The University of Akron is partnering with UAkronPark (a team comprised of Diogenes Capital and SP+) to refinance the non-core parking assets on the University’s campus.
The 35-year contract will provide an opportunity to refinance the University’s non-core
parking assets with an estimated upfront payment of in the tens of millions of dollars to be managed by The University of Akron.
UAkronPark is a non-profit entity and is estimated to distribute tens of millions of dollars to the University for reinvestment in its academic mission over the life of the concession.
UAkronPark will also be investing well over ten million dollars into the parking infrastructure in the first five years of the concession, and tens of millions of additional dollars over the course of the concession. At the conclusion of the contract term UAkronPark will hand the parking facilities back to the University in better condition than they were received.