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Urban & Historic Renovation

Real Estate

Walter Haverfield has a long track record in the field of urban redevelopment and historic renovation, having worked with dozens of developers over the years to help them breathe life back into old, non-productive buildings and districts. Much of Northeast Ohio’s renaissance is the result of successful renovation projects, and we are proud to have played a role in many of these noteworthy projects.

Although a number of firms offer real estate development services to their clients, few offer the combination of resources necessary to provide counsel specifically for urban redevelopment and historic renovation projects. Walter Haverfield’s team of attorneys understands the process of garnering approval to qualify projects for a wide array of tax credits, including federal and state New Markets Tax Credits, federal and state Historic Tax Credits, and federal and state Opportunity Zone Tax Credits/Funds. Our tax attorneys provide added benefit with well-versed tax credit counsel and critical tax advice and opinions on client projects.

Practice Group Leader

Tyler S. Bobes, Partner

Tyler’s practice is national in scope, and he serves as a trusted advisor to publicly traded companies, Real Estate Investment Trust (REITs), private equity funds, lenders, family offices and other private and public developers and owners of commercial real estate.

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Our Proven Urban & Historic Renovation Process

Walter Haverfield counsels both developers and lenders, often bringing them together and negotiating the necessary documents to get deals done. The historic renovation projects we have handled throughout Northeast Ohio typically involve complex ownership and leasing structures. When a qualifying project is contemplated, clients rely on our counsel to prepare the project for occupancy, secure construction, bridge financing, and meet investor financial obligations. Our team of real estate urban and historic renovation attorneys help negotiate the many government incentive programs available at the city, county, and state levels such as tax increment financing (TIF), income-tax sharing, special improvement districts, low-interest loans, and grants — all designed to fill in the capital stack in these challenging projects.

We also help our clients secure permanent loans and have the experience to integrate them into the complex, challenging tax structure that characterizes many major renovation projects.

Recognition

U.S. NEWS – BEST LAWYERS® 2022 “BEST LAW FIRMS” RANKINGS
  • National Tier 2: Land Use & Zoning Law
  • Metropolitan Tier 1: Environmental Law
  • Metropolitan Tier 1: Land Use & Zoning Law
  • Metropolitan Tier 1: Land Use & Zoning Litigation
  • Metropolitan Tier 1: Real Estate Law
  • Metropolitan Tier 1: Real Estate Litigation
  • Metropolitan Tier 2: Banking and Finance Law
  • Metropolitan Tier 2: Construction Law
  • Metropolitan Tier 2: Environmental Litigation
  • Metropolitan Tier 3: Construction Litigation
U.S. NEWS – BEST LAWYERS® 2021 “BEST LAW FIRMS” RANKINGS
  • National Tier 2: Land Use & Zoning Law
  • Metropolitan Tier 1: Environmental Law
  • Metropolitan Tier 1: Land Use & Zoning Law
  • Metropolitan Tier 1: Land Use & Zoning Litigation
  • Metropolitan Tier 1: Real Estate Law
  • Metropolitan Tier 1: Real Estate Litigation
  • Metropolitan Tier 2: Construction Law
  • Metropolitan Tier 2: Environmental Litigation
  • Metropolitan Tier 3: Construction Litigation
  • Metropolitan Tier 3: Banking and Finance Law
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Experience

  • Counseling and assisting clients in urban and historic renovation projects including the use of historic and new markets tax credits
  • Representing a private developer in a $45 million historic rehabilitation project involving the mixed-use redevelopment of a 122-room hotel and 55 luxury residential units, utilizing federal and state historic tax credits and assisting with all aspects of satisfying the requirements of the federal and state historic tax credit investors
  • Representing a private developer in a $9 million historic rehabilitation project involving the mixed-use redevelopment of 26 residential units and street-level retail space, utilizing federal and state historic tax credits, and assisting with all aspects of satisfying the requirements of the federal and state historic tax credit investors
  • Representing a local developer in connection with the historic preservation of an industrial building on the West Bank of the Flats in Cleveland, which was supported by state and federal Historic Tax Credits
  • Representing a developer in connection with the acquisition, redevelopment, and financing of a multi-building complex in Cleveland in a retail, office, multi-family, and hotel project involving New Markets Tax Credits, federal and state Historic Tax Credits, county and state grants and loans, and taxable capital lease revenue bonds, tax increment financing, and direct construction and mezzanine financing
  • Representing a developer in a $12 million historic rehab project involving the conversion of a 100,000 square-foot warehouse into 45 apartments, utilizing federal and state Historic Tax Credits, and real estate tax abatement including securing tax credits, negotiating with tax credit investors, and satisfying the requirements of the real estate tax abatement program
  • Representing a developer in a $35 million project involving the conversion of a 175,000 square-foot former industrial building into apartments and retail, utilizing federal and state Historic Tax Credits, New Markets Tax Credits, and Tax Increment Financing
  • Representing developers in the utilization of Ohio and federal Historic Tax Credits, including the unwind or tax credit organizational structures upon completion of applicable recapture and/or compliance periods
  • Representing a developer in a $175 million urban redevelopment project converting a former bank headquarters complex into an upscale apartment, hotel, food supermarket, government headquarters building and office space, which included an acquisition, Port Authority bond issuance and financing, multiple financing tranches, equity creation via Historic and New Markets Tax Credits, and air rights splits to facilitate separate financing components and leasing
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