Friday, December 28, 2012

6 Cincinnati projects awarded nearly $8M in state historic tax credits

Six Cincinnati projects have been awarded a total of nearly $8 million in Ohio Historic Preservation Tax Credits, part of $35.9 million awarded by the Ohio Development Services Agency (ODSA) on December 20.

The tax credit provides 25 percent of qualified rehabilitation expenditures for buildings located on the National Register of Historic Places, in a registered historic district, or certified by Ohio's Preservation Officer as being of historic significance.

The six local projects awarded tax credits are:
  • 1108-1218 Broadway and 400-414 E 12th Street in Pendleton: $2.6 million in tax credits awarded to the Model Group for its $16.1 million Pendleton Apartments project, which will create 80 residential units and more than 12,000 square feet of retail and restaurant space;
  • 308-316 Main Street, Downtown: $1.8 million in tax credits awarded to the Cincinnati Center City Development Corporation (3CDC) for a $9 million project to create five condominium units and two commercial storefronts;
  • 961-975 E McMillan Street in Walnut Hills: $1.8 million in tax credits awarded to the Walnut Hills Redevelopment Foundation and the Model Group for the $8 million Rhodes Property Redevelopment, which will rehabilitate three vacant buildings and create 30 market-rate residential units and 7,000 square feet of commercial space;
  • Eden Park Pump Station at 1430 Martin Drive: $1 million in tax credits awarded to the Cincinnati Beer Company for its $5.2 million Brewery X microbrewery and tap room;
  • Abington Flats at 33 Green Street in Over-the-Rhine: $502,000 in tax credits awarded to the Cornerstone Corporation for Shared Equity and the Model Group for its $3.1 million project, which will create 18 rental apartments and ground-floor commercial space; and
  • 521-523 E 12th Street in Pendleton: $203,000 in tax credits awarded to the Model Group for a $1.2 million portion of its Losantiville Apartments project, which will create six residential units;
Other Ohio projects receiving tax credits are the Beech Street Residence Halls in Berea; the Broadwin Apartments, Lazarus House Apartments, Medical Science Building, and Welsh Presbyterian Church in Columbus; the Carlisle Building in Chillicothe; the East Ohio Building, Globe Machine and Stamping Company, Ohio City Post Office, Painters Lofts, the Templin-Bradley Company Building, West 25th Street Lofts and the West Side Community House in Cleveland; the Hamilton Journal-News Building in Hamilton; the Huffman Block in Dayton; the Kresge Building in Warren; and the Ohio Theatre in Toledo.

The Ironworks Apartments, a 63-unit affordable housing redevelopment of the former Dennison Hotel at 716-718 Main Street, failed to win credits in this round of funding.

Through the program's first nine rounds, $328.4 million in tax credits have been approved for 159 projects in 34 communities. The ODSA estimates that the program has led to the leveraging of $2.1 billion in private redevelopment funding.

Round 10 applications are due by March 30, with awardees announced around June 30.

Previous reading on BC:
Council supports historic tax credits for Downtown, OTR, Walnut Hills projects (10/2/12)
City to lease Walnut Hills buildings for redevelopment (9/25/12)
3CDC buys endangered buildings on lower Main Street (9/5/12)
Ohio Dept of Development, Fed Home Loan Bank award money for projects (6/28/12)
Two Hamilton Co projects win affordable housing tax credits (4/12/12)