2010 Novogradac Journal of Tax Credits Development of Distinction: Historic Rehabilitation
King Edward and Standard Life Project
Location: Jackson, Miss.
Developer HRI Properties rehabilitated three historic buildings in downtown Jackson, Mississippi, including a 186 key Hilton Garden Inn, 140 residential units in two buildings, a 158 space parking garage, and 75 surface parking spaces. The result is the beautifully restored Kind Edward Hotel and the Standard Life Building.
Development Team: Historic Restoration, Inc. (HRI) of New Orleans, City of Jackson, Jackson Redevelopment Authority, Mississippi Development Authority, Hinds County, Clayco of St. Louis, Mo., Forum Studio Architecture, White Construction of Ridgeland, Miss., and HCI Architecture.
Historic Sears Building
Location: Butte, Mont.
The Historic Sears Building in Butte, Montana involved the redevelopment of the historic building in downtown Butte, Montana, converting it from a vacant five-story building to 80,000 square feet of mixed residential and commercial space, which will contain a neighborhood market, a non-profit science museum, and 34 market rate rental loft apartments on the second through fifth levels. The project was awarded various state grants and loans from local agencies including the Butte Urban Revitalization Area and the Butte Local Development Corporation. Federal tax credit programs came into play with the U.S. Park Service’s National Historic Preservation program and with $8.3 million of the Montana Community Development Corporation’s new markets tax credit allocation.
Development Team: Kujawa Development, Markovich Construction, Montana Community Development Corporation, Glacier Bank.