Cincinnati’s historic Alms & Doepke building just landed a major shot in the arm, with a state historic tax credit that developers say finally makes a long-planned residential conversion pencil out.
The 1878 landmark at 222 E. Central Parkway in Over-the-Rhine is now slated for a roughly $64 million overhaul into about 150 apartments, plus ground-floor retail and resident amenities. The project is expected to offer a mix of workforce and market-rate homes, with an early 2028 opening targeted as the development team locks in construction financing.
State credit unlocks the capital stack
The state award, reported at roughly $5 million, is being treated as a keystone in the project’s capital stack, according to Cincinnati Business Courier. That backing helps close the funding gap on the $64 million rehabilitation, protects the building’s historic fabric, and makes upper-floor apartments financially viable instead of just a nice idea on paper.
What developers plan
Hamilton County sold the property last year for about $12.1 million to a partnership led by Stough Development Corp. and Chavez Properties, and the current plan calls for 150 apartments, with roughly two-thirds designated as workforce housing, plus two ground-floor storefronts and resident amenities, as reported by WCPO. Commission President Denise Driehaus called the deal “exactly the kind of reinvestment we hoped to spark,” highlighting the county’s strategy to consolidate services and open the building up for private reuse.
How the money will stack up
The project team lists New Republic Architecture as the architect and historic tax credit consultant and HGC Construction as the builder, according to firm updates and project filings. Developers plan to layer the new Ohio credit with federal historic tax credits and potential remediation dollars to complete the capital stack, a familiar playbook for large downtown rehabs.
Ohio’s historic tax credit program typically offers a credit equal to 25% of qualified rehabilitation expenditures, capped at $5 million. That ceiling makes a full $5 million award a particularly big deal for a $64 million conversion, as highlighted in local coverage of the downtown tax credit lifeline.
Why it matters for Over-the-Rhine
Historic tax credits have repeatedly been the hinge that lets developers turn long-vacant upper floors and old storefronts into new housing while preserving the architecture that gives Over-the-Rhine its identity. The Alms & Doepke award puts one of the neighborhood’s largest landmarks firmly back on the redevelopment map.
With the state credit now in hand, the development team can move from planning toward construction and potentially bring new residents and fresh street-level activity to Central Parkway, provided the rest of the financing falls into place as expected, according to Cincinnati Business Courier.
