Ohio awards $67.5 million in tax credits to rehab historic buildings

Ohio will award $67.5 million in tax credits to rehabilitate and renovate 54 buildings in 16 communities across the state. The tax credits come from the Ohio Historic Preservation Tax Credit (OHPTC) program, an initiative administered by the Ohio Department of Development (ODOD) that helps private developers restore and protect historic buildings in downtowns and neighborhoods.

Since 2007, the OHPTC has approved 627 rehabilitation projects for over 863 buildings across 86 municipalities.

Structures included in the latest round of awards are vacant and underused, generating minimal economic activity. “This program is so important because these tax credits are often a deciding factor in determining whether or not a historic preservation project is able to move forward,” said Lydia Mihalik, director of ODOD.

Owners and long-term lessees of historic buildings may apply for the next round of rehabilitation tax credits by April 1, 2024.

The $175.1 million Carew Tower rehabilitation project in Cincinnati will receive a $10 million tax credit. The building, built in 1930, will undergo extensive redevelopment on 42 floors. Plans call for converting offices on 40 floors into 385 apartments and creating resident amenity spaces on two floors. In addition, building’s exterior stone and terra cotta façade will be replaced along with deteriorated steel windows.

The $103.3 million Nicholas Building in Toledo will receive a $10 million tax credit to reactivate the structure for residential and commercial spaces. Built in 1906, the former bank and office building was vacated in 2010. After developers rehabilitate the building, the upper floors will feature 193 residential units.

The Strouss-Hirshberg Co. Building, an $82.1 million rehabilitation project in Youngstown, will receive a $10 million tax credit. The structure was built in 1926 as a department store and later converted to incorporate retail tenants and offices. As part of the project, developers will reinstate the historic storefront configuration, repair masonry and replace windows. Developers will also reinstall the former arcade inside the building. The rehabilitated building will feature parking spaces in the basement, first-floor retail space, second-floor office space and 157 residential units on the upper floors.

The state will provide a $7.3 million tax credit to rehabilitate a former state office building in downtown Columbus into a mixed-use property. The $73.2 million project will include two levels of indoor parking, a first-floor café, first- and second-floor office spaces and 100 apartments on the top four floors.

The Akron Beacon Journal Building, a $53.1 million rehabilitation project, will receive a $5.4 million tax credit to build additional living spaces. The building was built in 1930 and underwent several expansions before it was vacated in 2019. In addition to housing 197 residential spaces, the building will provide space for offices, retail stores and restaurants.

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