Half-a-dozen Cleveland buildings are on the list of state historic tax credit winners announced today. One of the Downtown Cleveland recipients is the Huntington Bank building. WKSU’s Kevin Niedermier reports.
A Florida development group wants to spend $270 million converting the Huntington Building into apartments, a hotel and retail space. That project was awarded $25 million in historic tax credits.
Terry Schwarz is director of Kent State University’s Cleveland Urban Design Collaborative. She says historic tax credits are responsible for much of the renovation in downtown areas nationwide. And she says of the six structures on Cleveland’s latest list, the Huntington Building is the most significant.
“Because that building has been under-utilized for some time. And with the growing residential demand for the core city, it’s such a great opportunity to bring more people and contribute to the downtown revival.”
Downtown’s Cleveland Athletic Club also received a historic tax credit to help with its conversion into apartments. The Goodyear Tire and Rubber Company headquarters in Akron missed out on a tax credit. Developers want to convert that building to mixed use.