The Ohio Historic Preservation Tax Credit Program has awarded more than $52 million in tax incentives to improve and adaptively reuse historic buildings in Dayton including the Dayton Arcade, the Delco building, the Grant-Deneau Tower and multiple commercial structures in the Fire Blocks District.
The state of Ohio is expected to announce the latest round of historic tax credit awards later today. One of the firms that helped redevelop the Dayton Arcade is seeking $2 million in credits to help renovate the nearby Air City Garage.
Credit: Tom Gilliam
Credit: Tom Gilliam
The proposed biennial budget that passed the Ohio House called for capping Ohio historic preservation tax credit awards at $90 million each year. But the Ohio Senate’s proposed budget bill calls for sunsetting the tax credit at the end of fiscal year 2027, unless additional credits are specifically authorized by the Ohio General Assembly.
Dave Williams, board chair of Heritage Ohio, says the organization has been working hard to let lawmakers know that these credits are a vital economic development tool.
“We often say the historic buildings are one of Ohio’s natural resources,” he said.
Williams is the vice president of real estate development with Cross Street Partners, which is one of the groups that have helped redevelop the Dayton Arcade. Developers have invested about $164 million into the Arcade, which consists of nine interconnected buildings that have been converted into housing, offices, retail and restaurant spaces, hotel rooms and other uses.
The Arcade complex sat vacant for about 30 years, and Williams said its revitalization and other important local adaptive reuse projects would not be possible without state and federal historic tax credits.
The state has paid out about $733 million in state historic preservation tax credits, which supported more than $6 billion in completed projects — which is an 8 to 1 return on investment, Williams said. These credits have helped rehab hundreds of buildings across Ohio, including more than 20 in Dayton alone.
The credits that were awarded to Dayton projects were for proposed investments that combined exceed $468 million. However, some projects did not pan out or have yet to make substantial progress.
Ohio has more listings on the National Register of Historic Places than all but two other states (California and Massachusetts). More than 4,200 buildings, structures, sites, districts and properties in the Buckeye State are on the National Register of Historic Places, including about 480 in Butler, Champaign, Clark, Greene, Miami, Montgomery and Warren counties.
The register contains properties that are recognized for their significant contributions to American history, art, architecture, engineering and culture.
