Economic Development

Metropole, Federal Reserve buildings win historic tax credits

Business Courier of Cincinnati
Two downtown Cincinnati buildings, the Metropole on Walnut Street, and the Federal Reserve Building at Fourth and Race streets, have won Ohio Historic Preservation Tax Credits, Gov. Ted Strickland announced Friday.

The Federal Reserve Building won about $2.5 million in credits for a $20.2 million project. The first five floors of the 16-story building will be converted to retail and commercial use, while the upper stories will be converted to residential units, according to a news release.

The Metropole won $5 million in credits toward a $53.7 million project. The 86-year-old building, formerly used for low-income housing, will be converted to a 160-room hotel, branded as a 21c Museum Hotel. The hotel will also have 7,000 square feet of art exhibition and event space, a restaurant and bar, and arts education programming.

The awards are part of $28.3 million in Ohio Historic Preservation Tax Credits announced for 13 projects, according to the release.

Read more: Metropole, Federal Reserve buildings win historic tax credits - Business Courier of Cincinnati