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13 Ohio Communities Receive State help to Save Historic Buildings

7/3/2014, 9:17 p.m.

Stambaugh Building (Youngstown, Mahoning County)

Total Project Cost: $25,477,950

Total Tax Credit: $5,000,000

Address: 44 East Federal Plaza, 44503

Noted Detroit Architect Albert Kahn designed the Stambaugh Building in 1907 with eight stories. Just five years later, an additional four stories were announced for the fully-leased building. Today, however, all but a small portion of the first floor is without tenants. Due to increased demand for hospitality space in the area and the need for a hotel in downtown Youngstown, NYO Property Group has acquired the property and plans to convert the building into a full-service hotel with 120 rooms.

CENTRAL REGION

94 East 3rd Avenue (Columbus, Franklin)

Total Project Cost: $1,200,000

Total Tax Credit: $140,124

Address: 94 E. 3rd Street, 43201

The building at 94 East 3rd Avenue in Columbus may look like just another house in the Italian Village neighborhood, but it was originally constructed as the Northside Day Nursery. Later known as Northside Early Learning Center, the property was closed in 2013. Rehabilitation plans call for the handicap ramp and other learning center amenities to be removed in order to retrofit the building into seven one- and two-bedroom apartment units.

1379 North High Street (Columbus, Franklin County)

Total Project Cost: $4,409,162

Total Tax Credit: $249,999

Address: 1379 North High Street, 43201

The property at 1379 North High Street was constructed in 1951 and designated as a local landmark by the city of Columbus in 2013. Along with several other historic properties in the vicinity, the building will be rehabilitated as part of Homeport’s Victorian Heritage project. When complete, the building will house 34 affordable housing units for senior citizen residents.

Julian and Kokenge Company (Columbus, Franklin County)

Total Project Cost: $21,358,161

Total Tax Credit: $5,000,000

Address: 272 South Front Street, 43215

Once home to more than 1,000 employees, the historic Julian and Kokenge Company Building in Columbus was originally a shoe factory. After closing in 1974, the building was converted for self-storage use and its windows filled with concrete block. The property was eligible for listing on the National Register of Historic Places after the original window configurations were reinstated, allowing its redevelopment to move forward. CASTO Development and partners will lead conversion of the property into 90 market-rate apartments.

Union Block East (Newark, Licking County)

Total Project Cost: $4,965,292

Total Tax Credit: $1,209,073

Address: 21-31 West Church Street, 43055

Union Block East encompasses two historic buildings directly adjacent to the historic arcade in Newark. The Stewart Brothers & Alward Company Building at 21-27 West Church Street will be rehabilitated to house 15 apartments over commercial space. Next door at 29-31 West Church Street, the Assembly Hall building will retain its use as a ballroom and music venue. Reinvestment in both of the vacant buildings will help advance the ongoing revitalization of downtown Newark.

WESTERN REGION

1505 East 4th Street (Dayton, Montgomery County)

Total Project Cost: $327,985

Total Tax Credit: $46,155

Address: 1505 East 4th Street, 45403

1505 East 4th Street sits in the St. Anne’s Hill National Register Historic District of Dayton. Built of red brick in 1875, the property is one of the oldest buildings on the street and currently sits vacant.