Wren Building in Springfield awarded Historic Preservation Tax Credit
The Edward Wren Building in Springfield recently received tax credits to restore the historic building. The tax credits total nearly $4.5 million, and the project will cost nearly $32 million.
The old 5-story building used to be home to the Kaufman department store and Farmers National Bank. It’s sat abandoned for years, but soon new life will be breathed into the historic building.
Soon, it’ll house 89 residential apartments on the top four floors; a lobby and commercial space on the ground floor; and a newly constructed 2-level parking garage.
“I think this project is really important for us because housing is such an important need throughout our communities,” Bobby Bruno, Springfield’s economic development manager, said. “And I think we also understand that infill development, making use of our existing buildings, doing development where utilities already exist, which is obviously downtown, is really important.”
According to Bruno, the Greater Ohio Policy Center did a study for the city back in 2019. The study determined that the city needed single family, multifamily, subsidized luxury housing, and everything in between.
“I think having available real estate for the housing and commercial demands here in Springfield is our biggest challenge downtown. This will open up more of that up,” he said.
This tax credit and redevelopment of the Wren Building comes as Springfield works to redevelop its downtown spaces.
A finish date for the project is currently undetermined.
The tax credit the Wren Building is receiving is part of a $17.5 million from the Ohio Department of Defense to rehabilitate and restore eight historic buildings across the state. These awards are a part of the Ohio Historic Tax Credit Program (OHPTC), and are in addition to $64.1 million awarded in December 2022.
The Commodore Apartments in Dayton were also selected in this most recent batch of awards.