Travelers and locals alike flock to historic market buildings around the world. In the United States, among the best known are Union Market in Washington, DC (1931), Pike’s Place in Seattle (1901), Reading Terminal Market in Philadelphia (1893), and the City Market in Charleston (1804). Today, developers take inspiration from the success of these purpose-built marketplaces to create unique food experiences in the form of trendy food halls, often reusing historic buildings with an open interior volume as their canvas.
MHA client, BCN Holdings, Inc., is the recipient of a 2016 South Carolina Honor Award for their rehabilitation of the Rainwater Building in Downtown Florence. Built in 1921, the Rainwater Building now serves as offices for locally based Med-Enroll Corporation and Employ Reward Solutions. This award acknowledges the exemplary historic preservation of the building that included returning the primary storefront on the first floor to the historic 1930s scheme.
This rehabilitation is indicative of the revitalization the city of Florence is currently undergoing. With its location across West Evans Street from the recently renovated Florence Hotel, it contributes to the corridor of progress along this historic downtown streetscape. In addition, it is estimated that Med-Enroll will contribute upwards of 150 employment opportunities in Downtown Florence.
We are proud to have been part of the team on this important Main Street rehabilitation project. Congratulations!
Earlier this month, we teamed up with ULI South Carolina in Greenville to talk historic tax credit deals with some of the area's best real estate minds.
To some people, abandoned mills and other abandoned buildings can be a bit spooky. But to some real estate developers they can mean opportunity, particularly in states with tax incentive programs.
On June 9, South Carolina Governor Nikki Haley signed legislation that improves the state historic tax credit for rehabilitated income-producing properties and abandoned buildings. The most notable change is the new election for a 25 percent tax credit on rehabilitation costs for income-producing preservation projects.