13 Ohio Communities Receive State help to Save Historic Buildings
7/3/2014, 9:17 p.m.
The awards will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods across Ohio. Many of the buildings sit vacant today, but once rehabilitated, they will drive further investment in their surrounding neighborhoods.
“The Ohio Historic Preservation Tax Credit leads to investment in both small towns and big cities,” said David Goodman, director of the Ohio Development Services Agency. “These projects strengthen local communities and create construction jobs during the renovation and permanent jobs once the building reopens.”
According to a Cleveland State University study, $1 million in Ohio Historic Preservation Tax Credits generates $8 million in construction spending, $40 million in total economic activity and nearly 400 jobs from construction and operations.
The Round 12 Ohio Historic Preservation Tax Credit Recipients are:
Davis and K of C Buildings (Findlay, Hancock County)
Total Project Cost: $2,400,000
Total Tax Credit: $325,000
Address: 316 Dorney Plaza; 320 South Main Street; and 322 South Main Street, 45840
The Davis and K of C Buildings sit directly adjacent to the Hancock County Courthouse in downtown Findlay. Together with 322 South Main Street, a group of local business and civic leaders known as FD Main Street Ltd. are planning a major mixed-use redevelopment project. When complete, the properties will house commercial office space and six market-rate apartments, including lofts and townhomes. The project is the second in Findlay and Hancock County to leverage the Ohio Historic Preservation Tax Credit program.
Akron Soap Company (Akron, Summit County)
Total Project Cost: $2,266,000
Total Tax Credit: $448,000
Address: 237-243 Furnace Street, 44304
Completed in 1893, the Akron Soap Company factory was constructed to manufacture “Grand and Electric Grip Soap.” The building was later used by the Pioneer Cereal Company and Pockrandt Paint Company, but has sat vacant for a number of years. Whitespace Creative, an Akron-based marketing and public relations firm, has purchased the property to accommodate its growing workforce. The company estimates 54 permanent jobs will be located in the building after rehabilitation is complete.
Falls Stamping and Welding (Cuyahoga Falls, Summit County)
Total Project Cost: $1,328,754
Total Tax Credit: $241,261
Address: 1701 South Front Street, 44221
The Falls Stamping and Welding building was constructed in 1928 and has served various manufacturing and warehouse uses over the years. Now vacant, the industrial structure will be transformed into commercial office space for TRIAD Communications/Next Generation Interactive. The advertising company is currently based in Cuyahoga Falls and expects to have up to 15 jobs at the property after rehabilitation. The project is the first project in the city of Cuyahoga Falls to use the Ohio Historic Preservation Tax Credit program.
Firestone Triangle Building (Akron, Summit County)
Total Project Cost: $25,527,223
Total Tax Credit: $5,000,000
Address: 1200 Firestone Parkway, 44301
One of Akron’s historic tire manufacturers, the Firestone Tire & Rubber Company, hired architects Harpster and Bliss in 1910 to design a modern, efficient factory. Now mostly vacant, the property is being redeveloped in multiple phases. The Firestone Triangle Building, named for the shape of its triangular footprint, is the first phase of redevelopment and will be repurposed from industrial to office space. Summit County will relocate its Departments of Job & Family Services and Environmental Services into the building to act as an anchor for revitalization of the larger complex.