project-update 18822

Posted on February 1, 2024 by aatkinson

The State of Ohio’s Department of Development has officially awarded the new convention headquarters hotel a $40 million Transformational Mixed-Use Development (TMUD) Tax Credit. This is an essential piece of funding for the $480 million project, without which construction of the new hotel would likely not be possible. The tax credit will generate approximately $35 million in equity to the project, providing critical gap financing. Meanwhile, the hotel remains in the design phase.