Formerly known as the Rose Building, Project Scarlet also includes the smaller, neighboring Sloane Building that is amassing financing for its conversion from office building to mixed-use complex, including residential, hotel and ground-floor retail along East 9th Street in Downtown Cleveland (Diamond Signs & Graphics). CLICK IMAGES TO ENLARGE THEM.
Project Scarlet, Valor Acres win
Although Project Scarlet is in Downtown Cleveland and Valor Acres is in suburban Cleveland, the two developments have something in common. They both won $7 million in Transformational Mixed-Use Development (TMUD) tax credits from the State of Ohio today.
Ohio Gov. Mike DeWine and Ohio Department of Development Director Lydia Mihalik made that and many more announcements of TMUD awards today. There were 13 mixed-use development projects that won awards statewide totaling more than $110 million.
While Cuyahoga County projects won $14 million, Franklin County (Columbus) got $39.6 million, Hamilton County (Cincinnati) received $22.3 million and one project in Sandusky got $20 million. The Sandusky project is the 22-acre Battery Park redevelopment.
All of the projects are summarized here. In total, the projects are expected by state officials to create more than $318 million in new payroll and $1.3 billion in investments across Ohio.
Construction barriers went up around the Project Scarlet site last winter as interior demolition work got underway to prepare the two structures for eventual construction (NEOtrans).
“Ohio’s continued success depends on communities that are vibrant, welcoming, and ready for growth,” said DeWine in a written statement.
“Through the Transformational Mixed-Use Development Program, we’re proud to help our local partners reimagine these properties as places where families can live, friends can gather, and Ohio’s next generation of entrepreneurs can invest their futures.”
In Downtown Cleveland, Project Scarlet will transform two historic buildings, the Rose and Sloan buildings, from vacant properties into a mixed-use hub for Cleveland residents and visitors alike. The Rose Building most recently held the headquarters of Medical Mutual until it moved to suburban Brooklyn.
Located at the prominent intersection of East 9th Street and Prospect Avenue, the $120 million redevelopment will transform two vacant historic buildings into a vibrant mix of residential, hotel, hospitality and commercial space.
Seen from the central green in Valor Acres, the $678 million mixed-use development continues to take shape in Brecksville (Ian McDaniel).
The 10-story Rose Building will turn 378,000 square feet of space into 154 residential units, plus ground-floor retail and restaurant spaces wrapping around the entire building. The Sloan Building will include a 123-room Marriott Tribute hotel and other hospitality spaces.
Valor Acres Phase 2 will expand the growing mixed-use development in Brecksville with new office, housing, hotel, retail, restaurant, and commercial space. The $678 million development is anchored by Sherwin-Williams’ new Morikis Technology Center and now will gain the headquarters of CSA Group.
Located along Interstate 77 at Miller Road at the site of the former VA Hospital before it moved to Cleveland’s University Circle, Valor Acres is designed to attract businesses while creating a walkable destination for residents, employees, and visitors. The project will also strengthen connections to nearby parks, trails, and downtown Brecksville.
“The Transformational Mixed-Use Development Program gives communities the tools to turn ambitious ideas into reality,” said Mihalik. “These projects will attract new investment, expand housing and business opportunities, and create stronger, more vibrant communities across Ohio.”
Skybridges connect to a parking garage at the Valor Acres development in Brecksville. This view will soon transform into a street lined with retail options and apartments (Ian McDaniel).
The TMUD program is administered by the Ohio Department of Development and was created and later renewed by the Ohio General Assembly. The tax credit can be used to help finance new construction and/or improvement of vacant buildings.
Development properties eligible for the tax credit must include a combination of retail, office, residential, recreation, or hotel and hospitality uses in one mixed-use development.
Major city projects must be located within 10 miles of a corporation limit of Columbus, Cleveland, Cincinnati, Toledo, Akron and Dayton. Projects that do not meet this location criteria are considered general projects.
During the first four rounds of TMUD, Ohio awarded $400 million to 49 projects in 31 communities, resulting in nearly $4.9 billion in new payroll and $8.3 billion in investments across the state.
END
