Wednesday, December 21, 2022

Boost in historic tax credits benefits Ohio projects

The underperforming Erieview Tower office building and its Galleria retail
center received the maximum historic tax credit from the state for its $100
million redevelopment into modern offices, apartments, shops, restaurants
and a five-star W-brand hotel. At left is 45 Erieview, rebranded as The Bell
for its now-underway conversion to apartments. It won historic tax credits
at this time last year (KJP). CLICK IMAGES TO ENLARGE THEM

Ohio announced state support for 54 rehabilitation projects that will restore 57 historic buildings across the state including eight redevelopment projects in Cleveland. According to state officials, the projects statewide are expected to leverage approximately $1.01 billion in private investment. The projects were awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits with $14.5 million of that going to Cleveland projects.


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