I'm down with an on-campus location... as long as we don't bury the arena in the center of campus. Anywhere along Exchange (or even somewhere along Market?) would be great, as I really hope the powers that be are planning for future development (restaurants/bars/shops) which an arena can be the catalyst for.
Since we're not Columbus and cannot afford two world-class facilities (NationWide Arena & Value City Arena) we can't do what Columbus State did. OSU's Value City Arena isn't near anything and is simply surrounded by a huge parking lot. OSU got their on-campus arena, but man, for such a beautiful facility, the surrounding environment is rather lame. (Much like where the JAR is located. Me no like.)
Value City Arena is a lesson in what not to do.
In Akron, we simply must make a new arena count for more than that. Much more than that.
In contrast, Columbus' NationWide Arena & the entire Arena District is a stunningly beautiful development and should definitely be a model.