Ohio Invests $24 Million in Historic Preservation With Tax Credits

June 27, 2024
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CLEVELAND, Ohio – The Ohio Historic Preservation Tax Credits program has awarded over $24 million to eleven redevelopment projects across Northeast Ohio, breathing new life into abandoned and underused historic buildings.

The largest recipient, Cleveland’s Electric Building, secured over $4 million in tax credits. 

The K&D Group plans to convert this nine-story office building into 120 apartments with retail space, a $46.4 million project set to begin construction in October. “We’re excited to put the Electric Building back to use,” said Doug Price, CEO of K&D Group.

In Cleveland Heights, the iconic Alcazar Hotel received $2 million for its $16 million renovation. Owners Rico Pietro and Erik Loomis plan to increase the apartment count from 95 to 125, adding features like a co-working library and theater room.

“Our goal is to restore the Alcazar to its original glamour without displacing current tenants,” Pietro stated.

Other Cleveland projects include:

  • 1220 Old River Road: $1.9 million for restaurant, offices, and riverfront access
  • 2621 Lorain Ave.: $250,000 to renovate and add eight apartments
  • Brennan-Hogan Co. Building: $410,000 for apartments, restaurants, and commercial space
  • Heller-Keller-Kohn Buildings: $5 million for 134 apartments and commercial spaces
  • St. Mark’s Presbyterian Church: $2 million to transform into offices and event space

Akron saw two significant awards:

  • Peoples-Evans Savings Bank: $1.5 million to convert into apartments, a restaurant, and conference space
  • Young Women’s Christian Association: $3.1 million to transform a 10-story building into 114 apartments

Warren’s YMCA Building received $2 million to redevelop into 42 apartments while preserving its historic gym and basketball court. In Youngstown, the Mahoning National Bank got $2 million to revamp its 13-story building into 71 apartments with commercial space.

Lydia Mihalik - Ohio Department of Development Director

Lydia Mihalik, Ohio Department of Development Director, praised these projects as stories of commitment to community revitalization. Governor Mike DeWine emphasized, “Preserving our historic spaces drives further investment and revitalizes our communities.”

The program’s popularity has led developers and preservationists to lobby for an increase in annual funding from $60 million to $250 million. Through these preservation efforts, Lt. Gov. Jon Husted highlighted the creation of new opportunities for housing, businesses, and communities.

As these projects proceed, they promise to create new housing options, business spaces, and community gathering places while honoring Ohio’s rich architectural heritage and stimulating local economies.

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