State awards tax credits for $27M redevelopment of historic Cincinnati buildings

The Ohio Department of Development awarded “a more than $1.4 million Ohio Historic Preservation Tax Credit” to non-profit Cincinnati Center City Development (3CDC) for the Robert Mitchell Furniture Co. buildings in the Central Business District, as well as more than $1.2 million for the three adjacent Ophthalmic Hospital buildings in Over-the-Rhine, the Cincinnati Business Courier reports. The projects are expected to be a combined investment of “nearly $27 million,” according to the article. The developer plans to convert 61,900 square feet of the Robert Mitchell Furniture Co. buildings into “35 apartments with three street-level commercial spaces.” The project will create 200 full-time jobs during construction and four full-time operations jobs. The Ophthalmic Hospital project “is expected to create 128 full-time construction jobs in the first year and another 32 in the second year,” as well as four operations jobs when complete, and bring a commercial tenant that will add 15 full-time jobs. For more, read the full article.

Economic Development, Financial Incentives, State Updates