Hilltopper Posted August 3, 2013 Report Posted August 3, 2013 It looks like the UPA has run its course. University Park Alliance’s $6 million grant, $1.8 million loan is canceled by Knight Foundation; $500,000 given instead The Knight Foundation has pulled the plug and it looks like things will be winding down in the next year. Quote
Big Zip Posted August 3, 2013 Report Posted August 3, 2013 Just drove by campus and the Exchange Street corridor seems to be moving along still. the amount of student housing along Exchange is actually looking pretty awesome. I still struggle to fathom $600 a month for 22 Exchange as one of of five people. $3K a month per apartment...I have to believe they are making money hand over fist. Quote
zipdoll Posted August 3, 2013 Report Posted August 3, 2013 Just drove by campus and the Exchange Street corridor seems to be moving along still. the amount of student housing along Exchange is actually looking pretty awesome. I still struggle to fathom $600 a month for 22 Exchange as one of of five people. $3K a month per apartment...I have to believe they are making money hand over fist. University Edge (non-UA owned) is indeed looking awesome and blends in well with actual UA owned campus housing (South Hall and Exchange Street Apartments) Of course none of these projects actually have anything to do with UPA. Nonetheless, I think University Edge as well as 22 Exchange, The Lofts the "green" housing further South of Exchange and the newest private UA student housing being built by the RR tracks help to make the campus a residential campus as opposed to a commuter campus in letter, spirit and perception. It's all good. Quote
Dave in Green Posted August 3, 2013 Report Posted August 3, 2013 Reading the story in detail, it does not appear that the UPA has necessarily run its course, but is changing course and has been invited to apply for a new grant once new plans are in place: Knight Foundation has also invited UPA, a nonprofit working on an area of 50 city blocks around the University of Akron, to reapply for a new grant, said James in an interview on Friday. “It may be a large grant, but it may be a series of smaller ones as we take our three big real estate projects and still work on getting those back on track,” he said. The organization is also considering changing its model away from developing real estate and instead acquiring property and selling it to a company that would agree to develop it according to UPA goals, said James. The cancellation of the Knight grant did not come as a surprise, said several board members also interviewed Friday. In fact, it was expected since the real estate projects tied to the original grant have significantly changed in scope or stalled. Quote
skip-zip Posted August 3, 2013 Report Posted August 3, 2013 It would be sad for me if UPA went away. I've gotten to know some of the people involved with the organization quite well over the years, and I really believe that this organization has represented our very, very rare opportunity to turn the University area into something special. Quote
LZIp Posted August 6, 2013 Report Posted August 6, 2013 Chase giving 75k grant http://www.ohio.com/news/university-park-a...utm_source=t.co Quote
Hilltopper Posted September 20, 2013 Author Report Posted September 20, 2013 Another nail in the coffin. University Park Alliance facing legal woes The nonprofit working on redevelopment of 50 city blocks around the University of Akron is being sued for not completing a purchase of six homes near the college. It is the second lawsuit filed against UPA. A previous suit filed in July from a consultant also claims breach of contract. Last time I checked, a contract is a contract no matter what King Donny says. Quote
Hilltopper Posted October 3, 2013 Author Report Posted October 3, 2013 More rearranging of the deck chairs on the Titanic. University Park Alliance asks board members for $1,500 each for operating expenses; third lawsuit filed against group The 15 organizations represented on the UPA board have been asked for $1,500 each to help with expenses through the end of the year. A secretary is the only staffer who remains as an employee. The reason was that UPA projects no longer matched terms of the original grant. The Knight Foundation invited UPA to re-apply for a new grant and gave UPA $500,000 this summer in an attempt to get it through the end of the year. However, after some bills were paid, some funds on deposit at Valley Savings Bank were put on an “administrative hold” because of what it said were unpaid notes and lines of credit. UPA has sued Valley Savings Bank of Cuyahoga Falls to try to get access to $391,243.89. Summit County Common Pleas Judge Jane Davis last week denied UPA’s motion for a preliminary injunction. UPA had put up several of its rental properties as collateral on those loans and the taxes and mortgages have not been paid, Valley Savings said in court documents. Those pesky contracts again! Roger Carter of Akron on Tuesday filed suit against UPA and University Park Village, a nonprofit that Carter and UPA members formed to create a housing development off Brown Street. Carter alleges three contracts were breached. The suit says Carter’s capital contribution was to be two student rental properties with addresses of 443 and 445 Brown St. UPA failed to contribute a contribution of $2.85 million, plus a fee of $7,800 and there is a project delay payment due of $268,785, the complaint says. Quote
LZIp Posted October 9, 2013 Report Posted October 9, 2013 After listening to Dr. P speak to my class today, he seemed pretty adamant that you shouldn't stick a fork in UPA just yet... Quote
Z.I.P. Posted October 10, 2013 Report Posted October 10, 2013 After listening to Dr. P speak to my class today, he seemed pretty adamant that you shouldn't stick a fork in UPA just yet... You must have a pretty powerful instructor. What class is that? Quote
LZIp Posted October 10, 2013 Report Posted October 10, 2013 You must have a pretty powerful instructor. What class is that? Strategic Management. My capstone class. It was really interesting hearing the about thoughts and transformation of the University during Dr. Proenza's tenure. I've always heard the campus is very different from a decade or so ago, but it was really interesting hearing about the process from the one who was behind it. He also made it clear he is not a fan of the ABJ lol Quote
Z.I.P. Posted October 10, 2013 Report Posted October 10, 2013 Strategic Management. My capstone class. It was really interesting hearing the about thoughts and transformation of the University during Dr. Proenza's tenure. I've always heard the campus is very different from a decade or so ago, but it was really interesting hearing about the process from the one who was behind it. He also made it clear he is not a fan of the ABJ lol Well, he got his job in part because his predecessor was sleeping with the editor! Quote
Dave in Green Posted October 10, 2013 Report Posted October 10, 2013 If everything that ever got a bad news story or two failed, nothing in the world would ever be successful. Quote
Big Zip Posted October 10, 2013 Report Posted October 10, 2013 Well, he got his job in part because his predecessor was sleeping with the editor! His predecessor was Dr. Ruebel. I'm assuming you are referring to Peggy which was two Presidents ago. Quote
Z.I.P. Posted October 10, 2013 Report Posted October 10, 2013 His predecessor was Dr. Ruebel. I'm assuming you are referring to Peggy which was two Presidents ago. Well, ONE of his predecessors. lol Thanks for the update -- I've been out-of-town a while! Quote
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