Cincinnati's Traction Building, Hamilton's Champion Paper Mill win big in historic tax credits

CINCINNATI -- Southwest Ohio had nearly half of the projects that received historic tax credits announced Wednesday, including a major project in downtown Cincinnati and another in Hamilton.

The state Development Services Agency awarded $30,228,955 in Ohio Historic Preservation Tax Credits for the rehabilitation of 31 historic buildings. Southwest Ohio will get about a third of those credits.

Locally, the Traction Building on Walnut Street received a $4,200,321 credit. It is being converted to a 147-room Kimpton Hotel. The entire project is expected to cost $48.3 million.

The 1903 structure is one of a collection of buildings designed by architect Daniel Burnham in downtown Cincinnati. One of the first in the city to have modern elevators, the building served as offices for the Traction Company as well as numerous other office tenants. 

The Champion Paper No. 2 Mill, on North B Street in Hamilton, received $4,795,000. It's one of several buildings associated with Champion Paper's operations and was once the city's largest employer. The mill operated for more than 100 years before closing in 2000. The $48.1 million rehabilitation project will convert the large industrial building into a hotel and event center to complement a future indoor sports complex.

These other local projects also received credits:

22 W. Elder St., Cincinnati
Total Project Cost:  $1,816,167
Total Tax Credit:  $180,000
Part of a much larger revitalization project by the Model Group near Findlay Market in Over-the-Rhine, this vacant building will be rehabilitated into four apartments and a commercial space on the ground floor.
 
22-24 W. Seventh St., Cincinnati
Total Project Cost:  $1,790,000
Total Tax Credit:  $245,000
An eight-story building in downtown Cincinnati's Race Street Historic District, this building is an early example of the transition from smaller-scale commercial buildings to modern skyscrapers. After years of vacancy, the c. 1898 building will be rehabilitated into 14 two-bedroom apartments and two commercial spaces.

100 E. Clifton Ave., Cincinnati
Total Project Cost:  $1,447,725
Total Tax Credit:  $202,000
This building shares a similar history with many others like it in Over-the-Rhine as it served for more than a century as apartments. After the rehabilitation, the building will have six residential units while retaining its historic fabric. 100 E. Clifton is part of a cluster of three adjacent properties in common ownership that were all awarded credits this round.

101 Peete St., Cincinnati
Total Project Cost:  $926,114
Total Tax Credit:  $129,000
101 Peete is a historic tenement building in Over-the-Rhine. Vacant for many years, the building will be rehabilitated into five residential units. This building is part of a cluster of three adjacent properties in common ownership that were all awarded credits this round.

105 Peete St., Cincinnati
Total Project Cost:  $901,505
Total Tax Credit:  $126,000
A twin to its neighbor at 101 Peete, this building also will be rehabilitated into five residential units after many years of vacancy. It is part of a cluster of three adjacent properties in common ownership that were all awarded credits this round.

207 W. McMicken Ave., Cincinnati
Total Project Cost:  $600,000
Total Tax Credit:  $84,500
Constructed around 1860, this building in Over-the-Rhine was originally a single-family house but was later converted into apartments. In the past 20 years, it has been largely vacant and even lacked a roof until it was recently stabilized. Current plans call for rehabilitation into three 3-bedroom apartments.

430-432 W. McMicken Ave., Cincinnati
Total Project Cost:  $465,244
Total Tax Credit:  $51,000
This duplex tells the story of the settlement, development, and population trends of the Mohawk area of Cincinnati. Built prior to 1880, it is one of the few surviving wood-frame buildings in the area. After extreme water damage caused structural failure to the rear of the building, the current owners plan to rehabilitate the building into apartments, retaining its historic fabric.

509 E. 12th St., Cincinnati
Total Project Cost:  $1,203,467
Total Tax Credit:  $196,500
The two buildings in this project sit on the front and rear of a property in the Pendleton area of the Over-the-Rhine Historic District. After serving as housing for approximately 130 years, the buildings sat vacant for another 20 years and suffered a fire in 2016. The buildings will be rehabilitated into seven one- and two-bedroom apartments.

1035 Dayton St., Cincinnati
Total Project Cost:  $1,061,311
Total Tax Credit:  $106,000
Located in Cincinnati's Dayton Street Historic District, this circa-1874 building contained commercial space on the ground floor with apartments above. After being vacant for approximately 15 years, the building needs extensive rehabilitation work. After the project is complete, the building will have five residential units and one commercial space.

1919 Vine St., Cincinnati
Total Project Cost:  $423,662
Total Tax Credit:  $83,000
1919 Vine Street is one of three "sister" buildings that were all built around the same time of similar appearance. It remained in residential use from the time it was built in 1905 until it was vacated a few years ago. After completion, it will house two market-rate apartments. The developer is also working on a project up the street that received tax credits in a recent round.

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