Newark Arcade’s $15M restoration granted $1.1M in state historic tax credits

The Ohio Development Services Agency (ODSA) “approved the Newark Development Partners’ [NDP] application” for “about $1.1 million in historic preservation tax credits for a $15 million restoration of The Arcade,” a building that dates to 1909, the Newark Advocate reports. The project, which is expected to take approximately two years, “has received about $4 million in federal and state tax credits,” and has raised $9 million in donations pledged or paid, according to the article. NDP plans to rehabilitate 15 apartments on the eastern part of the project and create spaces for new commercial tenants on the ground floor. Terrazzo floors, historic storefronts and decorative plaster will be repaired. For more, read the full article.

Economic Development, Financial Incentives, State Updates