Credit Worthy News

"We have seen historic tax credit development come roaring back over the last six months...."

Posted by MacRostie Historic Advisors on Sunday, February 1, 2015
Find me on:

Soo Line Building

While our historic tax credit consulting practice did pretty well through the recession, we have seen historic tax credit development come roaring back over the last six months. We have at least 50 new projects signed just since October 2011, with virtually all of those pursuing state and federal historic tax credits. Predictably, many of these new jobs are in states with strong state historic credit programs, though a good number of projects are in the Chicago area where no state credit program exists. Notably, we've seen a huge increase in the number of hotel projects moving forward, with market-rate residential and office projects close behind.
Over the next month we will be featuring a sampling of our new jobs on Credit Worthy. As always, we look forward to hearing about and working with you on your next project.


From our Washington, D.C. office:
The 2.1 million square foot Sears warehouse building in Atlanta's Midtown is being converted in a $200 million mixed-use project to restaurants, apartments and office space by Atlanta developer Jamestown Properties. MHA is providing high-level consulting to Jamestown in its historic tax credit application process.

From our Boston office:
Rehabilitation of the 1916 Kenwyn Apartments in Springfield, Massachusetts for continued use as 27 units of affordable rental housing. The $3 million project by HAP Housing, a neighborhood non-profit company, will use federal and state historic tax credits.

From our Chicago office:
Conversion of the 1915 First National Bank – Soo Line Building (pictured above) in downtown Minneapolis, Minnesota for 250 market-rate apartment units. The $61 million project is being undertaken by Village Green Companies using state and federal historic tax credits.