COLUMBUS, Ohio — A pair of major Northeast Ohio projects will be receiving help from the state in the form of millions of dollars in tax credits.
On Monday, Ohio Gov. Mike DeWine announced $100 million in tax credits for 15 statewide projects as part of the Ohio Department of Development's Transformational Mixed-Use Development Program.
Playhouse Square in downtown Cleveland will get a $1.95 million tax credit for what was termed the "world's largest theater restoration project." This included the construction of the Lumen, which was the largest residential project undertaken in downtown Cleveland in 40 years. Opened in 2020, the Lumen is also the tallest residential building in the state of Ohio.
The tax credit at Playhouse Square also includes renovations to the Bulkley Building, Idea Center, and 1317 Euclid Avenue. The redevelopment included approximately 463,000 square feet of residential units, 353,750 square feet of office space, 18,800 square feet of restaurant space, and parking facilities. The $185.9 million project is expected to result in 525 permanent jobs.
Down in Brecksville, the first phase of the Valor Acres project will receive a $10 million tax credit. Located at the site of the former Veterans Administration Hospital, the $678 million Phase I will feature the following:
- A hotel
- Four mixed-use buildings totaling 368 residential units, 8,000 square feet of co-working space, and parking facilities
- One 106,000 sq. ft. mixed-use building featuring office, retail, and parking
- A parking facility with 9,303 sq. ft. of retail
- One mixed-use building consisting of 45,360 sq. ft. of office and 11,340 sq. ft. of retail space
The site is also the future home of the 600,000 sq. ft. Sherwin-Williams Global Research and Development Center, slated to open later this year. DiGeronimo Companies, which is developing Valor Acres, plans to relocate its main office corporate functions for Independence Excavating, Independence Construction, and DiGeronimo Development to the site in Brecksville this year.
The state says Phase I of the Valor Acres project is expected to result in approximately 677 construction jobs and the creation of approximately 784 permanent jobs at the project site.
"These projects are creating dynamic spaces for Ohioans to live, work, and play," said DeWine in a statement. "With these investments, we are empowering communities to better themselves for the future and spur more economic growth in Ohio."
Among the other projects included in the state program is the construction of a new 650-room convention center hotel in Cincinnati, rehabilitation and expansion of Dayton’s historic Arcade District, plus the transformation of Columbus’ former Kroger Bakery Complex and Ford Assembly plant into a new neighborhood district.
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