Historic Tax Credits News Briefs – April 2018

Friday, April 6, 2018

The former Schmulbach headquarters, built in 1905 in Wheeling, W.Va., will be rehabilitated and redeveloped into 90 market-rate apartments and ground-floor retail. Federal and state historic tax credits (HTCs) were announced for the development late February. The building, also home to the Wheeling-Pittsburgh Steel building in the 1940s, will provide both one- and two-bedroom apartments, and construction costs are expected to be $20 million.

***

A ribbon-cutting ceremony was March 2 for the Cavalier Hotel in Virginia Beach, Va. The renovation of the 1927 building took nearly five years and cost $81 million. Much of the hotel was structurally compromised. Financing included state and federal HTCs. The seven-story, 85-room Cavalier Hotel is expected to generate between $41 million and $52 million in new tax revenue in its first 20 years. There is a new distillery on the lower level, three restaurants, the lobby with original checkerboard terrazzo floor and a new spa. The hotel was officially open to the public March 7. 

Journal Category: 
Historic Tax Credits