What's Happening in Westlake, OH…

The Ohio Development Services Agency recently award nearly $35m in preservation tax credits to 13 communities throughout the state.

The money will help local governments renovate historic buildings. The biggest winners this year were Akron (where the money will go to help with the Bowery project) and Fairview Park (which plans to renovate two buildings formerly used by NASA).

The awards, which are usually tied to historic tax credits issued by the federal government, help offset some of the expense associated with rehabilitation projects, which can often be complex and difficult. They can often make it more attractive for investors to finance work on these older buildings.

Fairview Park, which received its first award this year, will use the credits for rehabilitating a former NASA complex on Brookpark Road near the Cleveland Hopkins International Airport and the entrance to NASA's Glenn Research Center. The structures will be repurposed as a mixed-use development with a hotel, shared office spaces, event space, and 100 housing units.

More than 1,000 people once worked at the complex. A room that was once launch control for unmanned craft and various satellites will be transformed into a history center. The main building, shaped like a letter K, will become apartments, because its high-tech sound-blocking system means airport noise is deadened.

Projects like this can benefit if developers create Brochures describing the project's amenities to potential tenants of all kinds.
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