The Ohio Development Services Agency announced on June 20th the awarding of over $30 million in Ohio Historic Preservation Tax Credits for the rehabilitation of 31 historic buildings in the State of Ohio.
Two projects in the city of Cleveland received funding. One of those two projects, the J. Spang Bakery at 2707 Barber Avenue, is in the Plain Press service area. Developers of the Spang Bakery Building will receive a tax credit of $1,752,089 toward a total project cost of $17,608,500.
A short history of the J. Spang Bakery building released by the Ohio Development Service Agency says: “Constructed between 1906 and 1937, the Spang Bakery building tells the story of a growing bakery and home-delivery business. After the company sold the building in the 1950s, it saw a series of other light industrial uses until it was vacated a few years ago. The rehabilitation project will build out office and retail tenants on part of the first floor and 67 apartments in the rest of the building. New residential units will be constructed on an adjacent vacant parcel.”
The other project to receive funding in Cleveland is the Terminal Tower on Public Square. According to the Ohio Development Service Agency rehabilitation plans for the Terminal Tower “will convert a portion of the building into residential units as well as space for offices and a restaurant.” The project is slated to receive a $5 million tax credit toward a total project cost of $110,518,750.
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