On June 27, nine Cincinnati projects were awarded more than $9 million to move their developments forward as part of the tenth round of the Ohio Historic Preservation Tax Credit (OHPTC) program.
The bi-annual OHPTC program provides 25 percent of qualified rehabilitation expenditures to owners or lessees of buildings located on the National Register of Historic Places or within a National Register Historic District, a U.S. National Park Service certified historic district, a Certified Local Government historic district, or listed as a local landmark by a Certified Local Government.
Among the local projects receiving tax credits are:
- Bartlett Building (Union Trust Building), 36 E Fourth Street, $5 million to Columbia Sussex Corp. for the rehabilitation of the 18-story building into a 312-room, full-service Renaissance Hotel by Marriott.
- Woodward High School (former School for Creative and Performing Arts), 1310 Sycamore Street, $3,471,904 to Remark Hospitality Development Co. and Core Redevelopment for a possible 140-room AC Hotel by Marriott, or apartments – with an additional tax credit allocation of $5 million as it becomes available;
- 516-518 E 13th Street, $480,231 to the Model Group for the rehabilitation of the buildings into a total of 10 one-bedroom and two two-bedroom apartments;
- 1405-1407 Elm Street, $247,981 to Cincinnati Center City Development Corp. (3CDC) for the rehabilitation of a three-story building into four market-rate apartment units;
- 1500 Race, $221,379 to Barbaurora LLC for the rehabilitation of the three-story building into three market-rate apartments, two vacation residential rental units, and two street-level commercial spaces, one of which will be a food-service window;
- Kinsey Apartments, 2415 Maplewood Avenue, $181,635 for the creation of 12 market-rate apartment units – with an additional tax credit allocation of $5 million as it becomes available;
- Brill House, 1612 Elm Street, $62,500 to Porch Swing Properties to rehabilitate a three-story building into seven residential units and a commercial storefront; and
- 1667 Hamer Street, $52,500 to rehabilitate the 2,100-square-foot brick structure into three market-rate, one-bedroom rental apartments.
National recognition could bring additional funds
Two local projects have also been recommended by the Ohio Historic Site Preservation Advisory Board for inclusion on the National Register of Historic Places.
Both the Kirby Road School in Northside and the Kinsey Apartments in Mount Auburn, which are recognized as local historic landmarks, will be forwarded to the Keeper of the National Register, who directs the program for the U.S. Department of the Interior.
A decision is expected by late September.
Inclusion of the National Register of Historic Places could qualify both properties for an additional 20 percent federal income tax credit for their rehabilitation.
The Kirby Road School, built in 1910 and located at 1710 Bruce Avenue, is undergoing a rehabilitation that will convert the 50,910-square-foot building into 37 market-rate apartments. An additional 40-unit apartment building is planned if demand warrants it.
Previous reading on BC:
LEED tax exemption granted for Bartlett Building hotel (5/29/13)
Kinsey Apartment Building latest local landmark (4/1/13)
Council supports state tax credits for SCPA, OTR projects (4/1/13)
Ohio preservation tax credit application period open (3/13/13)
Kirby Road School a local landmark, rehabilitation proceeding (3/5/13)