The Akron Beacon Journal building, named one of the state’s most endangered historic sites in 2019, appears to be headed for a second life with the help of $5.35 million in state tax credits.
Tony Troppe, the Akron developer known for creating the arts district and the BLU-Tique Hotel in downtown Akron, was granted the funds from the Ohio Historic Preservation Tax Credit program to help defray the cost of redeveloping the historic property.
The entire cost of the project is estimated at just over $54 million.
The 1930 Art Deco-influenced structure at the corner of East Exchange and South High streets, which housed the newspaper’s operations until the offices moved to the AES building in 2019, was sold to Birmingham, Alabama-based Capstone Real Estate Investments for $1.1 million in August 2020.
The company requested permission from Akron City Council to demolish the building in June, but was denied.
The redevelopment, according to the application filed with the state, will include the construction of 197 new residential units, tenant space for offices, and retail and restaurant spaces.
A new 71,785-square-foot building would also be added to the south side of the original building, with commercial space on the ground floor and three floors of residential space.
Commercial tenant space will be on the ground floor of the original building, with residential space available on the first and second floors and lofts at the mezzanine level. New apartments will also be constructed in the areas of the building added on in 1954 and 1985.
The work on the building and its additions will include:
- Removal of some sections of the 1954 and 1985 additions to the building on the south side.
- Reintroduction of large openings for windows that existed before the addition of a since-removed parking deck on the south side of the original building.
- The addition of new windows to parts of the building’s exterior that are exposed as sections of the 1954 and 1985 additions are removed.
- Restoration of the building’s brick and stonework.
Via text, Troppe said the purchase of the building was “in process, as Capstone may continue to partner” in the project and was no longer looking to tear it down. Attempts to contact Capstone for comment were unsuccessful. Troppe is listed as the “LLC representative” on the tax credit application, but it’s unclear if he is representing himself or the ABJ BUILDING LLC, which is listed as the owner on the Summit County Fiscal Officer’s website.
Clock tower to be preserved
The application for the Ohio tax credit also indicates a credit from the Federal Historic Preservation Tax Incentives Program of more than $6.36 million is “committed” to the project and that “100% of financing” for the total project is in place.
Most of the exterior of the building will be preserved, along with the iconic tower on the northwest corner of the building, often referred to as the “Beacon Journal clock tower.”
Inside the building, the public entry way with terrazzo flooring, marble walls and a metal balustrade on the main stairway will be restored. Historic finishes throughout the building will also be rehabbed, including wood paneling in some of the old executive office spaces, plaster cornices, a herringbone wood floor and glazed block walls.
Several sections on the application for the tax credit were redacted, including a section containing information about anticipated or secured tenants and another about the economic and community benefits the project would bring to the area.
The property was listed as a local landmark in 2021, which helped it become eligible for the state and federal tax credits. Several previous plans for the building fell through, including as a new home for the Akron Police Department. It was placed on Preservation Ohio’s List of the state’s Most Endangered Historic Sites for 2019.
The limestone and brick building was originally constructed for the Akron Times-Press in 1930 – the Akron Beacon Journal took over in 1938 after it purchased the Times-Press.
Two additional Akron properties receive awards
Two more Akron properties are part of the 46 total projects in Ohio, with 17 in Northeast Ohio, that received more than $67.5 million in tax credits. According to a press release from Gov. Mike DeWine, the awards help private developers rehabilitate historic buildings in downtowns and neighborhoods, with the idea the work will drive further investment and interest in adjacent properties. Developers don’t receive the tax credit until project construction is complete and all of the program requirements are verified.
The projects in this round of awards are expected to leverage about $732 million in private investments.
“This program is so important because these tax credits are often a deciding factor in determining whether or not a historic preservation project is able to move forward,” Lydia Mihalik, director of the Department of Development, said in the release. “We’re proud to be able to help make these projects happen and restore life back into our state’s historical assets.”
The other two projects in Akron are Castle Hall at 57-59 E. Market St. downtown and the Akron Soap Company building at 237-241 Furnace St. Each received $250,000.
The $6.7 million Castle Hall project, which Troppe also has a hand in rehabilitating, includes the Lane-Dodge building adjacent to the east side of the Castle building. The plan includes renovations to the first-floor space formerly occupied by Crave for a restaurant, as well as apartments, a performing arts center and auxiliary spaces in the rest of the building.
A new six-story building will be constructed in a vacant lot next to the Maiden Lane Alley and will house support spaces, elevators, stairs and 25 new apartments.
The main building, Castle Hall, was built in 1877 and features unique and whimsical Eastlake architectural features on its exterior. According to the application for the tax credit, it is “the most significant building of the Eastlake period still in existence in Akron.” The adjacent 1863 Lane-Dodge building to the east is the only building left from that period on Market Street, the application states.
Charles Eastlake, a British architect and writer, is credited with starting the 19th Century architectural and household design reform movement known as “Eastlake,” which is considered part of the Queen Anne style of Victorian architecture.
Akron Soap Company Building
The $1.35 million Akron Soap Company Building project will adapt the timber and red brick building for residential use with 11 units, with work limited to interior spaces.
The building, built in 1893, was rehabilitated in 2013 for office use and shares its site with the Federal Warehouse Company Building. It was purchased in 2022 by Correctional Health Services – the applicant is Jim Lawrence, the president and CEO of Oriana House.
It was constructed by Adam Duncan for The Akron Soap Company, whose products were sold throughout Ohio, Michigan, Indiana, Pennsylvania and New York. The facility produced about 1.1 million pounds of soap per week, according to the application.