This article was written by Scott Suttell, Crain's Cleveland Business.
Ten buildings in Northeast Ohio are among 28 statewide that on Wednesday, Dec. 12, were awarded Historic Preservation Tax Credits by the Ohio Development Services Agency.
This is the 21st round of the Historic Preservation Tax Credit awards, which assist private developers in rehabilitating historic buildings in downtowns and neighborhoods. The state noted in a news release that many of the buildings "are vacant today and generate little economic activity," but that once rehabilitated, "they will drive further investment and interest in adjacent property."
Developers are not issued the tax credit until project construction is complete and all program requirements are verified, according to the state.
The 28 projects statewide were awarded tax credits that total $36,057,985, the state said in a news release, and they're "expected to leverage approximately $250 million in private investments in 10 communities."
The 10 Northeast Ohio projects — six in Cleveland and one each in Akron, Cuyahoga Falls, Medina and Warren — account for about $12.3 million in tax credits. The total estimated value of the 10 projects is about $121 million, according to the state. The Medina project, at the Medina Farmers Exchange Co. Building, is the first in that city to receive a Historic Preservation Tax Credit award. It brings to 68 the total number of Ohio communities with Historic Preservation Tax Credit projects.
Here, via the state news release and listed alphabetically, are descriptions of the 10 Northeast Ohio projects:
Astrup Co. Building (Cleveland)
Total project cost: $16,158,929
Total tax credit: $1,615,000
Address: 2937 W. 25th St., Cleveland, 44113
Description: "The Astrup Co. Building is a former industrial complex in the Clark-Fulton neighborhood south of downtown Cleveland. The project combines the rehabilitation of the historic complex with construction of new residential buildings on a vacant lot. The historic buildings will be converted for community-focused and arts-based end users, including the Boys and Girls Club, Cleveland Museum of Art, dance, theater and artist studios. New-construction housing will have dedicated affordable units as well as market-rate units."
Belden Seymour (Cleveland)
Total project cost: $2,221,700
Total tax credit: $222,000
Address: 3805 Franklin Blvd., Cleveland, 44113
Description: "Built in 1874 in the Italianate Style, the Belden Seymour house was converted from single-family use to apartments. Now vacant, the building's small apartments will be redeveloped into larger units. The tower, reduced in height during a previous renovation, will be restored to its original height."
Cleveland Masonic Temple (Cleveland)
Total project cost: $14,081,500
Total tax credit: $1,400,000
Address: 3615 Euclid Ave., Cleveland, 44115
Description: "The Cleveland Masonic Temple, located in Cleveland's Midtown neighborhood, includes an auditorium space as well as former lodge, banquet and office spaces. Designed in the Romanesque Revival style and constructed in 1918-1920, the building is now underutilized. After rehabilitation, the building will become a concert, performance and events venue."
Everett Building (Akron)
Total project cost: $4,710,600
Total tax credit: $470,500
Address: 39 E. Market St.
Description: "Located in Akron's Main-Market Historic District, the Everett Building has been vacant since a fire in 2016. Originally built to house a performance hall, the building was later converted for commercial and office use. The rehabilitation project will convert the upper floors into 20 market-rate apartments while the lower level and first floor will house office and commercial spaces."
Fidelity Building (Cleveland)
Total project cost: $17,016,250
Total tax credit: $1,675,000
Address: 1900-1940 E. Sixth St.
Description: "The Fidelity Building is an 11-story office building with first-floor commercial spaces and vacant upper floors. After the rehabilitation, the building will become a new hotel along with retail, restaurant and other commercial space. Located just steps from Public Square at Euclid and Sixth, the building will serve both business and leisure travelers to the heart of downtown Cleveland."
Levinson Building (Cuyahoga Falls)
Total project cost: $1,351,055
Total tax credit: $156,727
Address: 2225, 2231 and 2235 Front St.
Description: "Located in the Cuyahoga Falls Downtown Historic District, the Levinson Building has been home to a retail clothing store since its construction in the 1930s. Now vacant, the upper floor will be rehabilitated into apartments while the lower level and street level will have retail and office space."
Medina Farmers Exchange (Medina)
Total project cost: $5,524,085
Total tax credit: $545,000
Address: 320 S. Court St.
Description: "The Medina
Farmers Exchange Co. Building served the agricultural community around Medina until it was vacated a few years ago. The building, more than 100 years old, included warehouse, milling and retail spaces with loading facilities for trucks and railroad cars. The rehabilitation project will convert the building into restaurant and farmers market-style retail spaces along with 33 market-rate apartments on the upper floors. This is the first project in Medina to receive Historic Preservation Tax Credits."
Ohio Bell Building (Cleveland)
Total project cost: $42,365,864
Total tax credit: $4,214,509
Address: 750 Huron Road East
Description: "The Ohio Bell Building has served the telecommunications industry since its construction in 1927. The Art Deco building was one of the largest telephone switching stations in the U.S. and offices for the company. The project will rehabilitate floors 9-21 plus some common areas on the lobby level into a hotel."
Packard Apartments (Warren)
Total project cost: $4,113,900
Total tax credit: $675,000
Address: 318 North Park Ave.
Description: "The Packard Apartments is the third historic preservation project in Warren and the first residential project. Built in 1898, the building was constructed for the Packard brothers, who went on to automobile fame. It has been vacant since 2006, and the project will create 17 market-rate apartments just outside of downtown Warren."
Rhodes Mansion (Cleveland)
Total project cost: $13,062,715
Total tax credit: $1,373,109
Address: 2905 Franklin Blvd.
Description: "The Rhodes Mansion, constructed in 1874, spent its first 40 years as a residence. However, from 1914 until recently, it was owned and used by Cuyahoga County as offices, a nursing home, and archives storage. Now vacant, the historic home, along with an annex built by the county, will be converted into 33 market-rate apartments. An additional nine townhouse units will be constructed on an adjacent vacant lot."
In a statement, David Goodman, director of the Ohio Development Services Agency, said, "Giving these buildings new life preserves Ohio's past and provides economic opportunity for the future."
The Ohio Historic Preservation Tax Credit program is administered in partnership with the Ohio History Connection's State Historic Preservation Office. The State Historic Preservation Office determines if a property qualifies as a historic building and if the rehabilitation plans comply with the U.S. Secretary of the Interior's Standards for Rehabilitation.
