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Economy

Six Cleveland Buildings are Among the State's Historic Tax Credit Winners

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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.

Here are the seven Northeast Ohio Projects -- six in Cleveland -- that are getting historic tax credits:

  • Huntington/Union Trust Company

925 Euclid Avenue, ClevelandCost: $270,345,574
Credit: $25,000,000

Built in 1924 by Chicago architects Graham, Anderson, Probst and White, its banking hall was once considered the largest in the world. Most of the building is vacant today. Its 1.4 million square feet are to be turned into a hotel, apartments, office and commercial and retail space. The hall will also host events.

  • Forest City Bank and Seymour Block

2513-2519 Detroit Avenue, ClevelandCost: $64,820,145
Credit: $2,000,000
The buildings at West 25th and Detroit Avenue will become apartments and office space with the Massimoda Milano restaurant staying.

  • Cleveland Athletic Club

1118 Euclid Avenue, ClevelandCost: $53,236,776
Tax Credit: $5,000,000
The club was built in 1911 with office and retail space and a swimming pool, gym, bowling alley, billiards and card rooms, dining rooms and overnight guest rooms. It’s been vacant since 2008 and is to be rehabbed into 175 apartments and a restaurant

  • Variety Theater

11801-11825 Lorain Avenue, ClevelandCost : $14,715,556
Credit : $1,456,985
The theater and retail/residential complex was built in 1927 in Cleveland's Westown Neighborhood and is on the National Register of Historic Places. It closed in the 1980s and is vacant. It’s to be turned into a restaurant and entertainment venue with upgraded apartment and retail space.

  • Ogilvie Block

27 and 129 East 5th Street, East LiverpoolCost: $8,626,057
Credit: $1,565,314
It was once the largest retailer downtown, but Ogilvie went out of business in the ‘80s, and the building has been vacant after other tneants moved out. The New Castle School of Trades wants to move in its vocational programs.

  • Heyse Apartments

1702 West 28th Street, ClevelandCost: $5,298,750
Credit: $572,000
Built in Ohio City in 1897, the apartment building was turned into office space in the 1980s, but has been vacant for the last decade. It it’s to be rehabbed back into apartments.

  • Lake Shore Bank and Public Library

5410 St. Clair Avenue and 1368 East 55th Street, ClevelandCost: $1,727,488
Credit: $249,999
The former library has been vacant, after being converted into a neighborhood center. It’s to become a restaurant and office space.