KJK extends our congratulations to our clients, TurnDev and Valley Property Investors, for their recent success in securing Ohio’s Historic Preservation Tax Credit. We are proud to have supported them with counsel over the years and remain committed to assisting them as they continue to invest in our community. Out of the 35 awarded projects, 11 are based in Northeast Ohio. Notably, KJK’s Real Estate or Economic Development & Incentives teams assisted with two of these projects.
What is the Ohio Historic Preservation Tax Credit program?
The Ohio Historic Preservation Tax Credit (OHPTC) helps finance the rehabilitation of historically significant buildings by offering a tax credit to owners or long-term lessees of historic buildings. This initiative fuels private investment in communities, generates local construction and permanent jobs, and revitalizes previously vacant or under-utilized spaces. With a competitive selection process and biannual application periods, the OHPTC is a powerful catalyst for community rejuvenation and economic growth.
TurnDev
Turndev secured the largest award by dollar volume, receiving a $5 million tax credit for a proposed $50 million project. This project aims to convert the Heller-Keller-Kohn Building at 2202-10 and 2212-30 Superior Ave. in Cleveland into 134 apartments, with commercial space on the first floor. This project is comprised of two former industrial buildings east of downtown Cleveland in the Superior Avenue Historic District: the Heller Building and the Keller-Kohn Building. Both were once associated with the area’s garment industry and housed manufacturing operations until the latter part of the 20th century. The rehabilitation plan calls for the buildings to be converted into 134 residential units, parking, and some commercial spaces on the first floor.
KJK is proud to support TurnDev as they enhance the Cleveland market, particularly with their significant ongoing investments in the Superior Art District, where they plan to invest over $300 million. We are privileged to have assisted in securing the following awards:
2202 Superior LLC
- Transformational Mixed-Use Development Program – $1,712,414
- Ohio Historic Preservation Tax Credit – $5,000,000
- City of Cleveland 15-year residential property tax abatement
CC Superior Holding LLC
- Transformational Mixed-Use Development Program – $2,568,620
- Federal Historic Tax Credit – $6,333,575
- Federal Historic Preservation Easement
- Ohio Historic Preservation Tax Credit – $3,315,830
- JobsOhio Revitalization Grant – $1,000,000
- JobsOhio Revitalization Loan – $2,500,000
- City Forgivable Construction Loan – $750,000
- 30 year non-school TIF – $5,200,000
CrossCountry Mortgage
- City of Cleveland Job Creation Incentive Program – $1,150,000
- JobsOhio Job Creation Tax Credit – $1,100,000
Residences at CCM – RJL 2104-2110 SA LLC
- Transformational Mixed-Use Development Program – $2,163,337
- Ohio Historic Preservation Tax Credit – $2,232,500
- City of Cleveland 15 year residential property tax abatement
- 30 year non-school TIF
RJL 2230 SAL LLC
- Ohio Historic Preservation Tax Credit – $5,000,000
- Transformational Mixed-Use Development Program – $2,145,081
- City of Cleveland 15-year residential property tax abatement
Ohio OZ Tax Credits
- $1,352,438
Valley Property Investments
Valley Property Investments received a $2M tax credit for the YMCA Building at 210 High Street in Warren’s Commercial Historic District. This 4-story building was constructed in 1928 and designed by local Warren architects in the Second Renaissance revival style. It once boasted numerous amenities, such as lounges, a swimming pool, multiple locker rooms, club rooms, educational classrooms, a kitchen and grill, a gymnasium, multiple handball courts, and 68 dormitory rooms, The building will be rehabilitated into 36 class-A residential units and six new 3-story rental townhouses will be built behind the historic building. These will be the first new class-A rental units built in downtown Warren in many decades. The project will restore some historic athletic facilities and reuse them for resident amenities, like the gym and basketball court.
KJK’s Economic Development & Incentives Practice
KJK’s Economic Development attorneys provide a wide breadth of services to businesses looking to establish, expand, consolidate or relocate; developers planning their next big project; or municipalities seeking to attract such businesses and developers. Drawing upon deep experience in real estate, land acquisition and leasing, financing, contract negotiation, compliance, general corporate law and more, our Economic Development attorneys manage projects that help businesses and communities thrive.