Plans to develop a 161-room hotel that would incorporate the landmark city-owned Greystone Hall in downtown Akron have received a boost from the state in the form of tax credits designed to spur the rehabilitation of historic properties.
The Ohio Development Services Agency on Friday awarded the project $4.99 million in Ohio Historic Preservation Tax Credits.
Developers help to finance their projects by selling the tax credits to investors, who use them to trim their tax bills.
Amerimar Realty Co. in Philadelphia and a local group of investors called Greystone Partners are seeking funding for the $40 million project. It involves refurbishing Greystone, which dates to 1917, and building a seven-story independent hotel adjacent to it.
The hotel would be constructed on the site of the former High Street Christian Church, whose congregation has moved to Green. The church would be torn down.
The credits would be used to finance the portion of the plan that calls for renovating Greystone Hall and turning areas of it into banquet and meeting space.
The building, at 103 S. High St., was constructed as a gathering spot for the fraternal group called the Masons. The city took over ownership in 2001, and the building is now operated by the John S. Knight Convention Center as a meeting and special-event facility.
Also Friday, the Development Services Agency awarded $5 million in tax credits to turn a portion of the former Hoover Co. factory complex in downtown North Canton into a mix of retail, office and residential space.
The Hoover West Factory Complex is the first project in North Canton to be awarded Ohio Historic Preservation Tax Credits. Other part of the former manufacturing plant are being redeveloped.