$2 Million Tax Credit Won for Lancaster’s Shumaker Project
Urban Restorations received a tax credit of $2 million from the state of Ohio January 29, 2024 through the Ohio Transformational Mixed-Use Development Program (TMUD) for The Shumaker project, located at 219 N. Columbus Street in Lancaster, Ohio.
The TMUD Program provides tax credits to help finance mixed-use projects – either new construction or renovations – that will be a catalyst for future development. Once complete, The Shumaker will offer 60 residential apartments and five short-term rentals for visitors to the community. Approximately 23,000 square feet will be commercial space. In addition, the property will feature three interior courtyards, bringing natural light to the center of the building and outdoor enjoyment to its residents and visitors.
“The fact that ‘transformational’ is in the name of this credit is absolutely fitting,” said Don McDaniel, Mayor, City of Lancaster. “This project is going to be a gateway for this quarter of our downtown to new development, much-needed residential space and more commercial space. We are already getting more interest in revitalizing this section of our downtown, so we are excited to see what the future holds as The Shumaker comes to fruition.”
“As our first project in Lancaster and one of our most aggressive projects in history, we are grateful for the TMUD credit, which will solidify our ability to transform this historic landmark and spur additional development in downtown Lancaster,” said Bob Schilling, President of Urban Restorations.
Urban Restorations has also received funding from the Ohio Department of Development as well as a federal tax credit of 20% of the renovation cost.
The Shumaker is in the former Essex Wire Building and has been unoccupied since 2005. The property is owned by Urban Restorations, a real estate development company that specializes in historic renovation. Built in the early 1900s, the building housed the Fairfield Shoe Company. By 1919, the company employed nearly 2,000 people and was manufacturing 20,000 pairs of shoes a year. This history led Urban Restorations to rename the building The Shumaker, acknowledging the history of the building and economic contributions the shoe industry made to the development of Lancaster. In 1947, the building housed Essex Wire Company, which manufactured electrical switches for automobiles. Then from 1982 through 2005, it was occupied by Fairfield Industries.