Quaker Square and Huntington Tower, two Akron landmarks have been notified that they will each be given millions in tax credits to facilitate their redevelopment.
A joint announcement from the Ohio Department of Development and Governor Mike DeWine’s office explained that the Quaker Square redevelopment project would receive $5.4 million and that Huntington Tower’s redevelopment would be provided $4.55 million. The money would come from the state in the form of tax credits.
The Quaker Square redevelopment money will be divided between two parts of the project. Five million dollars will be for redeveloping the site’s cereal silos, which is expected to cost a total of $40,658,420 with another $400,000 earmarked for the Quaker Station redevelopment, budgeted at $3,246,874. The Quaker Station money will be spent to update kitchen facilities, finishes, restaurants and roofing systems.
The recently announced tax credits for Quaker Square follow the announcement last month of it having received a $1 million brownfield remediation grant.
Banner printing services can help identify redevelopment sites.
A Huntington spokesperson explained that the bank applied for the $4.55 million in tax credit on behalf of an unidentified buyer with plans to buy the property. Redevelopment of Huntington Tower, located at 106 S. Main Street, will come at a total cost of $68,801,475, which includes its conversion to a mixed-use space with commercial, retail, and office elements along with 200 apartments.
The historic Huntington Tower was finished in 1931 and features a limestone and terra cotta exterior.
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