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December 31, 2013

Ohio Development Services Agency Awards $20M in Ohio Historic Preservation Tax Credits to Five Northeast Ohio Projects

By Adrian Maties, Associate Editor

On Dec. 20, the Ohio Development Services Agency awarded $33 million in Ohio Historic Preservation Tax Credits to rehabilitate 31 historic buildings in 10 communities across the state. Five of these projects are located in Northeast Ohio.

The Round 11 Winners of the Historic Preservation Tax Credits in Northeast Ohio are 264 Broadway Ave., the Akron Masonic Temple, the Hoover West Factory Complex, Johnson Court and the May Company Apartments. They were awarded more than $20 million, almost two-thirds of the $33 million. The Northeast Ohio projects are expected to leverage more than $250 million in private investments. In total, the tax credit recipients in the state of Ohio are expected to leverage more than $400 million. The awards will help developers rehabilitate the buildings, many of which sit vacant today, and bring new life to the surrounding neighborhoods.

At a cost of $477,000, 264 Broadway Ave. is the smallest of the Northeast Ohio projects. It was only awarded $93,200 in tax credits. Plans call for the transformation of the former mental health facility in Youngstown’s historic Wick Park neighborhood into five market-rate apartments.

The almost century-old Masonic Temple at 103 S. High St., in Akron, will be turned into a full-service, 16-room hotel at a cost of about $48 million. It was awarded $4,997,737 in tax credits.

The Hoover West Factory Complex is the central landmark of downtown North Canton. It consists of 19 buildings, with half-a-million square feet of space. A $51 million project will turn the former home of the nation’s leading vacuum manufacturer into a mix of retail, office and residential space, creating 132 market-rate residential units. It is the first North Canton project to use the Ohio Historic Preservation Tax Credit Program and will receive a total tax credit of $5 million.

The Johnson Court complex is one of the last properties in Cleveland’s Warehouse District to be rehabilitated. A $30 million project will transform the 200,000-square foot structure into 73 market-rate apartments, with indoor parking and commercial space. Plans also include a rooftop penthouse. It was awarded $5 million in tax credits.

The mammoth May Company Building in Cleveland sits almost completely vacant today, although it once housed one of Cleveland’s leading department stores. This autumn, developers announced their plans to turn the century-old building into a residential tower with 353 apartments and about 600 parking spaces. The total cost of the project is $129 million, the largest of the 33. It was awarded $5 million in tax credits.

“The Ohio Historic Preservation Tax Credit strengthens local communities by restoring a piece of its history,” said David Goodman, director of the Ohio Development Services Agency, in a statement for the press. “These projects help enrich cities across Ohio, preserving the character and charm of buildings that may have otherwise been demolished.”

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