Wednesday, September 26, 2007

Inwood Village project seeking preservation tax credits

The developer of the stalled Inwood Village project in Mount Auburn is seeking state tax credits to help fund the rehabilitation a historic district abutting Christ Hospital.

Developer Pauline Van der Haer of Dorian Development has applied for Ohio Historic Preservation Tax Credits for a $20.5 million rehabiliation of the Glencoe-Auburn Hotel and the Glencoe-Auburn Place Row Houses.

The rehabilitation of the buildings, which were built between 1884 and 1891, would produce 68 market-rate homes priced in the $200,000-$300,000 range.

The tax credits, which are distributed by the Ohio Department of Development (ODOD), are equal to 25 percent of the owner's qualifying rehabilitation expenditures.*

ODOD has deemed $16 million of the project cost eligible for the tax credits.

Van der Haer had been loath to seek federal tax credits for the project after the district was placed on the National Register of Historic Places in 2004.

The project was first announced in 2004 with the promise of 31 units in Phase I, and a model was completed in late 2006.

Since then, the project has stalled due to funding. The City has already approved Community Development Block Grant funding for infrastructure improvements in the district, including the small concrete parks in the courtyards.

However, the City wants for the buildings to be completed before that money is released. Dorian feels that the overgrown courtyards would hurt sales.

In related news, parking capacity has not yet been ironed out, but it's likely to include at least one parking structure and numerous small surface lots.

More photos of the district can be seen in my Mount Auburn gallery.


* The credit can be claimed against the building owner's Ohio corporate franchise tax, personal income tax, or dealer-in-intangible tax liability.