Work Resumes on Schofield Building Conversion; Eight Northeast Ohio Projects Receive Historic Preservation Tax Credits
By Adrian Maties, Associate Editor
After a three-year break, work is restarting on the conversion of the 14-story Schofield Building in downtown Cleveland. The $50 million project will deliver a 122-room hotel, 55 luxury apartments, a ground-floor restaurant and retail space at East Ninth Street and Euclid Avenue by late 2014.
Work started in 2009 but was stopped a year later due to the difficult economy. The Victorian-style brick and terracotta structure did qualify for federal and state tax credits aimed at preservation, but the sorry state of construction lending still proved to be a problem. Although the conversion of the Schofield Building is now moving forward, the developer, CRM Cos., did not release any information about project financing.
The concept of a hotel topped by apartments is new to downtown Cleveland. Apartment tenants will have access to room service, valet parking, a concierge and other amenities. CRM is working on the project together with Kimpton Hotels & Restaurants and the Cleveland Construction Corp. of Mentor. Kimpton will operate and manage the hotel.
Work resumed on the Schofield Building conversion just as the Ohio Development Services Agency announced it awarded $17.9 million worth of state tax credits to eight Northeast Ohio redevelopment projects. In total, the Ohio Development Services Agency awarded $33.9 million worth of credits to 22 projects across the state.
The Northeast Ohio projects included:
- Fairmont Creamery Ice Cream Building in Cleveland;
- Starr Gennett Building in Cleveland;
- St. Luke’s Hospital Final Phase in Cleveland;
- 1220 Huron Road in Cleveland;
- The Adams Bag Company Paper Mill in Chagrin Falls;
- Akron Savings and Loan a.k.a. the Landmark Building in Akron;
- Goodyear Hall in Akron;
- Phoenix Block in Ravenna.
The eight projects have a total construction cost of almost $110 million. They will create more than 1,000 construction and permanent jobs and will deliver more than 300 apartments as well as restaurants, office and retail space. For more information about the projects, click here.
Photo credits: Cleveland Construction Corp.
Tags: 1220 Huron Road, Akron Savings and Loan, Apartments, Cleveland, Cleveland Construction Corp., Cleveland Lead Story, Condo, Co-op, HOA, Conventional - Market Rate, CRM Companies Inc., Developers, Development, economy, Fairmont Creamery Ice Cream Building, Finance/Investment, Financiers, Goodyear Hall, Hospitality, Hotel, Kimpton Hotels & Restaurants, landmark building, Local, luxury, National, Office, Ohio Development Services Agency, Ohio Historic Preservation Tax Credit Program, Phoenix Block, Regional, restaurant, retail, Schofield Building, St. Luke's Hospital Final Phase, Starr Gennett Building, The Adams Bag Company Paper Mill