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photo by SUBMITTED
An artist’s rendering of the future Ironton Lofts Project located on the corner of Vernon and Third Streets in downtown Ironton.
Lofts project gets boost
City gets state historic preservation tax credit
Published Friday, December 11, 2009
SUBMITTED
A schematic view of what the inside the apartment lofts could look like.
The project to renovate the rear portion of the former Guy’s Floor Covering building into a transit terminal and loft apartments took a step forward Thursday.
Ohio Director of Development Lisa Patt-McDaniel announced the Ironton Lofts project had gotten a state historic preservation tax credit of up to $1.9 million.
The announcement was made during a press conference at the South Second Street building. The Berg building, left vacant when the floor covering store moved to a new location, dates back to the late 1800s and was one of the more prominent buildings in the city’s early days. Local leaders are keen to restore the building to prominence once again.
“There is a huge need in our small town as to how to restore and keep existing facilities,” Ironton-Lawrence County Community Action Organization Assistant Director Ralph Kline said. The CAO is one of the local partners for the project.
Kline said the tax credit is a critical part of financing the project. Because design plans have already been completed, bids for the transit center portion of the building may be advertised in January, with construction following in February. The total cost for the project is $8.1 million and will take approximately a year.
The tax credit applies to the four one-and two-bedroom loft apartments, however, the building will also house two corporate suites on upper floors and the bus terminal on the first floor.
Local officials hope to also eventually convert the adjoining Third Street building, the Brumberg Building, into 10 additional apartments.
Both Kline and Patt-McDaniel pointed out the lofts project ties in with other downtown projects, such as the water park planned for a vacant lot across South Second Street from the lofts building and the open air market, all of them designed to draw people downtown, not only to shop and spend leisure hours, but also to live.
Mayor Rich Blankenship welcomed the tax credit as good news.
“I appreciate the fact the state is willing to work with the city,” Blankenship said. “It’s great to come to this point.”
The Berg building is one of only 12 across the state getting the tax credit.
“Each one has their own unique character and we want to preserve that here,” Patt-McDaniel said.
Kline said market studies are being done now but he guessed the loft apartment rent would fall in the $700 to $800 range.
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Comments
Posted by Country (anonymous) on December 11, 2009 at 10:49 a.m. (Suggest removal)
Two Corporate suites is that like when Ironton bought the city building hoping that people would rent out the extra space?
8.1 million dollars seems to be a lot of money when it could probably be built for far less than that.
Posted by TheAtomBomb (anonymous) on December 11, 2009 at 10:51 a.m. (Suggest removal)
Who in the world is going to pay $700 to $800 rent for an apartment in Ironton?
Posted by mykool79 (anonymous) on December 11, 2009 at 12:36 p.m. (Suggest removal)
for a crappy place to rent its around 500 or so. i would gladly pay that rent for them. hope this actually gets done unlike the waterpark.
Posted by OutofTown (anonymous) on December 11, 2009 at 12:41 p.m. (Suggest removal)
I'm not saying I have the right answers here, but looking at it realistically- Who would like to live above a bus station? Who could afford the $700 rent for a 1 bedroom LOFT? The Water Park is geared towards families and children (excellent, by the way)- but if you are in a 1 bedroom what are the odds you have children and will head that direction? Just seems like there were other options/solutions as to uses for this very generous and much needed tax credit. What an honor to be one of only 12 across the state to receive it... let's not blow it!
Posted by Sayagain (anonymous) on December 11, 2009 at 2:47 p.m. (Suggest removal)
A water park on one side of the street, and a bus terminal on the other; sounds like a recipe for disaster if you ask me. And corporate offices and nice apartments, right near the railroad tracks, WOW! Maybe if we can get the Casino Riverboat parked here, Passenger rail from Columbus, Ironton can truly be the crossroads to nowhere! Keep Dreamin Ironton!
Posted by Country (anonymous) on December 11, 2009 at 2:59 p.m. (Suggest removal)
What are the plans for the building adjacent to it on the 3rd street side?
What about parking? With all planned if everything works out parking would be a problem at times. Shame to be paying all that for rent and not have a place to park
Posted by hdm1903 (anonymous) on December 11, 2009 at 4:15 p.m. (Suggest removal)
I would have Frank Murphy Build these.
Posted by seicer (anonymous) on December 11, 2009 at 7:17 p.m. (Suggest removal)
Congratulations, Ironton! It's good to see the city progress further with its goals to restore its historic building stock, rather than have it demolished.
Posted by OLDad (anonymous) on December 11, 2009 at 8:10 p.m. (Suggest removal)
how about gettin a tax credit to bring in some industry
Posted by wonderingoutloud (anonymous) on December 11, 2009 at 10:11 p.m. (Suggest removal)
What am I missing here?
I may be wrong, but I thought a tax credit is a credit against taxes paid. Who gets the tax credit? The City doesn't pay taxes. Does the CAO get the credit? Where is the money coming from to renovate the property?
Just wondering outloud.
Posted by eclipse (anonymous) on December 11, 2009 at 11:19 p.m. (Suggest removal)
Come on, This isnt new york city. Ironton dont need this! Half of Ironton cant afford something like this.
Posted by Philo_Publius (anonymous) on December 11, 2009 at 11:42 p.m. (Suggest removal)
What isn't dead is dying............You can put a top hat and tails on a turd, but its still a turd.......Using tax dollars for this is a miscarriage of justice..................Sorry Ironton, but you'll always have Friday nights..................philo publiuis
Posted by swimmingupstream (anonymous) on December 12, 2009 at 11:53 a.m. (Suggest removal)
The tax credits are sold to raise money for the project. Say you are a rich doctor or lawyer or corporate CEO with a hugh income. The CAO will sell you for 50 cents on the dollar up to $1.9 million in tax credits. If you are willing to give the CAO $950,000 in cash, for instance, you can deduct $1.9 million from your income. You will also retain an ownership in the project and stand a chance of recovering your investment at a later date. But the deduction can be used immediately or spread over a period of years.
As I think about this it's almost like selling food stamps at half price! Maybe these are food stamps for the rich...
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