A project that would convert the Akron Beacon Journal Building into more than 100 residential units is one of several historic redevelopment projects that are receiving government tax credits.
The Ohio Development Services Agency received more than $ 35 million in Ohio Preservation Tax Credits, of which $ 14 million will be used on projects in Cleveland, Akron, Warren, and Canton.
In addition to the Beacon Journal Building, residential units are also planned for parts of the Cleveland Electric Illuminating Company’s headquarters. And the canton’s first high-rise, the Renkert building, is being converted into a hotel.
The tax credit will not be issued until the projects are completed and all program requirements are met.
Recipients from northeast Ohio include:
- The headquarters of the Cleveland Electric Illuminating Company, built in 1956 in Cleveland public square. The Illuminating Building will receive $ 5 million in tax credits for the over $ 59 million renovation project that will convert part of the space into residential units.
- The 1373 East Boulevard Apartment Building in the Glenville neighborhood of Cleveland. The four-story apartment building will be converted into eight residential units. The apartment building, which has been vacant since 2016, will receive $ 159,000 in tax credits for the $ 1.6 million renovation.
- The Agora complex, consisting of four buildings in the Midtown neighborhood of Cleveland and once the home of WHK Studio One. It will receive $ 250,000 in tax credits for renovating $ 1.6 million of office space.
- The Akron Beacon Journal Building, which takes up almost a block on the corner of East Exchange and South Broadway Streets in Downtown Akron. It was built in 1930 but has been vacant since 2019 when the newspaper moved to a smaller building. It will receive $ 3.1 million in tax credits on a $ 31.6 renovation to give it a new lease of life with more than 100 units.
- A. Schrader’s Son of Ohio Warehouse, a landmark of Akron’s tire industry. Built in the 1920s, the warehouse is being renovated to serve as a self storage facility on a $ 2.6 million project and will receive $ 250,000 in tax credits.
- In Warren, the 1898 Packard Apartments are being converted into 17 new apartments in an almost $ 5 million project. The building had previously received tax credits, but the work could not move forward in a timely manner. This round, the building will receive $ 819,371.
- The canton’s first high-rise, the Renkert building. The ten-story building once housed a department store and offices, but has been vacant since 2017. It will be converted into a hotel with event space, a restaurant, bar and commercial space. It will receive $ 5 million in renovation tax credits of $ 35.5 million.
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