Retail and housing projects in Cuyahoga Falls and Medina have nabbed Ohio Historic Preservation Tax Credits.
The Ohio Development Services Agency announced the credits this week for the Levinson Building at 2225, 2231 and 2235 Front St. in Cuyahoga Falls and the Medina Farmers Exchange Co. Building at 320 S. Court St. in Medina.
Overall, the agency awarded $36 million for the rehabilitation of 28 historic buildings statewide, including the Everett Building in downtown Akron. The projects are expected to leverage about $250 million in private investments in 10 communities.
“Giving these buildings new life preserves Ohio’s past and provides economic opportunity for the future,” agency Director David Goodman said in a prepared statement. “These buildings are expected to be a catalyst for development in the community.”
The Levinson Building, constructed in the 1930s, had been home to a retail clothing store but is now vacant. A $1.35 million project calls for the upper floor to be renovated into apartments, while the lower level and street level will have retail and office space, the agency said.
The tax credit is $156,727.
The Medina Farmers Exchange building, which is more than 100 years old, is vacant. A $5.5 million project calls for the building to be converted into a restaurant and farmers market-style retail space, along with 33 market-rate apartments on the upper floors, the agency said.
The tax credit is $545,000. It's the first Medina project to receive Historic Preservation Tax Credits.