A former drugstore, a repurposed department building and the home of a toy-themed mural are three of the 15 Cincinnati developments receiving historic preservation tax credits.
These projects will receive a total of $13.4 million in historic preservation tax credits from the state this year, Ohio Gov. Mike DeWine announced June 24.
Developers will use the tax credits to rehab aging buildings across the city. Most projects are focused on creating more housing, but a few will make room for restaurants, bars and commercial spaces.
Here are three projects boosted by the historic preservation tax credits.
Alms and Doepke Dry Goods Company
Address: 222 E. Central Parkway.
This building in Over-the-Rhine was constructed between 1878 and 1906 and fills an entire block. According to Enquirer archives, it was the “second largest dry goods store west of New York” and had its own bus loop to bring shoppers to the area. After the department store closed in 1955, it was converted into an office space. The building was home to Hamilton County Job and Family Services until earlier this year, when the department relocated to Bond Hill.
Stough Development Corporation purchased the building in December 2025 for $12.1 million. Developers plan to use the $5 million in tax credits – the most of any Cincinnati project received − to create 149 residential units and a commercial space on the first floor. They also want to add a lobby cafe and rooftop deck.
The total project cost is over $64.2 million.
According to a Hamilton County Board of Commissioners press release, the units are supposed to provide “workforce and market-rate housing.” Developers anticipate the building will open in early 2028.
Alkemeyer Commercial Building
Address: 23 W. Court St.
This project will receive $813,000 in tax credits to create 12 apartments and a bar or restaurant on the first floor.
The Alkemeyer Commercial Building, which was built in 1885, received $545,000 in historic tax credits from the state in December 2025 to add a new elevator and preserve the Queen Anne façade. This round of credits will support refinishing hardwood floors and adding “modern building systems” to the apartments.
The total cost of restoring the four-story building is almost $5 million. The property was last transferred to an affiliate of YOLO Investments LLC in October 2025.
The Alkemeyer Commercial Building used to house a dry goods and millinery business until 1892 but is now vacant. The building used to see foot traffic in the early to mid-1800s, thanks to the nearby Court Street Market (originally called the Canal Market), the largest public market in downtown Cincinnati. The market was demolished in 1915.
Now, the building is home to the 1001 Colors (formerly ArtWorks) “Cincinnati Toy Heritage” mural. It displays popular toys − including a Care Bear, Strawberry Shortcake and Mr. Potato Head − to capture the legacy of Kenner Products, which was based in Cincinnati but closed its office in 2000.
Former Stolz Drugstore building
Address: 4001 Hamilton Ave.
This 19th-century building will receive $400,000 in tax credits to be transformed into four affordable apartments and a commercial space. The building is located at Knowlton’s Corner, the busy intersection at the southern entrance to Northside.
A drugstore previously operated out of this corner building but has long been vacant. It was sold to the Cincinnati Northside Community Urban Redevelopment Corporation for $190,000 in July 2024.
According to the Cincinnati Preservation Association, the building is one of the last wood-frame buildings left in Cincinnati. The city opted for more brick structures due to fires and building codes, so the building provides “a window into Cincinnati’s earliest periods of development,” the preservation group noted.
The redevelopment corporation purchased the building as part of an effort to revitalize Northside. Northsiders Engaged in Sustainable Transformation is leading the redevelopment.
Over the last several years, NEST and other community groups have purchased other vacant buildings on Hamilton Avenue to redevelop, including a former movie theater.
Other developments
You can find a list of the other 12 Cincinnati developments receiving historical preservation tax credits here.
This article originally appeared on Cincinnati Enquirer: Historic downtown Cincinnati buildings to be renovated with state help
Reporting by Mia Hilkowitz, Cincinnati Enquirer / Cincinnati Enquirer
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By Mia Hilkowitz, Cincinnati Enquirer | USA TODAY Network
