Columbus, Ohio – Ohio is investing more than $110 million in a new round of funding to help transform vacant and underused properties into mixed-use developments that are expected to create jobs, attract businesses, expand housing, and strengthen communities.
Governor Mike DeWine and Ohio Department of Development Director Lydia Mihalik announced the latest awards through the fifth round of the Transformational Mixed-Use Development Program, which will support 13 projects in 10 communities across the state.
According to state officials, the selected developments are expected to generate more than $318 million in new payroll while creating approximately $1.3 billion in total investment throughout Ohio.
The latest awards include support for seven major city projects, continuing the state’s effort to encourage redevelopment in communities of all sizes.
“Ohio’s continued success depends on communities that are vibrant, welcoming, and ready for growth,” said Governor DeWine. “Through the Transformational Mixed-Use Development Program, we’re proud to help our local partners reimagine these properties as places where families can live, friends can gather, and Ohio’s next generation of entrepreneurs can invest their futures.”
Funding will help reshape communities across Ohio
Among the projects receiving support are the redevelopment of the 4th and Walnut Center in Cincinnati, the conversion of vacant office space inside Cleveland’s Atrium I building into housing and other uses, the continued expansion of Bridge Park in Dublin, and development of a new 22-acre lakefront district in Sandusky.
State officials said each project is intended to breathe new life into properties that have become vacant or underused while encouraging future economic activity.
Lydia Mihalik said the program helps communities move large redevelopment plans from concept to reality.
“The Transformational Mixed-Use Development Program gives communities the tools to turn ambitious ideas into reality,” said Mihalik. “These projects will attract new investment, expand housing and business opportunities, and create stronger, more vibrant communities across Ohio.”
The Transformational Mixed-Use Development Program was established with support from the Ohio General Assembly and is designed to encourage redevelopment through state tax credits.
Those tax credits can be used to help finance new construction projects as well as improvements to vacant buildings. Eligible developments must combine multiple uses, including retail, office, residential, recreational, hotel, or hospitality space within a single mixed-use project.
Under program guidelines, major city projects must be located within 10 miles of the corporate limits of Columbus, Cleveland, Cincinnati, Toledo, Akron, or Dayton. Projects located outside those boundaries are classified as general projects.
The latest funding builds on the program’s previous success. During its first four funding rounds, the Ohio Department of Development awarded $400 million to support 49 projects in 31 communities.
Those earlier investments are projected to generate nearly $4.9 billion in new payroll and $8.3 billion in overall investment across the state.
State leaders say the newest round of funding continues Ohio’s long-term strategy of encouraging redevelopment, increasing housing opportunities, attracting businesses, and creating vibrant downtowns and neighborhoods that will support economic growth for years to come.
