Downtown Akron’s power players are suddenly a lot easier to name. Gino and Barbra Faciana, the Medina-based principals of Pleasant Valley Corp., have quietly snapped up several of the city’s biggest properties, setting themselves up to reshape both the skyline and Main Street’s struggling retail core. City officials and local business owners say the timing is critical, with construction, new venues and a push for more residents all colliding in the heart of downtown.
As reported by Crain's Cleveland Business, the Facianas have emerged as one of the only local groups able to assemble multiple marquee towers and pursue a coordinated redevelopment strategy. That work is unfolding as Lock 3 and other projects move ahead, yet downtown is still chasing the consistent weekday foot traffic that retailers and restaurants need to survive.
Local reporting shows a company tied to Pleasant Valley, PVC Cascade One LLC, bought 1 Cascade Plaza (the PNC Center), and the Facianas paid roughly $900,000 last August for the 19‑story former FirstEnergy headquarters at 76 S. Main St., according to Signal Akron. Signal Akron also reported the PNC Center sold for about $2.8 million, and that the new owner says it plans to raise occupancy and partner with community groups on reuse.
A single‑owner strategy could speed work or concentrate risk
If the Facianas close on Huntington Tower at 106 S. Main, they would hold Akron’s three tallest towers. That kind of consolidation could make it easier to pull off large-scale conversions and recruit tenants across multiple buildings, but it would also load a lot of risk on one local ownership group.
Regional real estate observers note that Northeast Ohio has leaned heavily into adaptive reuse and conversions as traditional office demand weakens. That trend helps explain why a single‑owner approach might appeal in Akron’s core, but it might also complicate the strategy, according to Rubber City Appraisal Studio.
City leaders say they'll cooperate, businesses want quick wins
City economic development officials and the Greater Akron Chamber have welcomed the burst of private investment, while making it clear they want concrete plans for tenants and street‑level activity, not just quiet title transfers.
The Akron Beacon Journal reports Chamber leaders confirmed Faciana’s intent to include Huntington Tower in broader redevelopment talks, and city officials expect to work with any new owners on incentives and tenant recruitment.
Momentum nearby: Quaker Square and other projects
The Facianas’ deals are landing as other big projects move forward in Akron’s core, including a $75 million mixed‑use plan for the Quaker Square silos. Taken together, the activity suggests the city’s redevelopment pipeline is finally picking up speed.
Coverage of recent transactions by Crain's Cleveland Business frames the Facianas’ buying spree as part of a broader reset in downtown real estate and a push to convert underused office space into housing and retail. Those efforts lean heavily on a familiar formula: private capital paired with state and federal redevelopment incentives.
On the ground: owners and patrons wait for results
For small business owners, all the big talk on tower deals means little until it translates into customers at the bar, in the shops and on the sidewalks.
"It’s the days that there are no events. That’s the issue," said Andrew Dible, owner of Bar Phoenix, describing sluggish weekday traffic, according to News 5 Cleveland. Business leaders argue that coordinated building rehabs and clearer pedestrian routes could turn today’s construction headaches into long‑term gains, so long as the projects quickly produce tenants and consistent programming.
Whether the Facianas can deliver that kind of fast turnaround is what has everyone downtown watching closely. One owner with serious scale can, in theory, move quickly. For now, residents and elected officials are keeping an eye on deal terms, tenant announcements and timelines as they wait to see whether this high‑stakes bet on a single player will translate into everyday life on Main Street.
