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NineTwelve District building awarded Ohio Historic Preservation Tax Credit

The Ohio Department of Development has announced that the East Ohio Building, on the corner of East 9th Street and Superior Avenue, is the recipient of the Round 9 Ohio Historic Preservation Tax Credit.   Previous downtown Cleveland award recipients include the Calfee, Halter & Griswold building, a 115,000-square-foot, seven-story structure on the corner of East Sixth Street and Rockwell Avenue.

“There has been tremendous momentum building in the NineTwelve District over the past 18 months,” said Joe Marinucci, president and CEO of the Downtown Cleveland Alliance.  “We’re pleased that the State is supporting one of the fastest growing employment centers in downtown Cleveland.”

Within the past 18 months, nearly 2,000 jobs have been pledged or moved into the NineTwelve District.  This includes long-term commitments from current tenants along with the attraction of local and global companies.  The district encompasses the area between East 9th Street and East 12th Street stretching from Lakeside Avenue to Euclid Avenue.

In 2010, DCA led a community effort to rebrand and market the district.  Over the past two years, the not-for-profit organization has leveraged the renovation of Perk Plaza to host successful events like Walnut Wednesdays, a weekly gathering of Cleveland’s finest food trucks during the summer months, and Pop Up Party at the Plaza, a happy hour gathering, to bring vibrancy to the neighborhood.  In addition, DCA worked with the City of Cleveland and the Greater Cleveland Regional Transit Authority (RTA) to create the new NineTwelve trolley, which connects office workers to employers in the district.

The K&D Group of Willoughby signed a contact to buy the East Ohio Building earlier this year.  The plan is to convert the 21-story building, using historic preservation tax credits and other financing vehicles, into apartments to meet the high demand for residential options in downtown Cleveland.  Huntington National Bank is involved with the financing of the project.  Downtown Cleveland is currently 97 percent occupied with 11,500 residents.

“Millennials want to live, work and play in urban settings,” continued Marinucci.  “We’re excited to see more housing options available in a mixed-use neighborhood where businesses are locating.”

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