Developer seeks state tax credit for $107M downtown Cincinnati project
NewcrestImage LLC, the developer that wants to transform the three-building Fourth & Walnut Centre complex in downtown Cincinnati into a dual-branded hotel, is seeking a second $5 million Ohio Historic Preservation Tax Credit for the $107 million project, the Cincinnati Business Courier reports. NewcrestImage was awarded $5 million in tax credits for the project in December 2018, according to the article. Cincinnati City Council “unanimously approved a property tax abatement” for the project in January 2019. Fourth & Walnut includes a 19-story tower “designed by famed architect Daniel Burnham’s Burnham & Associates” that dates to 1903, “a four-story building built in 1937 and a six-story building built in 1961.” The state historic tax credit “would allow NewcrestImage to move forward with plans.” For more, read the full article.
