This story has been updated with additional information.
CANTON – The historic Renkert Building has regained some of the state tax credits it previously lost for its hotel transformation.
The Ohio Department of Development recently awarded $5 million in tax credits for the estimated $53.3 million renovation of the 10-story building at 306 Market Ave. N. The planned Century Plaza Hotel will have 111 rooms and a ground-floor restaurant adjacent to Centennial Plaza.
In 2021 and 2022, the state awarded the project historic tax credits worth a total of $9.77 million. However, the credits were revoked when the developers failed to close on financing within 18 months.
Steve Coon of Coon Restoration & Sealants in Nimishillen Township and David Crisafi of Ceres Enterprises in Westlake are converting the former office building into a hotel that will operate under the Marriott brand. Coon has renovated several historic buildings throughout Ohio, and Ceres Enterprises operates hotels in Ohio and Indiana.
Coon did not immediately respond to a message seeking comment. He previously told The Canton Repository that high interest rates put the project on hold, but he had a committed lender and was prepared to start construction if credits were awarded again.
“We’re ready to go right away,” he said.
The Renkert Building is one of 33 projects, involving 45 buildings, being awarded more than $75 million in tax credits statewide through the Ohio Historic Preservation Tax Credit Program, state officials announced Dec. 17. The projects are expected to leverage $681 million in private investment, they said.
Many of the buildings are vacant and underutilized, state leaders said, and they will be transformed into residential units, commercial and office space, and manufacturing sites.
In addition to Canton, the projects are in Akron, Bowling Green, Canton, Cincinnati, Cleveland, Columbus, Dayton, Lakewood, Marysville, Mount Sterling, Springfield, Toledo, Trotwood, and Wadsworth.
“Through this program, we are breathing new life into iconic buildings so they can drive economic growth in Ohio, all while honoring the craftsmanship and character that make our state so special,” Gov. Mike DeWine said in a prepared statement. “Once restored, these buildings will create jobs by housing new businesses and will lead to additional investment and revitalization in surrounding areas.”
The state’s historic tax credit program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office.
Reach Kelly at 330-580-8323 or kelly.byer@cantonrep.com.
This article originally appeared on The Repository: State historic tax credits awarded to Renkert project in downtown Canton
Reporting by Kelly Byer, Canton Repository / The Repository
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