The Goodyear Tire & Rubber Co. Board of Directors recently approved a plan that, when finalized, will keep the company’s world headquarters in Akron, Ohio.
The tentative agreement between Goodyear and the Industrial Realty Group (IRG) calls for Goodyear to sell most of its Akron area property and facilities to IRG. In turn, IRG will construct a new world headquarters building, a new headquarters for the company’s North American Tire business, and make improvements to the company’s technical center and research facilities. Goodyear will lease the new buildings and the existing technical center from IRG.
Now that Goodyear’s board of directors has approved the proposal, Goodyear and the other key groups can begin work on finalizing the necessary details of the purchase and lease agreement, which includes securing public funding and other due diligence issues.
The proposal timeline includes breaking ground for Goodyear’s new buildings in 2008 and moving into the new facilities in 2010.
Separately, IRG has been working with the city of Akron, Summit County, and the state of Ohio to create a multi-phase development of other parts of Goodyear’s property into a mixed-use retail and commercial development, to be called Akron Riverwalk.
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