Ohio Awards a Tax Credit to One Piece of Cuyahoga Falls' Front Street Revitalization
Ohio has awarded close to $28 million in tax credits to help rehabilitate historic buildings in the state, including one in Cuyahoga Falls.
The Falls Theater on Front Street has been empty for more than a decade, but now developer Coming Attractions will be getting close to $250,000 in tax credits to turn the building into a microbrewery, restaurant and apartments.
Cuyahoga Falls Planning Director Fred Guerra says the entire project will cost about $1.3 million.
“It’s a two-story building in which the upstairs were always apartments and the first floor was an entrance to the theater and two retail shops.”
The Falls Theater is on what’s currently a pedestrian mall in the city. But Guerra says economic studies have shown that re-opening Front Street to cars – and reconfiguring the area nearby -- would be a good move.
“We’re turning one-way streets that are north of downtown into two-way streets. Doing some connections to the east. Adding some bike lanes south of it and to the west of the project. So altogether, we’re looking at about a $13-14 million project.”
Guerra adds that the developer is also applying to put the Falls Theater on the National Register of Historic Places, which would result in another 20 percent tax credit.
Other projects receiving Ohio tax credits include the Veronika Building in Lakewood, the Sanford House in Ohio City, the former headquarters of Crosley Radio in Cincinnati and several buildings near Cleveland State University, which are slated to become apartments.