MANSFIELD – Two historic buildings in downtown Mansfield will be restored as apartment buildings thanks in part to assistance from the Ohio Development Services Agency.
In an announcement on Tuesday at Downtown Mansfield, Inc., the Agency announced it would be awarding over $28 million in Ohio Historic Preservation Tax Credits to rehabilitate 22 historic buildings in 11 communities. For the first time, Mansfield is included in those tax credits for two buildings owned by businessman Carl and Annamarie Fernyak and preservation consultant Steve McQuillin.
“This is going to be an investment in this community that is going to change and continue to move it forward and revitalize, and be catalytic towards great economic development in the city of Mansfield,” said David Goodman, director of the Ohio Development Services Agency. “Not only does it create jobs, but it saves important pieces of Ohio history.”
The two buildings receiving tax credits are the Hedrick House at 159 N. Walnut Street owned by McQuillin, and 46 Park Avenue West owned by Fernyak. Both buildings were originally built in the 1800s, and have sat vacant for years.
“Because housing and real estate costs are relatively low in Mansfield, it’s cost-prohibitive to fix up an existing building when you can spend less money and get a new building,” Fernyak said. “These tax credits allow you to reduce the expense of fixing up an old building.
“If you have nice buildings in your downtown, it gives people a reason to visit or live there. Otherwise, they’re a bunch of vacant buildings which create a whole new set of problems for a community.”
Fernyak intends to restore the building at 46 Park Avenue West into four upstairs apartments, with space for small businesses on the ground floor. The Hedrick House will also be converted into two residential units, and historic features such as the staircase and woodwork will also be restored.
The need for residential spaces in downtown Mansfield is prevalent. According to Downtown Mansfield Inc., there is currently a waiting list of people looking for apartments downtown.
“A thriving community has a combination of living, shopping and recreation areas in a downtown,” Fernyak said. “If done properly, a downtown is a community of people living, working and playing. Because of the low property costs, Mansfield has a very low supply of nice living spaces downtown.”
The total cost of both projects is more than $1.4 million, $1.1 million for the Park Avenue West property and $364,700 for the Hedrick House. After the completion of the projects, the Fernyaks will be eligible for a $249,900 tax credit and McQuillin a $78,675 tax credit. Both projects are estimated to be complete in approximately one year.
Developers do not receive the tax credit until project construction is complete and all program requirements are verified. Penny Martin, public information officer with the Ohio Development Services Agency, said the application process to receive the tax credit is very competitive.
“Every other time we’ve given tax credits, we’ve been able to fund all the small projects, but this time we weren’t able to,” Martin said. “People are getting the message that you don’t have to have a big project to participate, and Mansfield is a great example of that.”
Other communities receiving the Ohio Historic Preservation Tax Credit include Lorain County, Cuyahoga County, Summit County, Lucas County, Hancock County, Clark County, Greene County, Montgomery County, and Hamilton County.
“It is exciting to see the benefit this program is having in our community,” said Ohio Senate President Larry Obhof. “I have long supported the Historic Preservation Tax Credit, and I am glad to see it is working locally. I look forward to seeing the newly renovated homes.”
Mansfield Mayor Tim Theaker expressed his appreciation to Carl and Annamarie Fernyak for their investment in the quality of life of downtown Mansfield.
“Mansfield has a rich heritage and history, and it’s great when individuals like the Fernyaks want to preserve that history and heritage,” Theaker said. “It also helps to restore the character back to the downtown area and bring life to downtown, where the city needs to grow and prosper.”
