Austen BioInnovation Institute in Akron
Akron, Ohio

The Austen BioInnovation Institute in Akron (ABIA) was developed as a conduit for life-enhancing and life-saving biomedical innovation for the 21st century. Positioned to become a global leader in biomaterials and medical research, education, clinical services and commercialization, the Institute draws on Akron's rich legacy in materials science to develop a world-renowned biomaterials and medicine program with special focus on orthopedic and wound care. The institute serves as a research, learning and training center for current/future healthcare professionals in new and advanced technology tools.

ABIA's Operating founders include Akron Children's Hospital, Akron General Health System, Northeastern Ohio Universities College of Medicine (NEOMED), Summa Health System, The University of Akron and the John S. and James L. Knight Foundation.

The Value Provided:

Focused on improving economic development and attracting business in downtown Akron, Ohio, the 76,000 sq ft ABIA renovated facility at 47 N. Main St. will support Akron's transition from a manufacturing center to a healthcare, biomedical, educational and service industry center. The Institute will also have a significant financial impact on the Akron area, with $150 million in annual academic and clinical research, $50 million in annual commercialization investments and 2,400 new jobs for the Akron area.

Benefits of Working with us

The Port Authority assisted as developer and property manager for the project. In addition to serving as the new headquarters of Austen BioInnovation Institute in Akron, the Port Authority will maintain its offices on site. The Port Authority issued tax-exempt lease revenue bonds, and holds a mortgage on the property.

Project Cost: $7M as a bond fund transaction through the SCPA

Source Funds:
$2.5M low interest loan through the State of Ohio.
$2.0M First Energy grant
$1.0M Austin BioInnovation Institute in Akron

Interest Rate:
n/a