assistance for the University Park Alliance group that is working to develop the neighborhood near the University of Akron.
The foundation will provide a $6 million grant over five years to get neighbors, businesses and city institutions involved in the planning. It will also provide a $1.8 million low-interest loan.
The funding will help a project envisioned to include $60 million to $70 million in retail, housing and office space.
According to the Akron Beacon Journal (bit.ly/URBQ6w), the Miami-based Knight Foundation invests in communities where the Knight brothers owned newspapers such as Akron.