Historic Buildings To Receive State Tax Credits

(Cleveland) - The new owners of two iconic Cleveland buildings will receive state tax credits to go toward their renovations.

Willoughby-based K&D Group, owners of 55 Public Square, will receive a $5 million historic preservation tax credit. 55 Public Square, originally known as The Illuminating Building when it was the headquarters of Cleveland Electric Illuminating Company, is being converted into mixes use space of housing units, along with offices.

The owners of the Agora Theatre Complex at 5000 Euclid Avenue are taking that office building, converting some of the offices into living space, while retaining office space. Sabor Group of Hungary, and Renwe Partners of Chardon, will receive a tax credit of $250,000. The Agora Theatre Complex is the office building connected to the historic music venue, which has a different owner. The Agora Theare Complex was once home to WHK Radio, and a recording studio.

Owners of a historic building in downtown Akron have also received a state tax credit. An Alabama-based developer will receive a $3.1 million tax credit from the state to turn the former Akron Beacon Journal building into apartments.

(Photo of 55 Public Square by Ken Robinson, WTAM)

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