PAINESVILLE — Renew Partners LLC, in conjunction with Marous Development and Sikora Law LLC, was awarded with a $5.4 million tax credit for the revitalization of downtown Painesville to the Grand River Corridor.
Gov. Mike Dewine and Lt. Gov. Jon Husted on Thursday awarded Renew and Marous, along with development companies for projects in eight different counties in Ohio, with multi-million-dollar grants for mixed-use development projects across Ohio, thanks to the Transformational Mixed-Use Development Program.
“The grant only awarded money to 12 out of the 36 applicants state-wide,” said Charlie Borsukoff of Renew Partners. “It was very competitive, and we are very fortunate to have been chosen.”
The corridor includes Renew’s Victoria Place on the historic square of downtown Painesville, and consists of the 195,650-square-feet, three-story building.
The building was previously the Painesville Mall built during an urban renewal project but was repurposed into an office space in 1961.
The building will undergo a complete renovation, adding 75 apartment units, updating the existing office space, and the addition of a restaurant, and retail space.
“The Project ... will completely change how residents and visitors alike experience the City of Painesville,” said Michael David, from Sikora Law LLC, the firm that helped with the grant application.
Adelbert “Chip” Marous Jr., from Marous Development, said the combination of Grand River Walk and Victoria Place will transform downtown Painesville and, in many ways, the entire city.
“We are extremely excited for this project and can’t wait to see it become a part of the community,” he said.
The completion of the Project will mean more jobs and revenue for the city.
Renew Partners LLC is a development and management company focused on the development and adaptive reuse of historic buildings throughout Ashtabula, Lake, and Geauga counties. Their portfolio includes marquee historic buildings, industrial buildings, and commercial buildings.
JCI Contractors is a commercial and industrial building firm with experience in historical renovation, office, retail, education, health care, government, hotel, auto dealerships, and multi-family housing construction. They have completed hundreds of projects ranging from small renovations to multi-million-dollar structures.
Marous Development is a real estate development firm with expertise in planning, building and managing the finest office, retail, residential and mixed-use properties.
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