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Ohio awards $2.7M in historic tax credits to three Toledo revitalization projects

Posted By: Toledo Blade on June 29, 2023.  For more information, please click here to read the source article.

More than $2.7 million in Ohio historic tax credits will help revitalize three buildings in the downtown Toledo area, state officials announced Thursday.

The largest local tax credit award, worth $1.35 million, will help rehabilitate the remaining bays and civic auditorium that make up the Toledo City Market — also known as Erie Street Market — at 201 S. Erie St. and owned by IBC Properties.

The overall project, valued at $13.5 million, will convert the space into a dance studio, food hall, and culinary education center, according to the Ohio Department of Development and previous Blade reporting.

Another $1.1 million tax credit will go toward revitalizing a 40,000-square-foot building at 1301 Adams St. that has stood vacant since the early 2000s.

A former office and car dealership, the building is expected to be transformed into a mix of commercial spaces, including a brewpub, food hall, a small concert space, retail, and more, developer Andrew Newby told The Blade in 2022. The project’s estimated cost is $11.6 million.

A third Toledo project at 324 N. Erie St. in downtown was awarded a $250,000 tax credit. An almost $1.5 million project would redevelop the upper floors of the building into eight market-rate apartments over the existing first-floor barbershop.

Thursday’s awards for the Toledo projects were among 38 given out to 16 communities statewide totaling more than $50 million. It is the 30th round of funding from Ohio’s Historic Preservation Tax Credit Program. The tax credits are doled out twice per year.

“Many of these buildings were once home to the factories, shops, and offices that drove Ohio forward, and they still have a place in Ohio’s future,” Gov. Mike DeWine said in a statement. “We are excited to help revive these historic structures so they can once again be a valuable part of their communities.”

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