The Development Services Agency awarded its latest round of Ohio Historic Preservation Tax Credits Wednesday, including a $25 million tax credit for the redevelopment of the old Union Trust Company building in Cleveland, the agency’s second “catalytic” award.
Thirty-four other applicants received a total of $37.8 million for projects to rehabilitate 55 historic buildings across the state, leveraging about $285.3 million in private investment, according to a news release.
“This is public-private money coming together,” DSA Director David Goodman said in a statement. “Saving historic buildings strengthens Ohio’s communities which attracts businesses and visitors to the state.”
Last year, the agency awarded its first catalytic tax credit to the Music Hall Revitalization Corporation and Cincinnati Center City Development Corporation to rehabilitate the 136-year-old Cincinnati Music Hall.
Union Trust Company: The 1.4 million-square-foot former trust building in Cleveland was built in 1924 but is now mostly vacant. Hudson Holdings plans to turn the building into a complex with 673 apartments, a 279-room hotel, office, business incubator, retail and event space. The project is expected to cost $270 million.
Here are the other projects awarded tax credits:
Cleveland Athletic Club was awarded a $5 million credit for a $53 million project to renovate the former downtown sports club into 175 apartments over a first-floor restaurant. The building was built in 1911, but has been vacant since 2008.
Forest City Bank and Seymour Block in Cleveland were awarded a $2 million tax credit for a $65 million project for developments on two corners of the intersection of West 25th and Detroit Avenue. The historic Forest City Bank and Seymour buildings will have 38 apartments, office space and a restaurant, while a new mixed-use structure will be built across the street.
Heyse Apartments in Cleveland was awarded a $572,000 tax credit for a $5 million project to rehabilitate an apartment building constructed in 1897 but converted to office space in 1982. It’s been vacant for a decade but will be turned back into 31 apartment units.
Lake Shore Bank and Public Library in Cleveland received a $249,999 tax credit for a $1.7 million project to turn the former bank and library building into a restaurant and bank building with office space.
Ogilvie Block in East Liverpool was awarded a $1.6 million tax credit for an $8.6 million project to convert the former Ogilvie Department and 5&10, which closed in the 1980s, into a space for New Castle School of Trades to house vocational training programs.
Variety Theater in Cleveland was awarded a $1.5 million tax credit for a $14.7 million project to turn the former Variety Store Building and Theater into a restaurant and entertainment venue with apartments and retail space.
390-392 East Town Street in Columbus was awarded a $113,400 tax credit for a $1.1 million project to turn the duplex, which was built in the 1890s and converted to office space in the 1920s, into four townhomes.
Brunswick Club in Newark, was awarded a $58,500 tax credit for a $300,000 project to turn the property built as a billiards club in the 1880s into a first-floor commercial space with a residential unit on the second and third floors.
Drexel Theatre in Bexley was awarded a $249,999 tax credit for a $2.6 million project to renovate the marquee, concession stand and other aspects of the 1937 art deco theater.
Micro Living at Long Street in Columbus was awarded a $1.4 million tax credit for an $18.8 million project to develop two historic buildings and two non-historic buildings into 40 “micro” apartments, retail and restaurant space. The project also includes rehabilitation of the parking garage at 52 E. Long Street.
Worthington Masonic Lodge in Worthington was awarded a $250,000 tax credit for a $4.4 million project to convert the Masonic Lodge and Museum, parts of which were built in 1820, into commercial space and residential units, including adding garages and new residential units.
Dayton Power and Light in Dayton was awarded a $687,500 tax credit for a $3.7 million project to convert the building, which has been vacant for nearly two decades, into office and event space.
Eaton High School in Eaton was awarded a $2 million tax credit for a $12.3 million project to convert the school, built in 1926, into affordable senior housing, with the gym and auditorium spaces set aside for community use and part of the property used for Sinclair Community College and a restaurant.
Wittenberg Fieldhouse in Springfield was awarded a $4.5 million tax credit for a $45 million project to rehabilitate the fieldhouse, built in 1929, and add classrooms, locker rooms and a 134,160-square-foot addition for indoor practice space. The project is eligible for up to $5 million in tax credits as it becomes available.
Nelsonville High School in Nelsonville was awarded a nearly $2 million tax credit for a $20 million project to convert the mostly vacant property into 33 affordable senior apartments and commercial business incubation space.
100 West Elder in Cincinnati was awarded a $220,000 tax credit for a $1.6 million project to convert the building, which has been vacant since the early 2000s and suffered a partial collapse in 2003, into first-floor retail and restaurants pace with offices on upper floors.
205 West McMicken in Cincinnati was awarded a $37,000 tax credit for a $375,000 project to convert the building, built in the 1870s and vacant more than 20 years, into first-floor commercial space with a three-bedroom apartment above.
Fromm Building in Cincinnati received a $108,500 tax credit for a $682,394 project to convert the property, built in 1865, into seven residential units, with a first-floor live-work space.
320-322 North Mechanic Street in Lebanon received a $51,372 tax credit for a $315,993 project to convert the building, the oldest part of which dates to 1826, into three rental units.
515 East 12th Street in Cincinnati was awarded a $195,000 tax credit for a $1.6 million project to rehabilitate a residential building into six apartment units.
1737 Elm Street in Cincinnati was awarded a $233,799 tax credit for a $1.2 million project to convert two buildings, one built around 1855, into small market-rate apartments and first-floor retail.
1737 Vine Street in Cincinnati was awarded a $185,000 tax credit for a $1.3 million project to convert a three-story building into seven residential units and restaurant space.
1814 Race in Cincinnati was awarded a $217,000 tax credit for a nearly $2 million project to convert the two buildings on the property into five apartments plus commercial space.
3936 Spring Grove Avenue in Cincinnati, was awarded a $71,608 tax credit for a $504,843 project to convert the building, vacant since the 1980s, into space for a bar with two upstairs apartments.
Broadway Square II in Cincinnati was awarded a $1.3 million tax credit for a $13.1 million project to convert 10 historic buildings on Broadway and East 13th Streets into retail space and 37 residential units.
Central Trust Company East Hills Branch in Cincinnati was awarded a $196,007 tax credit for a $1.3 million project to convert the former bank branch into restaurant space.
The Kauffman Building in Cincinnati received a $249,999 tax credit for a $2.8 million project to redevelop the building, which has suffered two fires since the 1990s, into commercial spaces and a dozen residential units.
Ophthalmic Hospital in Cincinnati received a $732,950 tax credit for a $7.4 million project to convert the vacant former medical facility into a boutique hotel with 20 rooms, a bar and restaurant.
Paramount Square in Cincinnati was awarded a nearly $2 million tax credit for a $20 million project to rehabilitate six historic buildings and two non-historic buildings around the former Paramount Theater into 15 commercial spaces and 44 residential units.
Peters Cartridge Factory in Hamilton Township received a $2.4 million tax credit for a $25 million project to convert the facility, which was used to manufacture ammunition from World War I through World War II, into 128 residential lofts, office space and a restaurant.
Rutemueller Building in Cincinnati received a $113,500 tax credit for a $1.1 million project to renovate a former grocery store and apartment building into seven apartment units.
Union Central Life Annex in Cincinnati was awarded a $5 million tax credit for a $75 million project to the nearly vacant downtown building into 294 apartments, a grocery store, business incubator, office space and a rooftop restaurant.
Schmitthenner Building in Cincinnati was awarded an $82,750 tax credit for a $671,870 project to turn the vacant former bakery property into seven apartment units and retail space.