12 Historic Preservation Projects Approved For Tax Credits
Two historic, vacant buildings on Capitol Square were among 12 projects across Ohio that were awarded shares Thursday of $23.7 million in refundable state tax credits to help finance their redevelopment.
The Hayden Buildings at 16 and 20 East Broad Street received a tax credit worth $4.6 million.
Plans call for combination of the structures in a $27 million project to create an upscale boutique hotel under the Indigo Hotel flag, part of the Intercontinental Hotels Group.
A second, $1.3 million tax credit was awarded for the $10.3 million renovation of the Born Capital Brewery Bottle Works in the Brewery District. The vacant building will be converted into residential rental units.
Gov. Ted Strickland unveiled the Columbus projects Thursday morning, and then set out for similar announcements in Youngstown and Cleveland.
Director Lisa Patt-McDaniel of the Ohio Department of Development scheduled other related stops for projects in Ironton and Portsmouth.
In addition to Franklin County, tax credits were approved for preservation projects in Guernsey, Hamilton, Cuyahoga, Lawrence, Lorain, Scioto, Geauga, and Mahoning counties.
The single-largest amount of tax credits, worth $7.1 million, went for three projects in Hamilton County.
Gov. Strickland said the state’s bipartisan job stimulus plan authorized $120 million in refundable tax credits to owners of historic buildings who were willing to rehabilitate them for commercial or residential use.
“We are preserving our historic buildings of yesterday, and while doing so we are creating jobs today by strengthening these buildings and spurring new development. And we are protecting and renewing these grand structures as a legacy for generations to come,” he said.
In October 2008, 46 applicants were approved for $74 million in credits, leveraging $415 million in private funds.
Approval of the $23.7 million Wednesday leaves about $22.1 million for awards in 2010.
Mr. Strickland said the program has created 7,000 construction jobs during 2009 alone.
“These credits not only help protect historic structures, but they are in fact an essential part of our urban agenda, helping to attract other investments leading to improvements in our downtowns and urban centers,” he said.
The latest around of credits are expected to leverage at least $159 million in private investments.
“The buildings here at 16 and 20 East Broad Street, the Hayden Buildings, are both historical and economically central to Capitol Square and really to all of downtown Columbus,” Gov. Strickland said.
“The Hayden Building here at 20 East Broad is the oldest remaining building on Ohio’s Capitol Square, I’m told. The ‘new’ Hayden Building, constructed in 1901, at 16 East Broad, was the tallest building in Columbus when it was constructed and it once held the offices of the National Football League,” he said.
Columbus Mayor Michael Coleman said the program helps redevelop “historic jewels” that otherwise could face demolition.
“This city has a history, and not a great history, of tearing down buildings that should have been preserved many, many years ago. It’s programs like this that keep these buildings economical in the sense of redeveloping them to some positive use,” Mr. Coleman said.
Michael Schiff, managing director of Schottenstein Stores Corp., said developers hope the 117-room Indigo would have a niche, particularly for business travelers in search of “a smaller, quaint” hotel.
“We’re hoping with the announcement the mayor recently made about the 500 room hotel they’re going to do over across the street from the Hyatt Regency that’s going to bring a lot more activity to the city,” Mr. Schiff said.
The Hayden Buildings project is expected to create 110 jobs, with completion anticipated in December 2011.
Other Ohio Historic Preservation Tax Credit recipients, with total project cost, and tax credit value:
· Berwick Hotel, Cambridge. Total cost: $6.8 million. Credit: $1.12 million.
· Cincinnati Color Building. ($14.1 million), ($1.25 million).
· Germania Hall, Cincinnati. ($7 million), ($1.69 million).
· Mercer Commons, Cincinnati. ($18.2 million), ($4.16 million).
· Cowell & Hubbard Building, Cleveland. ($8 million), ($1.6 million).
· Berg Building, Ironton. ($8.1 million), ($1.95 million).
· Apollo Theatre, Oberlin. ($9 million), ($2 million).
· Horizon House, Portsmouth. ($6.9 million), ($1.54 million).
· ASM Headquarters & Geodesic Dome, Geauga County. ($5.8 million), ($1.38 million).
· Youngstown YMCA. ($9.3 million), ($1.11 million).