Dayton historic building gets tax credits for $7.9M redevelopment A $7.9 million proposal to convert a vacant building on Wayne Avenue into a mixed-use building has received tax credits to move forward. A $7.9 million proposal to convert a vacant building on Wayne Avenue into a mixed-use building has received tax credits to move forward. The Ohio Development Services Agency has awarded several dozen Ohio Historic Preservation Tax Credits to proposed re-developments around the state, among them the revival of a vacant building on Wayne Avenue. These projects, one at a time, can make a big difference in our community, said Mayor Nan Whaley before a group of community leaders in announcing the credit. Rehabilitation like this drives property values and makes the tax base stronger. Louisville-based developer City Properties Group has proposed reviving the Weustoff and Getz Building at 210 Wayne Ave., which is currently vacant, and converting it into 40 residential apartments and first-floor retail space. The total project cost is estimated at $7.9 million. The tax credit is for $1.9 million. That building was constructed in 1868, and was used as a factory and later for furniture and plumbing suppliers. The 27,000-square-foot building was acquired by the city of Dayton in early 2013. Whaley said another business had considered setting up a tire sales shop there but the city bought the land so it could be re-used for residential instead. Our communities are filled with historic buildings like this, and theyre really the personality of a community, said State Sen. Bill Beagle, R-Tipp City. Historic buildings can struggle to compete for funding, and with this tax credit we take tax dollars and leverage them to draw in a lot more investment. Nathaniel Kaelin, who oversees the tax credits program for the state, said the re-use comes as the space could bridge the gap between the growing Oregon District and new developments to the north, like Water Street, Fifth Third Field and Tech Town. Theres a lot of activity going on in Oregon District and Webster Station, and this building would help bridge the gap between them, he said. The state prioritizes buildings that are vacant and seeking potential re-use. This project is getting the tax credits because it already has financing lined up, he said. We look at this with the potential economic impact and benefit to state taxpayers, Kaelin said.
Posted on: Fri, 19 Dec 2014 17:17:52 +0000
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