Here Are the Northeast Ohio Real Estate Projects Vying For Tax Breaks Through New State Program
Eric Heisig, cleveland.com
A dozen developers are seeking a combined $120 million in state tax credits for projects in Northeast Ohio that are designed to become major economic drivers.
State lawmakers created the “transformational mixed-use development” program, which will be administered through the state Development Department, this year. It is aimed toward projects that “have influence on both economic and social well-being that will produce long-term change for the use of the site and as well as instigate an increase in economic activity in the surrounding area,” according to a document for applicants.
Many of the projects, which range from hundreds of apartments in downtown Cleveland to construction of the Pro Football Hall of Fame Village in Canton, are likely familiar to many.
Under the program, the state will award up to $100 million in tax credits each year for fiscal years 2022 through 2025. Of that, no more than $80 million can go to a project in a major city, and the largest tax credit any single project can receive is $40 million. The tax credit program is designed to cover 10% of a project’s total cost.
In order to qualify, the project must meet certain size requirements. It must also include at least two uses, such as housing and retail, or three if one of the uses is a parking garage. The projects in major cities must cost at least $50 million, and the tax credit must be a “major factor” in ensuring it gets done.
Statewide, 42 developers are seeking a combined $417.7 million worth of tax credits. The requests from developers behind Northeast Ohio projects make up about 29% of that amount. The winners will ultimately be chosen by the state Tax Credit Authority, though state officials have not said when that will happen.
Below you can find a list of the developers, and the projects for which they are vying for the transformation mixed use development tax credit.
- Bridgeworks LLC, Bridgeworks, Ohio City neighborhood of Cleveland – $7,944,817.92
- CC Superior Holding LLC, CC Superior Redevelopment, Superior Arts District of Cleveland – $8,562,068.31
- UC City Center, LLC, Circle Square Phase 1, University Circle neighborhood of Cleveland – $19 million
- Erieview Tower LLC, Erieview Tower, downtown Cleveland – $9,339,623
- West 117 Development LLC, Studio West 117, 1384 Hird Ave., Lakewood – $8,687,615.20
- HH Cleveland Huntington LP, The Centennial, downtown Cleveland – $40 million
- Van Aken Shopping Center Ltd., The Van Aken District, Van Aken Boulevard, Shaker Heights – $11 million
- Elyria Block Development LLC, Downtown Elyria Redevelopment – $3,414,100
- HOF Village NEWCO LLC, Hall of Fame Village, 2014 Blake Ave., Canton – $6.17 million
- Liberty Beall Ltd., Liberty Beall, 365 E. Liberty St., Wooster – $527,479.00
- Century Plaza Hotel LLC, Renkert Building, 306 Market Ave. N, Canton – $4,208,950
- Uptown Mentor LLC, Uptown Mentor, 8677 Mentor Ave., Mentor – $1,158,577