Redevelopment projects at Akron landmarks – Huntington Tower and Quaker Square – will each receive millions of dollars in historic tax credits.
Ohio Gov. Mike DeWine’s office and the Ohio Department of Development announced $4.55 million for the redevelopment of Huntington Tower and $5.4 million for the redevelopment of Quaker Square.
Huntington spokesman David Miller said via email the bank applied for the tax credits for the tower on behalf of an unnamed buyer who has not yet purchased the property.
Total project costs for the redevelopment of Huntington Tower, formerly the First National Bank Tower, at 106 S. Main St. are $68,801,475, according to a list of funded projects from state officials. The project will convert the tower into a mixed-use space with 200 apartments, as well as office, commercial and retail components.
Historic features of the tower, which was completed in 1931, include a terra cotta and limestone exterior, according to a project description provided by state officials.
At Quaker Square, redevelopment of a portion containing the former Quaker Oats cereal silos will cost $40,658,420, according to a project description. Property owner Quaker Square Redevelopment Group will receive $5 million for that part of the redevelopment.
Redevelopment of Quaker Station will cost $3,246,874, and Quaker Square Redevelopment Group will receive $400,000 for that project.
Quaker Station redevelopment will include updates to finishes, kitchen facilities, restaurants and roofing systems, according to the project description. The building will still serve as a conference and banquet venue following renovations.
State officials also announced a $1 million brownfield remediation grant for Quaker Square last month.
Patrick Williams covers growth and development for the Akron Beacon Journal. He can be reached by email at pwilliams@usatodayco.com or on X @pwilliamsOH. Sign up for the Beacon Journal’s business and consumer newsletter, “What’s The Deal?”
This article originally appeared on Akron Beacon Journal: Akron Huntington Tower, Quaker Square projects to receive tax credits
Reporting by Patrick Williams, Akron Beacon Journal / Akron Beacon Journal
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By Patrick Williams, Akron Beacon Journal | USA TODAY Network
