(COLUMBUS, Ohio)—Ohio today announced state support for 54 rehabilitation projects that will restore 57 historic buildings across Ohio. The projects are expected to leverage approximately $1.01 billion in private investment.
The projects are being 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.
“By rehabilitating these historic buildings today, we can preserve the heart of our communities for future generations of Ohioans,” said Governor DeWine. “Once restored, these sites will help renew local communities and create additional opportunities for Ohioans.”
The awards will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods. Many of the buildings are vacant today and generate little economic activity. 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.
Kresge #634 (Salem)
Total Project Cost: $2,002,736
Total Tax Credit: $247,400
Address: 343 E. State St.
The Kresge Building, originally constructed in 1930 in Salem, was the original iteration of what became known as “Kmart”. The building was most recently used as the home of the Butler Art Institute. Vacant since 2015, the historic building will be repurposed into a restaurant, taking advantage of the building’s open floor plan and considerable room for outdoor dining.
Mahoning National Bank (Youngstown)
Total Project Cost: $12,163,874
Total Tax Credit: $1,200,000
Address: 26 Market St.
The Mahoning National Bank building, built in 1910, is located in downtown Youngstown along historic Market Street. This 13-story building will be rehabilitated into 71 residential units while maintaining commercial spaces on the first four floors. Historic wood paneling, decorative brass doors, and Grecian-style marble will be preserved.
Packard Apartments* (Warren)
Total Project Cost: $6,379,738
Total Tax Credit: $1,180,629
Address: 318 N. Park Ave.
Constructed in 1898 by the Packard brothers of automobile fame, the Packard Apartments project in Warren will rehabilitate a building that has been vacant and deteriorating. While much of the interior historic fabric has been lost, original fireplace mantels and tile surrounds remain and will be repaired. Upon completion, 17 new apartments will be available.
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 that the rehabilitation plans comply with the United States Secretary of the Interior’s Standards for Rehabilitation.