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Ohio Awards Gatta Tax Credits for Mansion Project
YOUNGSTOWN, Ohio -- The Ohio Development Services Agency awarded a $93,200 Ohio Historic Preservation Tax Credit to the Gatta Co. for a project to redevelop a property in thes Wick Park neighborhood into apartments. The project was one of five in northeastern Ohio to be awarded the credits today.
The building, at 264 Broadway Ave. was most recently used as a mental health facility but has been vacant since 2007, according to the announcement from the Ohio Development Services Agency. Plans for the project, estimated to cost $477,000, call for transforming the former mansion into five market-rate apartments, placing the 10,000-square-foot home back into productive use.
The Gatta Co., based in Niles, previously rehabilitated the Federal Building in downtown Youngstown for a restaurant and apartments. It is now redeveloping the Gallagher Building downtown as well.
A total $33 million in tax credits was awarded to rehabilitate 31 historic buildings in 10 communities across the state. The projects are expected to leverage more than $250 million in private investment.
“The Ohio Historic Preservation Tax Credit strengthens local communities by restoring a piece of its history,” said David Goodman, director of the agency. “These projects help enrich cities across Ohio, preserving the character and charm of buildings that may have otherwise been demolished.”
Editor's Note: This story has been corrected since its original posting.
Published by The Business Journal, Youngstown, Ohio.
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