Monday, June 28, 2010

Federal Reserve, Metropole win state tax credits

Downtown Cincinnati redevelopment projects at the Metropole Hotel and the Federal Reserve Building have received Ohio Historic Preservation Tax Credits, Ohio Governor Ted Strickland announced Friday.

3CDC will receive $5 million in tax credits to redevelop the Metropole into a 21c Museum Hotel, a $53.7 million project that will feature 160 guest rooms, more than 7,000 square feet of art exhibition and event space, and a restaurant and bar.

Ashley Commercial Group will receive just under $2.5 million to rehabilitate the 16-story Federal Reserve Building, a $20.2 million project that will result in 88 luxury apartment units on the top 11 floors and office and commercial uses on the building's bottom five floors.

The Cincinnati projects are two of 13 projects receiving a total of $28.3 million in tax credits. The 13 projects – also located in Akron, Berea, Columbus, Cleveland, Lima, Marietta, Sandusky, Toledo, and Youngstown – are expected to leverage more than $206 million in private capital.

"Strong cities strengthen our state and strengthen our economy," Strickland said in a media release. "And we are pleased to announce a new round of projects that will transform several fading buildings across the state back into newly productive economic life."

The Ohio Historic Preservation Tax Credit program is funded with $120 million through the Ohio Bipartisan Job Stimulus Plan. Since 2007, the program has awarded $246 million to 111 projects, leveraging more than $1.3 billion in project investment.

The tax credits, which subsidize 25 percent of qualified rehabilitation expenditures, are available to buildings that are on the National Register of Historic Places, are located in a registered historic district, are certified by a state preservation officer, or are listed as a historic landmark by a certified local government.

Previous reading on BC:
21c capital account created, tax credits supported (3/30/10)
City supports redevelopment of former Federal Reserve Building (3/23/10)
Three OTR projects win $7.1M in state tax credits (12/14/09)
3CDC buys Metropole, plans 21c luxury hotel (11/9/09)
New Ohio preservation tax credit round begins July 1 (6/25/09)