GBX Group Secures $5 Million in Ohio Historic Tax Credits for Cleveland Riverfront Redevelopment

CLEVELAND, OH — Ohio Governor Mike DeWine and Ohio Department of Development Director Lydia Mihalik announced June 24 that the Samsel Supply Building at 1235–1285 Old River Road in Cleveland has been awarded $5 million in Ohio Historic Preservation Tax Credits, with the application filed on behalf of Gbx Group. The award is part of $86 million in credits announced to support 37 historic preservation projects across the state.

Project Overview: Adaptive Reuse on Cleveland's Old River Road

The Samsel Supply Building consists of two connected historic structures located within Cleveland's Old River Road Historic District — one dating to approximately 1895 and a second constructed between 1916 and 1917. The buildings are situated along a corridor between downtown Cleveland and the Flats, an area closely tied to the city's industrial riverfront history.

GBX Group's redevelopment plan calls for converting approximately 150,000 square feet of former industrial and commercial space into a mixed-use development. Current plans include approximately 103 residential units, ground-floor commercial and retail space, resident amenities, and on-site parking. Total project investment is estimated at approximately $51.8 million.

The $5 million state tax credit award represents roughly 9.6 percent of the total projected development cost. GBX Group has indicated the award is essential to the project's financial feasibility.

GBX Group's Role and Strategy

GBX Group LLC specializes in acquiring, preserving, and operating historic real estate in urban markets, partnering with investors to fund rehabilitation projects with the goal of generating community revitalization and economic growth. As of January 2026, the firm reports involvement in 216 real estate projects across 24 states.

The firm is continuing to advance design and construction documents for the Samsel Supply Building project.

"We are grateful to Governor DeWine, the Ohio Department of Development, and the State of Ohio for their continued support of historic preservation and riverfront revitalization," said Brian Cappelli, President of Real Estate Investments for GBX Group. "This award is a critical factor in making the Samsel Supply Building redevelopment feasible and will help preserve an important piece of Cleveland's industrial history while bringing new housing, commercial activity, and energy to Old River Road. We see this project as an important part of the broader momentum happening along Cleveland's waterfront."

State Program Context: $86 Million Awarded Statewide

The Samsel Supply Building award is one of 37 projects receiving Ohio Historic Preservation Tax Credits in the latest round announced by the DeWine administration. The statewide total of $86 million is directed toward the rehabilitation and reuse of historic buildings across Ohio.

Riverfront Location and Development Context

The Samsel Supply Building sits within the Old River Road Historic District, along a corridor that connects downtown Cleveland to the Flats. GBX Group has characterized the project as part of broader investment momentum along Cleveland's waterfront. GBX Group explicitly noted that the Ohio Historic Preservation Tax Credit award is a critical factor in the project's feasibility.

GBX Group can be reached at kelseysparacia@gbxgroup.com. Additional information about the statewide awards is available through the Ohio Department of Development.

Sources

• GBX Group — Samsel Supply Building Award Announcement
• Ohio Department of Development — Governor DeWine Announces State Support for 37 Historic Preservation Projects