The State of Ohio has awarded
$35.8 million in tax credits
to 18 owners who are planning to rehabilitate 44 historic buildings across the state. Two of the projects, the Vincent building and the Truman building, are located in downtown Cleveland.
The Truman building, located on Euclid Avenue between E. 9th and 12th streets, will be renovated to include retail storefronts, office space, 18 market rate apartments and parking. Construction is expected to create at least 50 jobs.
The Vincent Tower, whose upper floors were refurbished for the digital marketing agency Rosetta, will be rehabbed to include 85 market rate apartments. The building, which is located at 629 Euclid Avenue, will receive a $7 million investment. The project will retain 400-plus jobs and create at least 50 construction jobs.
Both projects will feed the strong demand for apartments downtown. Currently, occupancy rates are at about 96 percent and many buildings have waiting lists.
Source: Ohio Department of Development
Writer: Lee Chilcote