Historic Tax Credits Drive Downtown Revitalization

Historic Tax Credits Drive Downtown Revitalization

1 year ago 0 0 416

The town of Sandusky, Ohio is experiencing a bit of a resurgence these days, thanks in part to Historic Tax Credits (HTCs) incentivizing developers to re-think their approach to space, as described in: Booming downtown Sandusky gets a boost. While this isn’t necessarily a “new” approach to redevelopment, it is an incentive that is preserving the culture and architectural nuances of cities across the country, and PREF LLC is uniquely positioned to help organizations strategically leverage HTCs through financing and trading tax credits. Here in Georgia, downtown Savannah has experienced a similar resurgence. Boarded and largely desolate for years, Broughton Street is a great example of how businesses recognized and utilized redevelopment incentives to revitalize the downtown area to a once again make it a bustling center of commerce. BusinessinSavannah.com cites a study by real estate and economic development firm, Place Economics, who reiterates the importance of these programs to

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Using Historic Tax Credits to Increase Profit

1 year ago 0 0 521

In every community across the country, enterprising developers are scooping up historic structures as investment properties. These old mills, factories and turn-of-the-century buildings exude character – and have a lot of potential for modern day uses. Whether it’s a new retail center, residential property, office space, hospitality property or government complex, existing, historic structures are popular options for development projects. Historic restoration projects repurpose aging and unusable buildings and structures for today’s uses, often creating new urban centers out of dilapidated and unsafe eyesores. They capitalize on a community’s nostalgia for the original structure, which typically boasts inimitable personality features and context within the neighborhood. These intangible assets increase community buy-in for a historic renovation project, which promises to preserve the integrity of a structure while making it usably modern or functional for the current population. An excellent example of this is Ponce City Market (PCM). Originally the Sears Building

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