Packard Apartments Get $819,000 in Tax Credits for Historic Renovation
WARREN, Ohio – A long-vacant apartment building constructed in 1898 by James Ward and William Doud Packard has a new lease on life.
The Ohio Development Services Agency on Wednesday announced it has awarded $819,371 in Ohio Historic Preservation Tax Credits to help restore the landmark structure.
Total cost for the project stands at $4,998,163, according to the state agency. Once completed, the developer plans to create 17 market-rate apartments.
The building at 318 N. Park Ave. has been vacant since 2006. In 2010, Historic Packard Apartments LLC of Louisville purchased the building for $55,000. Steven Coon of Fairlawn is listed as a partner in the venture, according to articles of incorporation filed with the Ohio Secretary of State.
A message left for Coon seeking comments regarding his plans for the building was not returned.
It’s the second time the project has been awarded historic tax credits. In December 2018, the state granted the project tax credits of $675,000 on what was then a $4.1 million price tag.
That renovation effort failed to move forward within the prescribed period of time, but the project was successful in its second application during this round, the Development Services Agency said.
On Wednesday, Development Services awarded a total of $35,863,038 in Ohio Historic Preservation tax credits for the rehabilitation of 51 buildings, the agency said. Together, the projects are expected to leverage $368 million in private investments in 13 communities including two communities new to the program, New Lexington and Van Wert, the agency reported.
“Preserving these historic buildings will transform our communities,” said Ohio Development Services Agency Director Lydia Mihalik, in a statement. “The restored buildings are part of the charming neighborhoods that will keep our students here and attract new businesses to our great state.”
Copyright 2021 The Business Journal, Youngstown, Ohio.