The Ohio Development Services Agency announced today that two Walnut Hills projects have been awarded Ohio Historic Preservation Tax Credits, paving the way for these milestone neighborhood renovation projects to move forward. According to Christiane Schmenk, director of the Ohio Development Services Agency, “the Historic Preservation Tax Credit puts empty buildings back into the economic cycle, creating jobs through construction activities and reoccupation of the buildings. This program has saved some of the state’s most significant historic structures.”
The project that Walnut Hills Redevelopment Foundation successfully applied for, located at 961, 965 and 975 East McMillan St. and with a total project cost of $7,994,857, was granted $1,772,054 in tax credits. Partnering with developer Model Group, we will convert these historic buildings into 30 market-rate residential units and 7,000 square feet of first-floor commercial space.
Another Walnut Hills project, the Eden Park Pump Station renovation (with a total project cost of $5.2 million), received a tax credit of $1 million. The Pump Station was originally built in 1894 but has been vacant since the 1990’s. Cincinnati Beer Company plans to open a brewery and tap room in this preserved structure.
Six Cincinnati projects, located in Walnut Hills, Over-the-Rhine, Pendelton, and Downtown, received tax credits through Gov. Kasich’s Fiscal Year 2012-2013 budget allocation. With a total combined cost of $42,711,069, these Cincinnati projects received $7,952,367 in tax credits, helping to ensure the continued preservation and reuse of valuable historic structures in the City. For more information about the Ohio Historic Preservation Tax Credit, visit the program website.