Sign Up For Novogradac Industry Alert Emails

Historic Tax Credits News Briefs – February 2018

The L.N. Gross Building in Kent, Ohio, opened Jan. 11 after undergoing a $6 million rehabilitation. The 1928 building will house Richard Fleischman|DS Architecture and On Us Aqua LLC. Approximately $2.1 million in state and federal grants and historic tax credits (HTCs) were provided for the rehabilitation of the 20,000-square-foot building.

***

Greenberg Traurig closed a $36.8 million loan Dec. 22, 2017, for the $60 million restoration of two vacant Miami Beach, Fla., properties. Funding will combine the closed Greystone South Beach Hotel and the Santa Barbara Hotel into a single hotel, The Greystone Hotel Miami. The 1939 Greystone South Beach and the 1947 Santa Barbara Hotel are on the National Register of Historic Places and the development will receive federal HTCs. Once completed, the property will provide 92 rooms, a 135-seat restaurant, a 45-seat outdoor cafe, a rooftop pool and entertainment area, and a 1930s-style basement speakeasy. The Greystone Hotel is expected to reopen later this year.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

Learn more about Novogradac's expertise and many services