Two weeks ago, we took a look at the first round of projects that were awarded Transformational Mixed-Use Development (TMUD) tax credits, with a focus on projects in several Ohio legacy cities. This week, our #GOPCThread takes a look at the first TMUD tax credits awarded in the major city category.
Not on Twitter? The thread is available online, as well as below.
Greater Ohio Policy Center Read on Twitter
Two weeks ago, we featured on our #GOPCThread the legacy cities which received the first-ever Transformational Mixed-Use Development Tax Credits, or #TMUD
#TMUD provides a tax credit against development costs incurred during the construction of a project that will be a catalyst for future development in its area. Development includes new construction and/or improvement of vacant buildings…
that will have a major economic impact on the site & the surrounding area. This development must be a combination of retail, office, residential, recreation, structured parking, & other similar uses into one mixed-use development. Projects may be either the entire Development or
a phase or contiguous phases within the development. Awardees were designated in two groups, major cities & general. A Major City Project is located either within a major city, as defined in program guidelines, or within a ten-mile radius of the corporate boundary of the city.
This week, we are going to take a look at the five projects that were awarded #TMUD credits in Ohio’s major cities - three in Columbus and two in Cleveland. These projects were awarded credits worth $76,693,955.
First in @DowntownCLE is the CC Superior Holdings project, which is renovating six continuous historic buildings totaling more than 400K sq. ft., transforming vacant, deteriorating buildings into restaurant, retail, office & residential space
Up to 1,000 HQ Jobs Could Come to Downtown Cleveland | NEOtrans Image Source Google Maps
Also in @DowntownCLE is The Centennial - a historic building designed by the same firm the designed the Terminal Tower & features a rooftop ticket lobby + waiting room designed for dirigible flights to New York & Chicago (which sadly was never utilized due to Lake Erie winds)
The 925 Building | Wikipedia Image Via WikiCommons (R. James Buehner)
Upon completion, The Centennial will house 864 affordable housing units w/ boutique hotel suites on several floors. The ground floor will house a restaurant, event space, & a museum, The Cleveland Exposition, a tribute to northeast Ohio’s rich history.
Connect Housing Block will redevelop a site on approximately 27 acres in the Linden neighborhood of @ColumbusGov, which has been vacant since 2008. The first phase of the project will rehabilitate the existing spaces into a manufacturing site for modular residential units.
Jobs hub, affordable housing in plans for long-vacant Schottenstein’s store site | Columbus Dispatch image from source (Doral Chenoweth)
This is expected to produce approximately 1,500 affordable housing units per year. Additional phases will construct residential apartment buildings with the modular units and a clubhouse/community center that will host community services related to education and healthcare.
Five Columbus-area developments get state tax breaks | Columbus Dispatch image from source (Doral Chenoweth)
The project will focus on transportation, broadband, access to healthcare, & access to affordable + workforce housing for site residents & the surrounding area.
Also in Columbus on a former brownfield site in West Franklinton, the @CoverMyMeds Campus consists of two headquarter buildings that will house more than 1,600 employees.
The multi-purpose site will also host on-site trails, plazas, recreation/event spaces, basketball courts, an amphitheater, a boathouse, EV charging stations, community gardens, & improved river access that will be accessible to residents of @FtonDevelopment
CoverMyMeds campus prepares to open, beer taps, “back year” and all | Columbus Dispatch image from source (Courtney Hergesheimer)
A free art gallery and coffee shop will also be available to the public during business hours.
The second phase of the Gravity II development also in Franklinton was the final major city project awarded a TMUD credit. The mixed-use project, when completed, will include a 12-story, 257-unit residential apartment with ground-floor commercial space
Work begins on second phase of Gravity development in Franklinton | Columbus Dispatch image from source (NBBJ)
Also included is a 5-story, 24-unit townhome building, the six-story Creative Office Building featuring ground-floor retail, art, & recreation spaces, as well as a new business incubation space for nonprofit social innovators.
Each of these projects promises to truly be transformative for the communities where they are located. We extend our most sincere congrats to all of the #TMUD recipients
Follow @OhioDevelopment for more info on the next round of #TMUD credits
