38-year-old building wins historic tax credit

Another $100+ million residential development in downtown
Cleveland is due to get underway by spring. The conversion
of the former Ohio Bell headquarters in downtown Cleveland
won the state’s largest historic tax credit, even though the build-
ing was built in 1983. It was one of three Cleveland projects and
among 36 projects statewide to win Ohio historic tax credits (KJP).
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Champagne was flowing in the lobby of 45 Erieview as Ohio Department of Development officials announced the winner of one of the state’s largest historic tax credits — a 38-year-old office building to be converted mostly into high-end housing. The $5 million tax credit may round out the $102 million project’s financing, allowing its sale and redevelopment to move forward.

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