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Historic Tax Credit News Briefs - November 2016

Heritage Consulting Group announced Sept. 30 that Lucror Resources completed a $13 million rehabilitation of the Flatiron Building in Atlanta. The building will maintain its current use as an office building with ground floor retail and restaurant space. Flatiron Building, also known as the English-American Building and the Georgia Savings Bank, was completed in 1897 and is Atlanta’s oldest standing skyscraper. Heritage aided in sourcing federal and state historic tax credits (HTCs) for Lucror Resources’ endeavor. 

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The National Park Service (NPS) announced Aug. 27 that Michael Reynolds, a 30-year NPS veteran, will replace Margaret O’Dell as the deputy director of operations. Reynolds will be in charge of the HTC program, the community-based historic preservation programs from the National Register of Historic Places and national heritage areas. In his new role, Reynolds will manage the bureau’s annual budget of $2.8 billion and more than 22,000 employees who serve in 413 national parks and offices around the country. Reynolds previously served as the associate director for workforce and inclusion, and has also been the regional director in the NPS’s Midwest region. 

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The Maryland Department of Planning issued Sept. 2 in the Maryland Register newly adopted regulations for the Maryland heritage structure rehabilitation tax credit. The program was previously called the sustainable communities tax credit program. The new Maryland Regulations Code conforms to changes made by legislation enacted during the 2016 session of the general assembly and was effective Sept. 12. 

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Preservation50 and American Express announced in mid-September the launch of ARCUS, a community of support for emerging leaders of the historic preservation movement’s next 50 years. ARCUS is a leadership development program offering courses, materials and networking opportunities to individuals who seek to become effective leaders in the cultural heritage and historic preservation movement. More information is available at preservation50.org/arcus.

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On Aug. 30, BGL Real Estate Advisors LLC announced the successful $81 million transaction for Weston Inc.’s conversion of the historic Standard Building in downtown Cleveland. Built for Standard Bank in the 1920s, the 21-story Standard Building is being converted from office space into one- and two-bedroom market-rate luxury apartments, with first-floor retail. Financing included $5 million in state tax credits. Piper Jaffray, the Port of Cleveland and Stonehenge Capital were involved with the capital lease and HTC equity structuring and syndication.

Journal Category:

Historic Tax Credits

Authors:

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