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Ten SW Ohio Buildings Awarded Historic Preservation Tax Credits

warner_brothers.jpg
Bill Rinehart
/
WVXU
The Warner Brothers Building at Liberty and Central Parkway is getting a credit to be turned into office space.

The Ohio Development Services Agency is awarding $27.5 million in Ohio Historic Preservation Tax Credits to rehabilitate 33 buildings across the state. The money will be spread over 19 applicants. The agency estimates the funds will leverage approximately $279.4 million in private investments. Locally, ten projects are on the list:

WESTERN REGION

Delco Building (Dayton, Montgomery County)

Total Project Cost:  $25,428,318

Total Tax Credit: $3,231,206

Address:  329 East First Street, 45402

The Dayton Engineering Laboratories Company (Delco) Building encompasses 213,000-square-feet on six stories. Now located directly adjacent to Fifth Third Field, the building will become 129 market-rate apartments with first-floor restaurant space. A highlight of the building's interior, the historic sixth floor corner office of Charles Kettering, will be preserved. The project is eligible for additional tax credit allocation, up to the requested $5,000,000, as it becomes available through withdrawn applications or project savings.

Dickey Building (Dayton, Montgomery County)

Total Project Cost:  $1,027,000

Total Tax Credit: $168,000

Address:  106-130 East Third Street, 45402-2185

Constructed circa 1917, the Dickey Building is located in Dayton's Fire Blocks National Register Historic District. The five-story building has housed a number of businesses, include the C.S. Ball Candy Company, Buckeye Engineering, Siebert Manufacturing, Giele and Pflaum Painting, and Young Catholic Messenger. Current plans call for the building to be maintained for commercial use, including loft office suites. Substantial repairs are planned to the front façade of the building.

Eaton High School (Eaton, Preble County)

Total Project Cost:  $10,879,133

Total Tax Credit: $1,532,269

Address:  307 North Cherry Street, 45320

Once the proud home of the Eaton Eagles, Eaton High School was built in 1926 and served students until 2004. An innovative partnership between Miller Valentine Group and the H.I.T. Foundation will retrofit the building for a mix of uses. Former classroom space will be rehabilated into affordable senior housing. The former gymnasium and grand auditorium spaces will be maintained for community use. Finally, a portion of the property will also function as space for Sinclair Community College programming and a restaurant.

SOUTHWEST REGION

512 East 12th Street (Cincinnati, Hamilton County)

Total Project Cost:  $700,000

Total Tax Credit:  $76,800

Address:  512 East 12th Street, 45202

Constructed in 1875 in the Pendleton section of the Over-the-Rhine National Register Historic District, the building at 512 East 12th Street has been home to jewelers, painters, laborors, and porters. Four stories in height, the building has been fully-vacant for more than ten years. Project plans include rehabilitating the property into seven market-rate apartment units.

Abington Flats (Cincinnati, Hamilton County)

Total Project Cost:  $4,855,059

Total Tax Credit:  $482,999

Address:  33 Green Street, 45202

Abington Flats was constructed in 1910 and suffered fires in 1947 and 1993. Standing four stories, the building is located just a block from Cincinnati's historic Findlay Market. Once rehabilitated, the property will contain 18 fully-accessible apartment units and one commercial storefront. The accessible units will be served by an elevator and be managed by Cornerstone Corporation for Shared Equity.

Baldwin Piano Company (Cincinnati, Hamilton County)

Total Project Cost:  $39,233,265

Total Tax Credit:  $4,840,000

Address:  655 Eden Park Drive, 45202

Employing motifs associated with the Italian Renaissance Revival Style, the Baldwin Piano Company Building was constructed in 1921. After the Baldwin Company later relocated, the property was adapted to office space in the 1980s but is now completely vacant. The building will be rehabilitated by Neyer Properties into 176 market-rate apartments. Developers anticipate high demand for the apartments due to the building's proximity to Eden Park and Downtown Cincinnati.

Market Square A (Cincinnati, Hamilton County)

Total Project Cost:  $2,585,377

Total Tax Credit:  $249,999

Address:  1808 and 1810 Race Street, 45202

Market Square A represents a portion of the larger Market Square at Findlay Market development planned by The Model Group. This portion includes the properties at 1808 and 1810 Race Street and consists of more than 11,000 square feet of space. Nine residential units will accompany 1,414 square feet of leasable commercial space.

Market Square B (Cincinnati, Hamilton County)

Total Project Cost:  $2,568,088

Total Tax Credit:  $249,999

Address:  101 West Elder Street and 1812 Race Street, 45202

Market Square B also represents a portion of the Market Square at Findlay Market development in Cincinnati. This portion includes the property at 1812 Race Street and the John and Henry Kruse Dry Goods and Notions Building at 101 West Elder Street. Nine residential units will accompany 1,565 square feet of leasable commercial space.

Merchants Building (Cincinnati, Hamilton County)

Total Project Cost:  $9,921,186

Total Tax Credit:  $982,295

Address:  34 West Sixth Street, 45202

Constructed in 1912, the Merchants Building in Downtown Cincinnati stands twelve stories. In the 1950s, the neighboring J.J. Newberry Building was constructed in Art Moderne style and the buff brick façade was extended onto the base of the Merchants Building. Both of these eras of construction will be preserved as the building is transformed into 62 market-rate apartments. The first floor will remain  commercial use.

Warner Brothers Pictures Building (Cincinnati, Hamilton County)

Total Project Cost:  $1,310,665

Total Tax Credit:  $184,000

Address:  1600 Central Parkway, 45202

Warner Brothers Pictures erected their Cincinnati property in 1940 employing a simplified Art Deco style. The building, prominently located at Central Parkway and Liberty Street in Cincinnati's Over-the-Rhine neighborhood, has been unused for several years. Grandin Properties has acquired the structure and will adapt it for office space targeted for enterprising young companies.