A state board approved the sale of University of Akron-owned Quaker Square to a trio of developers Monday, the next step in the process to get the oat mill-turned-hotel complex into private hands to be repurposed.

The approval, by the Ohio Controlling Board, didn’t come without questions. 

Sen. Shane Wilkin, R-Hillsboro, had many: He wanted to know what the University of Akron had spent on Quaker Square and when; whether an appraisal was done when the complex was purchased; whether it had been listed publicly for sale, for how much and for how long; and what its intended use was when the university bought it.

Signal background

Wilkin also wanted confirmation, after learning that the university’s 2007 purchase price was $22.7 million, that the state planned to allow a sale for $800,000. They did, a university representative said.

And Sen. Jerry Cirino, R-Kirtland, wanted a better understanding of the process the Department of Administrative Services went through to recommend the sale to “make us feel better” that it was the right move, he said.

“The senator pointed out some interesting things,” Cirino said of Wilkin’s questions.

The hotel in the Quaker Square, originally known as the Quaker Square Hilton hotel, featured round rooms
The hotel in the Quaker Square, originally known as the Quaker Square Hilton hotel, featured round rooms inside what were formerly grain silos. Originally built in 1932 as an oat factory, the facility later converted into a mixed-use complex, housing dining, shopping and entertainment options, along with the hotel. Quaker Square most recently housed University of Akron students in some of the hotel rooms. (Photo courtesy of the University of Akron’s Archives and Special Collections)

Quaker Square sale expected to close next month

In the end, the seven-person board agreed to allow the University of Akron to sell Quaker Square to Ohio River Investments, LLC, a firm made up of Kyle Craven, Steve Dimengo and Joe Scaccio. There was at least one vote in opposition, but a spokesperson for the Controlling Board did not immediately respond to a request to clarify the vote totals.

Craven, the vice president of Akron-based Craven Construction, said Monday that he was “very excited, extremely excited,” to win the approval. This week, he and his partners will be meeting with city leaders to talk more about his plan for the property, he said.

Dimengo is a tax attorney and the managing partner of Buckingham, Doolittle & Burroughs, LLC, a business law firm, and Scaccio is the president and owner of Akron-based J-RS Cos. who previously made an offer to buy the PNC Center at 1 Cascade Plaza. 

Quaker Oats Cereal Factory
The silos of the Quaker Oats Cereal Factory, shot looking north from the parking lot across the street on Bowery, shows vintage cars from the early 1970s. Eventually, the silos were converted into round hotel rooms. (Photos from survey HAER OH-17 via the Library of Congress)

“We’re ready to close,” Craven said. “Now, it’s becoming real. It’s just a very busy road ahead.”

The sale is supposed to close in May, a statement from the university said.

The developers are self-funding their plan to reopen the Quaker Square hotel and update the six-building, 411,000-square-foot complex, Craven said. Information shared with the Controlling Board showed that there is $57 million worth of deferred maintenance on the facility, something that Craven said “definitely” sounds real.

Senators’ questions clarify costs, timeline

A representative from the university told Wilkin the school used the former hotel as student housing for “several years” after its purchase, putting $5 million into the property. But declining enrollment meant it was no longer needed as dorms, and the university hasn’t used it as residences since 2019, aside from quarantining some students in the building during the coronavirus pandemic.

The school listed Quaker Square for sale for $4 million four years ago but removed the asking price when it didn’t get offers, the representative said. She said she did not know if an appraisal had been conducted before the university purchased the complex.

A sign outside the Quaker Square complex shows some wear and tear.
A sign outside the Quaker Square complex shows some wear and tear. The University of Akron received the OK to sell the complex for $800,000 to three local business partners who plan to reopen the hotel, famous for its rooms that are built into round, historic Quaker Oats-era grain silos, and renovate the rest of the property, which has been largely empty for years. (Susan Zake / Signal Akron)

In a statement Monday, the university lauded the Controlling Board’s decision. It will allow the Ohio Department of Administrative Services, which is responsible for selling state-owned buildings that belong to universities, to move forward with the sale. 

University President R.J. Nemer called the approval “a win-win for all,” saying in the statement that it will result in significant savings for the university, which estimates it spends more than $515,000 per year to maintain the complex, and will reduce its footprint to better align with enrollment. 

“At the same time, the redevelopment of Quaker Square could have [a] transformational impact for our region,” Nemer said.

A spokesperson for the University of Akron did not respond to a call or to an email seeking additional comment about the planned sale.

Economics of Akron Reporter (she/her)
Arielle is a Northeast Ohio native with more than 20 years of reporting experience in Cleveland, Atlanta and Detroit. She joined Signal Akron as its founding education reporter, where she covered Akron Public Schools and the University of Akron.
As the economics of Akron reporter, Arielle will cover topics including housing, economic development and job availability. Through her reporting, she aims to help Akron residents understand the economic issues that are affecting their ability to live full lives in the city, and highlight information that can help residents make decisions. Arielle values diverse voices in her reporting and seeks to write about under-covered issues and groups.