Thursday, July 28, 2022

Ohio megaproject applications released

Eight historic buildings on Cleveland’s Flats East Bank could be redeveloped
if the developer, the George Group, receives an Ohio Transformational Mixed
Use Development tax credit by fall. It is one of 36 applications announced
today for the $100 million megaprojects incentives program (LDA).

When real estate developer Bob Stark thought up the Ohio Transformational Mixed Use Development (TMUD) tax credit several years ago, he envisioned it as a means to transition from tapping historic tax credits for renovating old buildings in downtown Cleveland to affording the construction of new ones. His rationale was that, with the supply of obsolete commercial buildings dwindling to provide new residential inventory, a new financial incentive would be needed to overcome Cleveland’s high construction costs and low rents to satisfy downtown housing demand.


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