The Governor has extended more than $40M in historical site revitalization tax credit for 38 projects around the state to spur development activity and revitalize unused areas. The tax credit is granted to developers to rehabilitate historic properties. Below are a few projects that are leveraging the tax credit.
In Lakewood, The Homestead Theater Block at 11794 Detroit Ave is estimated to cost $93.4M with an additional $5M in tax Credits. A 212-unit apartment will also be added to the Homestead Theater Block along with new renovations on nearby commercial properties.
The Old Hoover West Factory Complex in North Canton is getting a full makeover complete with over 200 apartments with a small allotted space for commercial tenants. The project is estimated to cost $89.2M with an additional $5M in tax credits awarded.
In Cleveland, the old Nathaniel Hawthorne Elementary School will be redeveloped into an apartment complex. The project is slated to include 36 units inside the property and an additional 57 elsewhere on the property. The project cost is $24.6M with help from a $2M tax credit.
Schrader’s Son of Ohio Warehouse will be turned into a new storage facility in Akron on 711 Johnson St. The redevelopment is one of the smaller projects with an anticipated cost of $2.6M and a $250,000 tax credit from the state.