** Watch prior coverage in the player above of the indoor waterpark planned for the Hall of Fame Village in Canton.
COLUMBUS, Ohio (WJW) — New state tax breaks announced Wednesday are expected to revitalize Cleveland’s University Circle district, renovate a historic building in Lake County and help build an indoor waterpark in Canton.
A state program offering tax credits for mixed-use developments to spur more economic growth in Ohio has awarded a combined $42.4 million for four projects in Northeast Ohio. Those projects, expected to create $1.2 billion in new investment in Cuyahoga, Lake and Stark counties, were among a dozen awarded projects statewide, according to a Wednesday news release from Gov. Mike DeWine and Lt. Gov. Jon Husted.
“These projects will transform not only the sites themselves, but also the look and feel of entire neighborhoods,” DeWine is quoted in the release. “We’re changing the face of these communities and bringing Ohio into the future. I’m looking forward to seeing the tremendous change these projects create in their communities.”
About $74.1 million in tax credits went to projects within 10 miles of Ohio’s six major cities and about $25.9 million went to general projects elsewhere. The funds can be spent on things like land or building acquisition, demolition, site improvement and new construction.
Here’s a look at the local developments:
- Total development cost: $416.7 million
- Total tax credit: $8 million
- Expected job creation: More than 500 jobs
The project is part of a larger 4.5-acre development in the Greater University Circle District to create a walkable urban center. When completed, it will include about 500 residential apartments, retail and restaurant space, a 125-room hotel and a 27,000 square-foot library.
Erieview Tower — Cleveland, Cuyahoga County
- Total development cost: $162.4 million
- Total tax credit: $13.1 million
- Expected job creation: More than 2,000 full-time jobs targeted at low-income communities
The project includes the complete rehabilitation of Erieview Tower and the attached Galleria, both of which are “currently underutilized” according to the release. Both sites will be redeveloped to add more than 200 residential apartments, more than 200 hotel rooms and 300,000 square feet of office space.
- Total development cost: $54.8 million
- Total tax credit: $5.4 million
- Expected job creation: More than 1,200 full-time jobs
This project includes the construction of a new five-story, mixed-use 147,784-square-foot building overlooking the Grand River and the renovation of two buildings including the historic Victoria Place. When completed, it will have about 88,000 square feet of residential apartments, retail and restaurant space, a pool, fitness center and an outdoor patio.
- Total development cost: $536.4 million
- Total tax credit: $15.9 million
- Expected job creation: More than 1,000 jobs
The project includes a 180-room hotel and 120,000 square-foot indoor waterpark near the Pro Football Hall of Fame. It’s part of a larger effort to transform the area, adding youth fields, a fieldhouse, and an assisted living facility focused on memory care and drug addiction for former professional football players and coaches.