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Downtown Developers Grab $5 Million More in Tax Breaks

6/28/2017
Ohio.com

Akron developers will save $5 million in state taxes, on top of local incentives, once renovations are completed on six downtown buildings. The rebates from the Ohio Historic Preservation Tax Credit Program were announced Wednesday morning by the Ohio Development Services Agency in partnership with the State Historic Preservation Office and in accordance with construction standards set by the U.S. Secretary of the Interior.  In total, developers in 13 communities will pay $35 million less should they complete renovations on 36 Ohio buildings that might otherwise fall further into disrepair and neglect.
 
In Akron, a row of city-owned buildings on Main Street are slated for construction this year. Together, they’ll bring $5,033,378 in tax credits for their owners. The state tax break on the six structures were filed in four separate applications by the Bowery Development Group LLC, a joint venture by DeHoff Development Co. of North Canton and Welty Building Co. of Fairlawn.

“We are extremely appreciative of the state’s recognition of The Bowery as a foundational project, which will have a significant community impact and act as a catalyst for the City of Akron’s economic growth. We also sincerely appreciate the Mayor’s guidance and support, as well as his staff’s efforts in helping to secure this very competitive resource,” Dan DeHoff, principal of Bowery Development Group, said in a statement released Wednesday.
 
The development will preserve century-old buildings. In the three closest to Bowery Street, beginning with the 12-story old Akron Savings & Loan (or Landmark) Building, 113 apartments will be created from the second floor up. Yet announced restaurants, shops and offices will fill out the ground level of all six buildings, which abut the Akron Civic Theatre.
 
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