Skip to main content

Ohio Stadium Faces Foreclosure

Phil Hall
Apr 11, 2017
A 35,000-seat Ohio stadium that once hosted concerts by music legends is now the subject of a foreclosure

A 35,000-seat Ohio stadium that once hosted concerts by music legends is now the subject of a foreclosure.
 
According to a WKSU report, the Rubber Bowl opened in 1940 and was the stadium for the University of Akron until 2008, and it hosted the school’s sporting events along with concerts by the Rolling Stones, and the Grateful Dead; it was also the launch site for the 1983 Simon and Garfunkel reunion tour. The school sold the stadium to Canton, Ohio-based Team 1 Marketing, which announced plans to renovate the structure for concerts and arena football.
 
However, Team 1’s plans never materialized. Last week, the Summit County Land Bank started foreclosure on the property, which carries nearly $200,000 in unpaid taxes. Team 1 co-owner Sean Mason blamed the situation on the city of Akron, stating that it failed to rezone the property to accommodate his plans. Mason also raised the hope of Akron taking over the Rubber Bowl’s deed and leasing the property back to his company for special events.
 
“We’re just asking for a partnership, and we can’t get that,” he said. “We need to have that partnership so it alleviates the zoning issues. The property is actually zoned residential, which actually makes no sense, but it just kind of slid by because it was the university that owned it.”
 
However, the Akron City Council has a different plan: it is currently discussing the demolition of the Rubber Bowl, due to the financial difficulties connected to the stadium and the advanced state of vandalism and deterioration that has occurred at the site since its closure.

 
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021