SIDNEY — The Downtown Design Review Board approved the tax abatement application and issued a certificate of appropriateness for the Ohio Building at a meeting on Feb. 13.
The proposed renovations to the building will preserve the historical significance of the exterior, which is what the board looks for.
As stated at a City-wide Community Reinvestment Area Housing Council meeting — where the council also approved the tax abatement — the total new project investment is estimated at $11 million and the total abatement over 15 years will be $2,234,700.
The building is now owned by Jason Woodard of WLDD 113 Ohio, LLC, and is five stories and 60,000 square feet. The plan is to renovate the building for two ground-floor retail spaces and 50 loft apartments. The renovations are expected to be complete by June 2025.
“This is a new product type for the market and there is considerable cost challenges with the redevelopment of a building of this age that has sat unused for so many years. The abatement will allow us to invest more into the property for long term success,” the tax abatement application read.
