This note was featured in our August 2021 Newsletter. If you are interested in receiving this newsletter, please sign up here: https://www.crescorealestate.com/contact/
Bringing new life to historic properties is a passion for many of us here at Cushman & Wakefield | CRESCO. It takes a little extra effort and a lot more risk, entrepreneurship and commitment from our clients. Often, projects like these can’t happen without Ohio’s historic tax credits.
In Ohio, owners and long-term tenants can apply for historic tax credits for commercial properties. The program is competitive, awarding a state tax credit of up to 25% of qualified expenditures for the rehabilitation of historic buildings, capped at $5 million.
Last week, Ohio announced approximately $15 million in state historic tax credits in Northeast Ohio, including iconic properties like our listing at 55 Public Square. Regrettably, some applicants didn’t receive awards, delaying or potentially condemning worthwhile plans.
For those projects that do win awards and the projects advance, the results are multi-faceted. Historic renovation typically uses more skilled labor, increasing the local impact of construction. Reusing materials that are already in place decreases the environmental impact of construction by minimizing both waste and dependence on synthetic (and often imported) building materials.
It may be hard to believe, but historic renovation projects correlate to both employment and population gains. Don’t take my word for it; Cleveland State proved it in a study they released in 2015.
Congratulations to the projects that have won awards. We’re looking forward to the results.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.