Ohio Historic Tax Credits Include First Project In Medina
A block or so from Medina’s public square, an old feed mill sits next to a set of railroad tracks.
Concrete inside and out, the Medina Farmers Exchange is a fireproof building built in the early 1900s.
“A very strong structure as far as the bones of the building,” said Charles Marshall, CEO of Beacon Marshall Companies.
But a couple of years ago, it was condemned.
Now it will get new life thanks to Ohio Historic Preservation Tax Credits, announced Wednesday.
Beacon Marshall Companies, owner of the property, will receive $545,000 in historic tax credits. The company’s plan is to turn the feed mill into a mixed-use building with apartments, a restaurant, and a butcher shop.
“We’re taking an old industrial building that was the hub of downtown Medina for many, many years, and rather than tear it down, we’re renovating it back to the 1960 era,” said Marshall.
The Medina Farmers Exchange building is the first in Medina to receive historic tax funding.
In total, 26 projects will receive $36 million in tax credits to rehab old buildings. They include the AT&T Huron Building in downtown Cleveland which received $4.2 million. Cleveland’s Masonic Temple, a concert venue and event space, received $1.4 million.
Developers can claim the credit against certain state taxes once the project is complete.
Marshall says work on the new Medina Farmers Exchange has just started, but he expects the first floor restaurant to be open by fall 2019.
He’s still trying to find a use for two large white silos on the side of the building. He’s heard suggestions to turn them into an elevator or a wine tasting room.
“Everyone’s got some really wild ideas,” said Marshall.
Recalling his introduction at a recent community meeting, Marshall said both city leaders and the community are excited to see the building maintained.
“I say, 'Yeah, I’m the developer that bought a condemned building in downtown, but I’m not tearing it down, I’m restoring it.'”