Renovation of 55 Public Square, Agora Theater Complex wins historic Ohio tax credit

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

The Ohio Development Services Agency has announced dozens of grants, each with a maximum of $ 5 million going to 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 auxiliary parking in the public plaza. Miami-based Optima Ventures is the subject of an FBI investigation into possible money laundering, forcing the Justice Department and federal judges to pre-approve the sale.

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

Historic preservation tax credits are part of a highly competitive process, and this week authorities granted them for the 26th time. State agencies grant loans twice a year.

Credit worth $ 35.9 million will fund 31 projects, including renovations to 51 historic buildings across the state. Seven projects in northeast 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 Euclide Avenue

The agency provided a $ 250,000 credit for the $ 1.6 million renovation of the Agora Theater east wing complex on Euclid Avenue in the city’s Midtown neighborhood. The complex, which was once part of WHK Studio One and a recording studio, was sold in January for $ 1.7 million in partnership with Hungarian group Sabor and Chardon’s Renew Partners. The new owner plans to keep a lot of office space while adding new living units.

The new owner’s application to the state agency said he would claim an additional tax credit later next year to renovate other parts of the building. The sale does not include the theater, which reopened in 2018 after a major renovation and almost immediately became the main concert hall for medium-sized touring. Los Angeles-based promoter AEG Presents owns the concert hall.

Building 1373 East Boulevard, 1373 Boulevard East

The Famicos Foundation plans to renovate a four-story, eight-unit building in the Glenville neighborhood, on a street overlooking Rockefeller Park and the Cultural Gardens. The building has been vacant since 2016 and will continue to be used as an apartment after the renovations are completed. The developers plan to install woodwork, stained glass, cabinets and fireplaces in the building.

The project was estimated at approximately $ 1.6 million and received a tax credit of $ 159,000. Famicos bought units in the building from its former owner and now owns seven. Krhys Shefton, director of property development for a non-profit organization, said he was in the process of purchasing the rest of the apartment. .

Akron Beacon newspaper 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. The newspaper reported .. Built in 1930 and expanded over the following decades, the building takes up most of the block and once housed both a printing house and an office. Newspaper staff moved to the AES building in 2019.

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

The state gave developers a tax credit of $ 3.1 million for projects estimated to cost $ 31.6 million.

The son of A. Ohio Warehouse Schrader, 711 Johnston Street, Akron

A new warehouse owner linked to North Carolina-based mortgage lender Link Capital 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 granted a tax credit of $ 250,000 for this project. The cost is estimated at $ 2.6 million.

Read more:

The 55 public places sought by the Justice Department in an FBI investigation into emerging Ukrainian conglomerates sold for $ 17 million.

Office building connected to the Agora Theater in Cleveland is sold and new owners plan to add more apartments

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

Cleveland Skyscraper and Church Renovation Project Receive State Historic Preservation Tax Credit

55 Public Square, Agora Theater Complex Renovation wins historic Ohio tax credit

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