Downtown Newark Arcade project awarded $1M from the state

The Ohio Facilities Construction Commission recently approved $1 million for the redevelopment of the historic Arcade in downtown Newark as part of the state’s capital budget, the Newark Advocate reports. Newark Development Partners executive director Fred Ernst said that money will be used “toward the atrium area where we’ll have a winter time farmers’ market and other things,” according to the article. The 44,000-square-foot Arcade, which opened in 1909, “will be rehabilitated for restaurant space, art studios, retail, commercial, offices and 19 market-rate apartments.” The project, which was awarded $1.5 million in tax credits earlier this year, has received “about $6.5 million in federal and state tax credits” overall. For more, read the full article

Economic Development, Financial Incentives, State Updates