FEATURED ARTICLE

An Analytical Approach to Reusing Vacant Office Buildings

In this month’s Historic Tax Credit Tool Box article in the Novogradac Journal of Tax Credits, we highlight a common conundrum in today’s real estate market: What to do with underutilized office buildings. In the wake of the COVID-19 pandemic, which drastically increased the rates of remote work, former office buildings are candidates for new uses. Gensler, a global architecture and design firm that Heritage has worked with on many Historic Tax Credit (HTC) projects, developed an algorithm which scores vacant office buildings to identify the best candidates for new life. Pictured above is the Kimpton Gray Hotel in Chicago, an example of a successful conversion of a former life insurance office building into a hotel using historic tax credits. Click below to download the article:

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PROJECT SPOTLIGHT

A Game Changer for Galveston

The rehabilitation of Sandpiper Cove (historically known as Parkland Apartments) is complete and has received final Part 3 approval for historic tax credits. Built in 1970, this apartment complex was the first affordable housing complex in Galveston built under new FHA regulations enacted to enable public-private partnerships, and the first in Galveston to use the FHA’s rent supplement program. The construction of the complex was in response to an affordable housing shortage in this port city on the Gulf of Mexico. Heritage successfully listed the complex in the National Register of Historic Places, and consulted on the $45M rehabilitation project that upgraded all apartment units, revamped the community building, addressed ADA accessibility, and improved the site for residents.

Additional Projects

HTC NEWS

HTC Advocacy on Capitol Hill

Cindy Hamilton (President) and Nick Kraus (Vice President) joined other members of the Historic Tax Credit Coalition (HTCC) for Lobby Day in Washington, DC. The HTCC is a national nonprofit organization comprised of various stakeholders that recognize the importance of the Historic Tax Credit, including consultants, developers, architects, syndicators, investors, lawyers, and accountants. Members of the Coalition advocate for important improvements that would make the credit a more efficient and effective means of financing the rehabilitation of historic buildings. Heritage is a proud board member of the HTCC and applauds the organization’s efforts on Lobby Day.

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TEAM UPDATE

Celebrating with Regional Preservation Organizations

Members of our Philadelphia staff attended the Preservation Alliance for Greater Philadelphia Preservation Achievement Awards in recognition of our Grand Jury Award for the Parkside Neighborhood Preservation project, which preserved a large portfolio of affordable housing in West Philadelphia. We're proud of the work we do and love celebrating together! Photo above: SSM Photography, courtesy of the Preservation Alliance for Greater Philadelphia.

Jen Davel (Vice President) and Claire Bushemi (Project Manager) from our Midwest office attended a special event by the Real Estate and Building Industries Council of Landmarks Illinois at the Salt Shed, one of Chicago’s largest and most creative adaptive reuse projects. A former Morton Salt Factory, the Salt Shed is now an indoor/outdoor music venue in Chicago’s West Town. Heritage is a proud supporter of Landmarks Illinois and our Midwest team enjoyed meeting up with other real estate, architecture, and development professionals at this iconic Chicago Landmark.

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