With downtown Akron becoming a hot spot for student-housing projects, the city is launching a study to find out if all the new developments are really needed.
City leaders also agreed this week not to hand out any tax incentives or to rezone properties for new student housing for at least the next four months while the analysis is conducted.
The study will examine not only current housing needs, but also enrollment trends at the University of Akron.
“We’re going to be looking at the saturation point and vacancy rates and impacts on neighborhoods,” said Councilman Jeff Fusco, who along with Council President Garry Moneypenny proposed the study and the 120-day self-imposed moratorium.
The moratorium won’t affect any projects that already have been approved.
In the past few years, the City Council has signed off on projects that will create nearly 2,000 new housing units around the university campus.
Those include the already open 22 Exchange, the soon-to-open $12 million 401 Lofts, the ongoing $40 million University Edge and a new $20 million effort just approved at South Broadway and East Exchange Street. Developers have expressed an interest in other student residences as well.
The university last week also announced plans to convert the last remaining public hotel rooms at the Quaker Square Inn downtown to student housing this summer.
City leaders say they’re thrilled with the investment, knowing that years ago there was a worry that there weren’t enough housing options for students. But the boom has them asking, “How much is too much?”
“This is a fantastic thing but we don’t want to oversaturate the market where we have empty buildings,” city spokeswoman Stephanie York said.
It’s not merely the potential for empty buildings. The city also is concerned about having enough parking, public transportation, retail stores and entertainment for an influx of people living downtown.
“We want to do this slowly, methodically and correctly and make sure that whenever we’re making our decisions, we have as much information available to us as possible,” Fusco said.
The university enrolls about 29,000 students, with about 3,300 living on campus and an estimated 6,500 living in the surrounding neighborhoods.
Overall enrollment fell 3 percent last fall after six consecutive years of growth.
As for the study, it’s unclear who will conduct the analysis. It could be the city itself or a hired outside firm.
City Planning Director Marco Sommerville said Akron will seek input for the study from UA and University Park Alliance, an organization dedicated to revitalizing city neighborhoods.
The university spokeswoman declined to comment and University Park Alliance could not be reached for comment Tuesday.
The moratorium doesn’t prevent developers from pursuing private deals, Fusco added.
“We want development,” he said. “We want safe student housing and convenient student housing, obviously. And if a developer comes in and doesn’t ask the city for any incentives for development or construction and the land is already zoned, they can go forward with it.”
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.