Wednesday, December 16, 2015

[UPDATE] Stay Tuned: Hudson Holdings in running for popular historic tax-credit award in Ohio TBA later today (12/16)

[UPDATE: Hudson Holdings won the $25 million 'catalytic' tax credit for mixed-use overhaul of structure in Cleveland, Ohio.]

Hudson Holdings, in case you haven't been paying attention, has plans to restore the Gulf Stream hotel in Lake Worth, Florida. They're presently involved in a re-zoning request to move that project forward.
In breaking news, reporter Michelle Jarboe at The Plain Dealer has this news about another Hudson Holdings project, the 925 Building in downtown Cleveland, Ohio.
     The Ohio Development Services Agency has scheduled a pair of news conferences for Wednesday [today], including an afternoon gathering that indicates that the winner of a big-ticket tax credit could be a downtown Cleveland project. [emphasis added]
     The agency, which oversees the state's popular historic tax-credit program, plans to announce its 15th round of awards at the Drexel Theatre in Bexley, east of Columbus. That event is scheduled for 9 a.m.
     A second event is scheduled for 1:30 p.m. in downtown Cleveland, where two huge buildings - the former May Co. department store and the former Huntington Building at Euclid Avenue and East Ninth Street - are competing for a rare, $25 million credit. That credit, aimed at "catalytic" projects deemed to have broad economic ripple effects, is available only once in each two-year state budget cycle. Without a change in state law, the next such award won't be offered until late 2017.
[and. . .]
     Hudson Holdings, a Florida investment group, bought the 925 Building in June and announced plans for a $280 million redevelopment that would include apartments, offices, a hotel, retailers and event space. The building contains 1.3 million square feet of near-empty offices over an ornate bank lobby and hushed retail arcades.
As soon as I get the update will share the results with you. Check back to the blog later this afternoon.

Best of Luck, Hudson Holdings!