Chris Burnham, president of the Development Finance Authority of Summit County, says it is an important investment.
“The Middlebury neighborhood is a key reinvestment focus for the city. The neighborhood has a lot of capital and to be able to bring some retail and residential back to the neighborhood there is something we consider really important,” he said.
The project will provide affordable senior living in addition to the retail space on its ground floor.
This type of loan from the Akron Community Revitalization Fund is used to help economically distressed neighborhoods throughout the city.