55 Public Square, Agora Theater Complex Renovation Earns Ohio’s Historic Tax Credit

Cleveland, Ohio — The state announced on Wednesday that developers refurbishing 55 Public Square in downtown Cleveland will receive a $ 5 million historic conservation tax credit.

The Ohio Development Services Agency has announced dozens of grants, each with a maximum of $ 5 million donated to the Canton and Cincinnati Public Square projects and other projects.

Willoughby-based K & D Group paid Optima Ventures $ 17 million in February for a 65-year-old 24-story office tower and ancillary parking lot on Public Square. Miami-based Optima Ventures is under FBI investigation into potential money laundering, requiring the Justice Department and federal judges to previously approve the sale.

The new owner plans to build an apartment in the lower half of what was once called the Lighting Building since it was the headquarters of Cleveland Electric Lighting Co., Ltd. The top floor will remain as an office space and K & D will collaborate. area. The cost of this project is estimated at $ 59.2 million.

Historical preservation tax credits are part of a highly competitive process, and this week the authorities awarded them for the 26th time. State agencies award credits twice a year.

Credits worth $ 35.9 million will help pay for 31 projects, including the renovation of 51 historic buildings throughout the state. Seven projects in northeastern Ohio received a $ 14.6 million tax credit, including three in Cleveland and two in Akron.

Other projects in Cleveland and Akron include:

Agora Theater Complex, 5000 Euclid Avenue

The agency has awarded $ 250,000 in credit for the $ 1.6 million refurbishment of the East Wing complex at the Agora Theater on Euclid Avenue in the city’s Midtown district. The complex, once part of WHK Studio One and a recording studio, was sold in January for $ 1.7 million in partnership with Hungary-based Sabor Group and Chardon’s Renew Partners. The new owner plans to maintain a lot of office space while adding new living units.

The application filed by the new owner with the state agency stated that he would apply for an additional tax credit later next year to renovate other parts of the building. The sale does not include the theater, which was reopened in 2018 after a major refurbishment and almost immediately became the main concert hall for medium-sized tours. Los Angeles-based promoter AEG Presents owns the concert hall.

1373 East Boulevard Apartment Building, 1373 East Boulevard

The Famicos Foundation plans to renovate a four-story, eight-unit building in the Glenville district on a street overlooking Rockefeller Park and Cultural Gardens. The building has been vacant since 2016 and will continue to be used as an apartment after the renovation work is completed. The developers plan to hold wooden trims, stained glass, cabinets and fireplaces in the building.

The project was estimated to cost approximately $ 1.6 million and was given a tax credit of $ 159,000. Famicos purchased units in the building from its former owner and now owns seven. Krhys Shefton, director of real estate development for a non-profit organization, said he was in the process of buying the rest of the apartment.

Akron Beacon Journal Building, 44 E. Exchange St., Akron

Alabama-based developer Michael Mouron and his wife Kathy bought the building last year from Black Press, the former owner of the Akron Beacon Journal. Newspaper reported.. Built in 1930 and expanded over the next few decades, the building occupies most of the block and once housed both a printing press and an office. Newspaper staff moved to the AES building in 2019.

The new owner plans to refurbish and add over 100 apartments to maintain the original stairs, terrazzo floors and other finishes. They are also planning to build an office for the Environments 4 Business office furniture company.

The state has given developers a $ 3.1 million tax credit for projects that are estimated to cost $ 31.6 million.

A. Ohio Warehouse Schrader’s Son, 711 Johnston St., Akron

A new owner of a warehouse linked to a North Carolina-based Link Capital mortgage lender plans to turn the warehouse into a self-storage facility. Built in the 1920s, the building was once home to Schrader, known for creating valves used in automobile and bicycle tires.

The state has granted a $ 250,000 tax credit for this project. This is estimated to cost $ 2.6 million.

read more:

The 55 Public Squares sought by the Justice Department in an FBI investigation of Ukrainian emerging conglomerates sold for $ 17 million.

Office property connected to Cleveland’s Agora Theater is sold and new owners plan to add more apartments

Mortgage Lender Headquarters Project, Downtown Cleveland Hotel Project Awards Ohio’s Historic Tax Credit

Cleveland Skyscraper, Church Renovation Project Receives State Historical Preservation Tax Credit

55 Public Square, Agora Theater Complex Renovation Earns Ohio’s Historic Tax Credit

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