Council supports state tax credits for SCPA, OTR projects

Cincinnati City Council on Mar. 27 passed three resolutions supporting applications for Ohio Historic Preservation Tax Credits (OHPTC) for several properties in Over-the-Rhine and Pendleton, including two options for the high-profile former home of the School for Creative and Performing Arts.

In January, Indianapolis-based Core Redevelopment proposed a 155- to 170-unit apartment conversion of the building at 1310 Sycamore Street that would preserve most of the building's architectural features.

But in late February, it was announced that Cincinnati-based Remark Hospitality Development Co. had approached the developer with a proposal for a mixed-use project that would feature a 100-unit Hilton branded hotel, 36 apartments, restaurants and entertainment – plus a 250-space parking garage.

The tax credit application will be submitted as a residential project, but could be amended if the hotel plan moves forward.

The other resolutions were approved for:

• Cincinnati Center City Development Corp (3CDC), for the redevelopment of properties at 1205, 1225, 1405-1407, and 1801-1805 Elm Street; 1315 Vine Street; and 1201 Walnut Street; and
• Barbaurora LLC for the redevelopment of 1500 Race Street.

The deadline for the tenth round of the OHPTC application period is Apr. 2, and a total of $30 million has been made available. Awardees will be announced on or before June 30.

Previous reading on BC:
City supports tax credits for Emanuel; Startups, squash planned (3/27/13)
Ohio preservation tax credit application period open (3/13/13)
Tax credits sought for Bartlett Building hotel (3/6/13)
County, 3CDC to explore feasibility of Memorial Hall renovation (3/5/13)
Around and atop the (old) SCPA (6/2/08)