You’ve seen them before – a rundown, old building that may seem like nothing more than a relic of the past. For some, it’s hard to see the potential. But for us at Bush Construction, these structures are our sweet spot. Using our full-service approach to development, design and construction; historic redevelopment properties serve as a symbol of potential and new life.
Each historic renovation is a unique endeavor, with its own set of opportunities and obstacles. While the idea of restoring a historic building may initially seem overwhelming, the benefits far outweigh the challenges.
From unlocking valuable tax incentives to breathing new life into beloved landmarks, today we’ll explore four benefits you may not know about redeveloping historic properties.
1. Historic Tax Credit: Revitalizing Communities, Maximizing Savings
Historic renovation isn’t just about preserving the past; it’s also a strategic investment for the future.
One of the most significant incentives driving our projects is the array of historic tax credits (HTC) available. These credits not only stimulate economic growth but also offer substantial cost savings to developers and property owners.
By leveraging federal and state historic tax credits, our clients can recoup a significant portion of their project costs, making historic renovation an economically viable option. These credits serve as a catalyst for urban revitalization, spurring job creation, attracting businesses, and enhancing property values.
At Bush Construction, we guide our clients through the intricacies of the tax credit process, maximizing their benefits while ensuring compliance with historic preservation standards.
2. Preservation of Architectural Heritage: Where Tradition Meets Innovation
Historic redevelopments receiving historic tax credits are subject to strict regulations and requirements to ensure historically significant features are preserved. At the start of a project, our team will work with a historical consultant to identify a building’s “period of significance.” The period of significance is the period during which the building gained architectural, historical, or geographical importance. Features in the building that fall within the period of significance must be left untouched or refurbished to abide by historic tax credit requirements.
At Bush Construction, we take pride in our integrated design-build team whose expertise lies in historical redevelopment (learn more about the benefits of collaborating with a design-build firm here). Our in-house architects have a function-first approach and can design spaces to seamlessly integrate modern functionality while preserving historical significance. Our construction team, and trusted subcontractors, understand the delicate balance and attention to detail required to transform a building while preserving its heritage.
3. Sense of Place and Identity: Community-Centric Revitalization
In the realm of historic renovation, community buy-in is paramount. At Bush Construction, we recognize the profound impact our projects have on the fabric of neighborhoods and cities. We actively engage with local stakeholders – including city leaders, the Chamber of
Commerce, potential investors and others – seeking their input and collaboration throughout the revitalization process.
By fostering a sense of ownership and pride within the community, we ensure that our projects resonate with the collective identity and heritage of the area. Whether through public outreach initiatives, community workshops, or partnerships with local organizations, we strive to create spaces that serve as cultural landmarks and gathering points for generations to come.
4. Environmental Sustainability: Preserving the Planet, One Building at a Time
Sustainable development practices are increasingly important in today’s world. Renovating historic properties aligns with the principles of sustainability by promoting adaptive reuse and minimizing waste. Rather than demolishing existing structures and consuming new resources, renovation projects repurpose materials and infrastructure, reducing the environmental impact of construction. By choosing to renovate historic properties, you embrace a more environmentally conscious approach to development, leaving a lighter footprint on the planet.
If you’re looking for more information on redeveloping a historic building, give us a shout. Our experienced team can walk you through the process one step at a time, ensuring you reap the full benefits of preserving the past to build a better future.
Through our commitment to historic tax credits, architectural heritage, community engagement, and environmental sustainability, we’re shaping a world where history thrives, and heritage endures. Join us on this journey of preservation and progress.
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