Kent to Announce Major Milestone in Downtown Redevelopment Today

Kent's downtown redevelopment efforts will take a major public step forward today when officials announce all of the tenants planning to move into the 197,000-square-foot Fairmount Properties complex.

The announcement, set for 12:30 p.m. today at chambers, comes after months of effort for both the city and Fairmount as they worked to finalize lease agreements with the two big commercial anchors — Davey Tree Expert Co.'s Davey Resource Group and AMETEK.

Aside from disclosing the tenants, today's announcement will likely also address financing for the project.

In a letter dated March 29, Akron-based FirstMerit Bank expressed an interest in working with Fairmount to finance construction of the new buildings that will line South Water Street and Erie Street.

When reached Friday, Fairmount Properties principal Randy Ruttenberg declined to comment until after the press conference. Though Ruttenberg told Crain's Cleveland Business in mid March he was confident financing for the project would be closed soon, in part, because Fairmount and partner Premier Development had raised the necessary equity for the project.

Members of Kent City Council will discuss and consider a more than 50-page draft agreement outlining the terms under which Fairmount will lease the city-owned land between Haymaker Parkway, South Water, Erie and South DePeyster streets to build the project.

The agreement also outlines the transfer of ownership to the city of AMETEK's 240,000-square-foot facility on their 15-acre Lake Street property as part of their agreement to move downtown.

Today's announcement comes one day before plans for the go to the Kent Planning Commission for approval Tuesday night.