The seven-story Middletown Building & Deposit Association tower in Butler County was one of 12 projects in southwest Ohio to receive historic tax credits last month from the State of Ohio. As part of the deal, the $3.1 million project will receive $600,000.
The redevelopment of the 85-year-old structure will result in expanded and renovated street-level retail space, with 24 market-rate apartments on the six floors above that.
The hope is that other similar, but smaller-scale, projects come online, as is expected, after the next round of historic tax credits are awarded this spring.
As earlier reported by UrbanCincy, this award was part of a larger $42 million distribution of historic tax credits state-wide by the Ohio Development Services Agency. The goal of the tax credits, public officials say, is to spark economic development while also preserving historic structures. It is anticipated that this round of awards will spur an estimated $600 million in private investment.
This award comes after nearly $150,000 in grants for assessments and site preparation awarded by the Duke Energy Foundation, US Environmental Protection Agency, and Cincinnati Development Fund. The moment that really gave the project its initial boost, however, came in 2012 when the building was donated to Grassroots Ohio by Fifth Third Bank.
In conjunction with the $10 million rehabilitation of the Sorg Opera House, city officials and private developers are expecting to leverage this initial project to spur additional development nearby. They are also hoping to leverage its location across from Cincinnati State’s Middletown campus as a walkable alternative to students who are primarily commuting from outside the city.
Built in 1930, the seven-story, Art Deco building has survived decades of changes in the heart of Middletown. Upon completion of renovations, project officials say that the building will be renamed Goetz Tower in honor of its original architect.
Construction is anticipated to start in March and last approximately 18 months.