Cincinnati’s Downtown Renaissance Halted: Historic Preservation Tax Credit Rejections Leave Projects in Limbo

Ohio’s Historic Preservation Tax Credits Leave Major Cincinnati Projects in Limbo

Downtown Cincinnati Development Projects Face Uncertainty as Tax Credits Are Denied

According to Bizjournals, A lot of big projects in downtown Cincinnati were rejected for special tax credits. Only one project, called Reid Flats, was approved. This project will turn old buildings into apartments with shops on the ground floor. But the other projects that were rejected are much bigger and more exciting, like a 19-story hotel and a 15-story hotel.

One of the rejected projects is the First National Bank Building, which Texas-based NewcrestImage wants to turn into a luxury hotel and some homes. Despite having a lot of money from the government for historic preservation, they’ve been rejected by the state three times. Another big project that was rejected was the Traction Building, which would become a hotel. The developer, Parkes Development Group, wanted $9 million from the state and already has $14.5 million from the government for historic preservation.

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Cincinnati’s Downtown Renaissance Halted: Historic Preservation Tax Credit Rejections Leave Projects in Limbo (PHOTO: GOOGLE)

Cincinnati Developers Face Setbacks as State Historic Preservation Tax Credits Fail to Materialize

Because of this, some developers are in trouble. Jason Swords, from Sunflower Development Group, has applied three times to turn the Cincinnati Club into apartments but was rejected each time. Mark Hall’s company, ABC Realty Advisors, wanted $4 million from the state to turn an old department store into apartments. Now, many of these projects might be put on hold until they can try again for state tax credits in the future.

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