A downtown high-rise renovation and redevelopment of a train station in Delaware received state funding this week, allowing projects to move forward.
The projects were among 29 developments in 16 counties approved for Ohio Historic Preservation Tax Credits Wednesday.
“Historic tax credits create value for communities by attracting investments that would otherwise not make sense,” Lieutenant Governor Jon Husted said in a news release announcing the approvals.
“Almost every legacy town in Ohio has a large old building that they want someone to revitalize because it’s important to the history and future of the community – historic tax credits make this hope a reality.”
Skyscrapers of offices to move to houses
An $89 million plan to convert the 26-story Continental Center at 150 E. Gay St. from offices to apartments has been approved for $5 million in tax credits.
According to the plan, the downtown building would be transformed into 336 apartments with a rooftop lounge and restaurants and commercial spaces on the lower level.
The building’s owners – Bernstein, DC, and Welltower, Toledo – made the decision to convert the building after COVID cut wind from the downtown office market.
“The office market is in a lull; it was kind of in trouble before COVID and COVID has only accelerated or exacerbated it,” said Phil Aftuck, director of real estate development for The Bernstein Companies. , told The Dispatch earlier this month.
The skyscraper, which was built in 1972 as the headquarters of the Ohio Bell Southwestern headquarters, would be the second downtown skyscraper to be converted into apartments, after the current one transformation of the PNC tower on E. Broad Street.
Aftuck said the developers hope to start working on the project this year.
All Aboard for Delaware Depot
A $2.2 million plan to convert the Cleveland, Columbus, Cincinnati & Indianapolis Railroad Depot in Delaware into a restaurant and brewery has been approved for $243,000 in state tax credits.
The depot, located at Lake Street and East Central Avenue, dates from 1887 and was last used as a train station in 1950.
The developer, RiverWest Partners, plans to renovate the ground floor, as well as a second floor and a lower floor. In total, the building is approximately 7,000 square feet.
The renovation of the depot is designed to complement The multi-part redevelopment of RiverWest Mill on Flax of a Civil War-era factory on Flax Street in Delaware and the properties surrounding it.
“Tax credits are a big part of our vision for the project,” said Brennen Palma, partner at RiverWest Partners. “Our goal is to start as soon as possible, at least the exterior work.”
Palma said a planned restaurant and brasserie tenant for the space recently failed, so he and his partners are looking for another tenant or two.
Developers receive historical tax credits when projects are completed. Together, the projects approved this week are expected to generate approximately $564 million in private investment.
“Once restored, these sites are often crown jewels for communities,” Lydia Mihalik, director of the Ohio Department of Development, said in a press release. “We are proud to be part of transforming and preserving these unique spaces that will remain in our communities for years to come. »