Three projects to build more than 140 housing units in or near Akron’s downtown were awarded more than $12 million in Ohio tax credits Wednesday.

All three projects will transform former office and industrial space into housing: the Akron Soap Co. and Federal Warehouse buildings and two former B.F. Goodrich buildings that are part of the Canal Place complex at the south end of downtown.

The Akron Soap Co., built in 1893 at 237-243 Furnace St., was rehabbed in 2016 for office use. With less need for office space, it will now be turned into 11 residential units. Next to it, the Federal Warehouse will be turned into a first-floor performance space and more apartments above. The project will cost $14 million, with $3.1 million in tax credits.

That project first received $250,000 in tax credits in 2023.

Goodrich Building 10 was transformed into commercial offices after it was no longer used for pattern storage, carpentry and as a machine shop for The B.F. Goodrich Co. But the 1915 building at 530 S. Main St. in Akron experienced high vacancy rates.
Goodrich Building 10 was transformed into commercial offices after it was no longer used for pattern storage, carpentry and as a machine shop for The B.F. Goodrich Co. But the 1915 building at 530 S. Main St. in Akron experienced high vacancy rates. The proposed project will cost $18 million and transform the building into 46 market-rate housing units. The project will get $4.4 million in tax credits. (Screenshot via Google Street View)

Goodrich Building 10, similarly, was transformed into commercial offices after it was no longer used for pattern storage, carpentry and as a machine shop for The B.F. Goodrich Co. But the 1915 building at 530 S. Main St. in Akron experienced high vacancy rates. The proposed project will cost $18 million and transform the building into 46 market-rate housing units. The project will get $4.4 million in tax credits.

Goodrich Building 17, adjacent to it, was used to support the rubber manufacturing industry. It’s now vacant, and will be rehabilitated into 82 market-rate housing units with the help of $5 million in tax credits. The total cost of the project is $30.3 million. The Goodrich projects will help address the need for more housing as demand outpaces supply, an announcement about the projects said, while preserving the buildings’ historic brick features.

Ohio awards tax credits to incentive rehabilitation of historic buildings

The awards are granted through the state’s Historic Preservation Tax Credit Program. The $66 million for 39 projects statewide is intended to provide financial incentives to rehabilitate historic structures.

In a statement, Lt. Gov. Jim Tressel said transforming the properties into homes and other uses would “most certainly” lead to additional investment and revitalization in surrounding areas.

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“As Ohio’s cities and neighborhoods continue to grow and modernize, it’s essential that we honor and preserve the legacy that already exists,” Gov. Mike DeWine said in the statement. “These buildings are more than brick and mortar — they reflect the history of our communities and the generations of the past. Thanks to these tax credits, these buildings will contribute to Ohio’s future as well.”

Economics of Akron Reporter (she/her)
Arielle is a Northeast Ohio native with more than 20 years of reporting experience in Cleveland, Atlanta and Detroit. She joined Signal Akron as its founding education reporter, where she covered Akron Public Schools and the University of Akron.
As the economics of Akron reporter, Arielle will cover topics including housing, economic development and job availability. Through her reporting, she aims to help Akron residents understand the economic issues that are affecting their ability to live full lives in the city, and highlight information that can help residents make decisions. Arielle values diverse voices in her reporting and seeks to write about under-covered issues and groups.