CANTON – The Ohio Department of Development has awarded a total of $2.25 million in historic preservation tax credits to two Canton redevelopment projects.
The former McKinley Park Apartments at 510 High Ave. SW received a $2 million tax credit, and the former Landmark Tavern at 501 Tuscarawas St. E received a $250,000 tax credit.
Lydia Mihalik, director of the Department of Development, was joined by city and development representatives to announce the local recipients Tuesday morning at the former McKinley Park Apartments. The state’s latest awards give more than $36 million in tax credits to 27 historic buildings in 10 communities across Ohio.
“These historic buildings are in the core of our communities,” Mihalik said.
McKinley Park Apartments
The Stark Metropolitan Housing Authority (SMHA) high-rise will be renovated into affordable senior apartments and renamed City View Apartments.
SMHA Executive Director Herman Hill said construction is expected to start in the spring and finish by the summer of 2023. He noted that the former apartment building opened in 1969 and underwent no major renovations in its roughly 50-year history.
“This is an opportunity for the housing authority and the city,” he said.
Deputy Mayor Fonda Williams praised SMHA for making the renovation happen and providing affordable housing in the city.
“I’m extremely excited because this project coincides with our other efforts in revitalizing our downtown,” he said.
Tenants would be 62 or older and pay 30% of their income toward rent — the rest would be subsidized by government housing vouchers.
“So the same requirements that we have for public housing,” Hill said.
SMHA is renovating the 81-unit building with the Michaels Development Company, which is based in Camden, N.J. Regional Vice President Greg Olson said the complex will be returned to its “former glory” with new amenities, such as a fitness center.
The application for historic tax credits estimated the total cost at $13.3 million, but Olson said the estimate has increased along with the price of construction materials.
“At the end of the day, it’s a $17 million project,” he said. “Prices are going up.”
In addition to the state historic tax credits, Hill said the following funding has been committed:
- $2.4 million in federal historic tax credits
- $7.75 million over 10 years in low-income housing tax credits
- $300,000 awarded by the city of Canton
The former Landmark Tavern, north of the SARTA Cornerstone Transit Center, is owned by local developer Steve Coon.
His $250,000 tax credit will go toward an estimated $1.29 million renovation of the building, which was built in 1818. The Landmark Tavern was the original tenant and operated until 1920, according to Coon’s state application.
The building has been vacant for decades. Coon has proposed restoring it by the end of 2023 so that it can be used as a bar and restaurant.
His application touted the benefit of new employment and tax revenue for Canton and the project’s potential to spur additional investment in the surrounding area.
“The proposed project will create new jobs and an economically viable new use while also preserving the existing building and the character of the site,” it states.