The Quaker Square complex on the University of Akron campus with its iconic rounded grain silos, is one step closer to being sold to a developer for $800,000.

University officials say the Ohio Controlling Board has approved the sale to Ohio River Investments, LLC, and that the sale is expected to close in May.

University President, R.J. Nemer says the sale “is a positive step forward”, adding that now they will “have a real estate footprint that better aligns with our student body.”

“Even more critical”, he adds, “we are now able to erase the significant ongoing facility maintenance costs for Quaker Square, avoid approximately $57 million in deferred maintenance and focus resources on improving our student experience. At the same time, the redevelopment of Quaker Square could have transformational impact for our region. It’s really a win-win for all.”

The Quaker Square complex consists of six buildings and is 411,000 square feet. The University purchased the complex in 2007 and used it for several purposes over the years including student housing, a hotel, and offices for departments and community organizations.