Credit: JIM NOELKER
Credit: JIM NOELKER
The Dayton Daily News also learned that projects in Middletown and Hamilton are going after credits in the current funding round.
The Fidelity building won more than $4 million in credits in late 2018, but the state later rescinded them after the proposed adaptive-reuse project did not make progress.
The developer is now asking for $6.2 million in funding.
Amy Walbridge, the city of Dayton’s downtown development coordinator, said projects apply for funding when they are ready, and she’s aware of another Dayton project that was considering applying but decided against it because it needed to finish more predevelopment work first.
“No project can decide to apply one day and turn it in the next,” she said. “There’s much more thought, preparation, partnerships and analysis that must (occur) prior to turning in an application.”
The Ohio Department of Development awarded more than $81 million in tax credits in the last funding round for the state historic preservation tax credit program (round 29).
Five of the seven Dayton projects that applied for state historic tax credits won them, and they were awarded about $9.7 million in funding. That included tax credits of more than $3.5 million for the Algonquin Hotel project at 11 S. Ludlow St., and the Centre City Building at 40 S. Main St., plus a $1.39 million tax credit for the former Longfellow School Complex at 245 Salem Ave.
The Dayton Arcade is an example of a project that finished a section of its redevelopment after receiving state historic tax credits.
The state normally has roughly $35 million to award each funding cycle. Typically, there are two funding rounds each year.
But state lawmakers passed legislation temporarily boosting the program to help more projects obtain what developers say is a key financing tool for bringing vacant and underutilized historic buildings back to life.
The Fidelity building, which is 11 stories, once was home to medical offices and later housed the local radio station WROU-FM. The building is on the 200 block of South Main Street in downtown Dayton, across the street from the Levitt Pavilion Dayton, the free outdoor music venue. The property is in an area of the city that officials hope is on the upswing.
The group that wanted to redevelop the Fidelity building back in 2018 proposed converting the vacant structure into nearly 100 apartments and ground floor commercial space.
Information obtained by the Dayton Daily News from the Ohio Department of Development show that a developer has applied for about $1.6 million in state tax credits for the Anthony Wayne building on South Monument Street in downtown Hamilton.
The developer has proposed converting the building into a Tapestry Collection by Hilton boutique hotel, which will be called the Well House Hotel.
Credit: Nick Graham
Credit: Nick Graham
A group that wants to redevelop the Middletown Building and Deposit Association building at 11 S. Main St. in Middletown also has applied for about $1.6 million in tax credits.
Developers want to transform the former seven-story bank and office tower in downtown into apartments and ground floor offices.
The project won about $712,000 in credits in the summer of 2022. The developers evidently are seeking a larger award.
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