Historic Tax Credits Target Key Buildings in Cleveland and Akron
Seven northeast Ohio buildings are getting more than $11 million in Ohio historic preservation tax credits. WKSU’s M.L. Schultze reports they include Cleveland’s Terminal Tower and a landmark building in downtown Akron.
The historic preservation program provides a 25 percent credit on state income taxes and is often directed toward old buildings getting new uses in Ohio’s core cities. That’s the case with the seven newest projects.
The 11-story Law building on Akron’s Main Street used to be a bank. Its owner plans to spend $25 million to convert it into a mixed-use building, with offices consolidated on the first four floors and the upper stories becoming apartments. It’s seen as key to Akron’s efforts to get more people moving into downtown, and the state is putting up $2.4 million in credits toward that effort.
The big winner in the latest awards, though, is Cleveland’s Terminal Tower, which got the maximum $5 million credit. Owner K&D group is turning the 1930s-style office tower on Public Square into housing, offices and a restaurant.
The state also put up credits to convert the old J. Sprang Bakery in Cleveland into apartments, a vacant building in Lorain into a hotel, and toward projects in Lakewood and Cuyahoga Falls.
Here are the projects getting state credits:
- Law Building (Akron): $25 million project
- Terminal Tower (Cleveland): $111 million project
- Broadway Inn (Lorain): $9 million project
- Alhambra, Snook & Porter buildings (Cuyahoga Falls): $1.84 million project
- Detroit Clarence Medical Building (Lakewood): $297,800 project
- Reify Brothers and Flanigan Building (Lakewood): $2.03 million project
- J. Sprang Bakery (Cleveland): $17.6 million