DAYTON — The development consultant for the Centre City building downtown said Thursday’s award of a $1.8 million state tax credit is “a major step forward” to convert the 21-story building into 98 apartments and retail and office space.
“Developments always have hurdles,” said Tom Fortin, development consultant for building owner Centre City Group LLC of Powell. “I think we’ve pretty much jumped a lot of the hurdles and it’s starting to look like we can see the finish line.”
If private financing can be secured and additional public money obtained, construction of the $12 million project would begin next spring or summer, Fortin said. The city has applied for a $750,000 Clean Ohio fund grant for asbestos remediation.
Rehabilitation of the nearly vacant 36 S. Main St. building is one of 13 projects statewide awarded more than $23.8 million in Ohio Historic Preservation Tax Credits on Thursday, according to the Ohio Department of Development. The projects would leverage an estimated $140 million in private investments and could help create 1,600 jobs, according to a department news release. The Centre City project is the only one chosen in the Dayton area.
“Great building. Great project for Dayton. It’s a group of developers who have traditionally done more work in Columbus,” said Mark Lundine, urban revitalization coordinator for the state development department.
Aaron Sorrell, Dayton planning director, said obtaining the historic preservation tax credit is significant because it sets the project apart from previous failed efforts to redevelop the city’s first skyscraper, which was built in 1924.
Fortin said the property owner is making installment payments on $25,858 in property taxes that are in arrears and hopes a revaluation of the property will lower the bill.
Contact this reporter at (937) 225-7455 or lhulsey@DaytonDailyNews.com.
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