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Economy

Akron Beacon Journal Building Among Historic Projects Receiving State Tax Credits

ABJ building .png
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The historic building once occupied by the Akron Beacon Journal at the corner of Exchange and High Streets in downtown Akron.

A project that would turn the Akron Beacon Journal Building into more than 100 residential units is one of several historic rehabilitation projects that will receive state tax credits.

The Ohio Development Services Agency awarded more than $35 million in Ohio Preservation Tax Credits, 14 million of which is going towards projects in Cleveland, Akron, Warren and Canton.

Aside from the Beacon Journal Building, residential units are also planned for portions of the Cleveland Electric Illuminating Company headquarters. And Canton’s first skyscraper, the Renkert Building, will be renovated into a hotel.

The tax credit is not issued until the projects are completed and meet all program requirements.

Northeast Ohio Recipients:

  • The Cleveland Electric Illuminating Company headquarters was built in 1956 on Cleveland's Public Square. The "Illuminating Building" will receive $5,000,000 in tax credits to go towards the $59,209,921 renovation project that will convert portions of the space to residential units.
  • The 1373 East Boulevard Apartment Building is located in Cleveland's Glenville neighborhood. The four story apartment building will become eight residential units. Vacant since 2016, the apartment building will receive $159,000 in tax credits toward the $1,593,623 renovation.
  • The Agora Complex consists of four buildings in Cleveland's Midtown neighborhood and once housed portions of WHK Studio One. It will receive $250,000 in tax credits towards the $1,623,030 renovation to become office space.
  • Taking up almost an entire city block, the Akron Beacon Journal Building was built in 1930 but has been vacant since 2019, when the paper moved to a smaller building. It will receive $3,125,000 in tax credits toward a $31,620,958 renovation to become more than 100 residential units.
  • The A. Schrader's Son of Ohio Warehouse is a landmark of Akron's tire industry. Built in the 1920s, the warehouse will be renovated to serve as a self storage facility in a $2,600,000 project, receiving $250,000 in tax credits.
  • In Warren, the 1898 Packard Apartments will be rehabilitated into 17 new apartments in a $4,998,163. The building was previously awarded tax credits, but the project was unable to move forward in time. This round, the building will receive $819,371.
  • Canton's first skyscraper, the Renkert Building, will be rehabilitated into a hotel, with event space, a restaurant, bar and commercial spaces. At ten stories tall, the building once housed a department store and offices but has been vacant since 2017. It will receive $5,000,000 in tax credits toward the $35,510,000 renovation.