Posted November 13, 201410 yr THIS IS SOME AWESOME NEWS FOR DOWNTOWN!!! Both the Madison's Building and the White-Haines Building at 72-84 N. High Street have been purchased by The Day Companies. The below photo shows that workers are already removing the stucco panels from the Madison's Building. Day Companies Purchases Long-Vacant Madison’s Building By Brent Warren, Columbus Underground November 12, 2014 - 4:07 pm The vacant Madison’s Department Store building has long been an eyesore on High Street in the heart of Downtown, but that is expected to change soon. The Day Companies confirmed today that they have purchased the buildings from the Tonti Organization, with plans to renovate the three historic buildings at 72-84 North High. “I can confirm that we have bought the buildings with plans to redevelop them, but at this point we don’t have an exact idea as to what that redevelopment will look like,” explained Ricky Day, Principal at The Day Companies. The three buildings — two six-story buildings with a four-story building in between — together make up approximately 80,000 square feet, and are flanked on the north and south sides by additional buildings owned by the Day Companies. The nearby buildings that the firm has redeveloped include a mix of retail, residential and office space units. MORE: http://www.columbusunderground.com/day-companies-purchases-long-vacant-madisons-building
November 13, 201410 yr That IS huge news. "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
November 14, 201410 yr Early rumors of the Madison renovation call for it to become a hotel with some kind of parking garage behind, but those are very early and may not be true.
November 18, 201410 yr Author Early rumors of the Madison renovation call for it to become a hotel with some kind of parking garage behind, but those are very early and may not be true. Business First has more about this at http://www.bizjournals.com/columbus/news/2014/11/14/developer-buys-madison-s-building-at-gay-and-high.html. I was also wondering about the parking garage portion of this early rumor because I didn't think the Madison's Building had enough room along the back alley for this. However, the Day Companies apparently previously bought up the 90 N. High Street building (former CVB/Experience Columbus location) which is next to the White Haines Building, plus the small mid-block parking lot between 90 N. High and the 8-story 106 N. High Street building that was renovated into condos. So if any structured parking is built, that is likely where it would go. Walker over at CU posted a pdf brochure showing these two purchases in relation to the White-Haines and Madison's Buildings at http://s.lnimg.com/attachments/589EA7F1-6E8E-434D-A21B-794B5B8458F6.pdf
November 18, 201410 yr Author The former Madison's location seems to be getting most of the publicity in the media reports about the Day Companies property purchase. But I believe that the 6-story White-Haines Building is the jewel of the purchase. The White-Haines Building was built in 1913 and has a beautiful white glazed terra cotta facade and huge windows facing High Street. Here are a couple of photos from a flickr photoset of the White-Haines Building at This is a view of the 90 N. High Building, White-Haines Building and Madison's Building from a parking lot across High Street. This parking lot has recently been purchased by the Edwards Companies with the intent to build a mixed use retail/residential building on it - see this post in the Gay Street Development thread: CU's Walker has an updated photo of some of the stucco removed from part of the Madison's Building at http://www.columbusunderground.com/forums/topic/the-old-madison/page/5/#post-1050303. Compare with the photo above:
November 18, 201410 yr When I found out about these buildings being saved I had to get down there and see the progress that has already been made. I can't wait to see them transformed. If the parking lot across the street is developed it will make this section of High feel completely different. Also, I'm surprised those 3rd story windows are still there and apparently still open.
December 16, 201410 yr Author Three Developers Awarded Green Grants for Cleanup Efforts By Walker Evans, Columbus Underground November 25, 2014 - 7:40 am Three local Columbus development organizations were awarded over $200,000 in grants from the city’s Green Columbus Fund at the (Nov. 24) City Council meeting. That includes a grant for $135,990 for the Day Companies to redevelop and restore three commercial buildings Downtown, known as the long-vacant Madison’s department store. The company acquired the properties (earlier in November) from the Tonti Organization. MORE: http://www.columbusunderground.com/three-developers-awarded-green-grants-for-cleanup-efforts
February 9, 201510 yr Author Tax credits key to redevelopment of former Madison’s store Downtown By Mark Ferenchik, The Columbus Dispatch Thursday, February 5, 2015 - 2:25 AM A developer wants to convert a block of empty buildings along N. High Street Downtown into office and residential space with ground-level restaurants. Key to redeveloping the former Madison’s store building and White-Haines Building are state historic tax credits Day Cos. will pursue to help finance the work. Developer Ricky Day talked about his plans yesterday during a Downtown Columbus economic development update hosted by the Capital Crossroads Special Improvement District. Day Cos. bought the three vacant buildings that make up 72-84 N. High St., just north of Gay Street, late last year. Day said that although he has not lined up specific tenants, he envisions a mixed-use development and plans to apply for the tax credits in March. Although he said he has not worked out the renovation costs, he hopes to begin restoration work in 12 to 18 months. “I believe this will be as robust a corner as (there) is in the city,” Day said. MORE: http://www.dispatch.com/content/stories/local/2015/02/05/tax-credits-key-to-downtown-project.html
May 26, 201510 yr Moving along! Good to know things are progressing nicely on this desperately-needed project. :clap: Historic Madison’s and White-Haines Buildings to Undergo Mixed-Use Renovation http://columbusight.com/2015/05/26/historic-madisons-and-white-haines-buildings-to-undergo-mixed-use-renovation/
June 30, 20159 yr Tax credits approved! Three central Ohio projects awarded state historical preservation tax credits Three major redevelopment projects in central Ohio, including two Downtown projects, were awarded Ohio Historic Preservation Tax Credits today. The White-Haines and Madison buildings, 72-84 N. High St. Once derided by a community leader as “Downtown’s Death Valley,” the Day Companies will rehabilitate the buildings into residential and commercial space, including 32 apartments. The total project cost is $14.25 million, with total tax credits of $1.9 million. The other two listed in the article are nearby 56 N. High, which was damaged by fire last year, and the Buxton Inn in Granville. I wish the article covered what applications were rejected. Only two projects in Columbus seems small when there were 19 projects statewide to receive the historic tax credits. For comparison Toledo also received two.
October 13, 20159 yr Author Apartments, retail and offices targeted for neglected High Street buildings By Brian R. Ball, Staff Reporter - Columbus Business First Updated: Oct. 12, 2015, 5:16pm EDT A developer has filed plans to renovate historic properties on North High Street in downtown Columbus with a peek into a bigger plan next door. Rick Day would polish the neglected Madison’s building at 72-78 N. High St. and the White-Haines property at 80-84 N. High St. before tackling a 12-level project to the north. Day Cos. has applied to the city Downtown Commission for a conceptual review of plans to renovate the properties into apartments, offices and street-level retail. The first phase consists of 30 apartments on floors 3, 4 and 5 and 61,000 square feet of combined retail and office space on floors 1, 2 and 6, according to plans submitted to the city ahead of the commission's meeting next Tuesday. The $14.3 million plan, designed by Columbus-based Meyers & Associates Architecture, also calls for demolition of the former Experience Columbus offices at 90 N. High Street. "Demolition of 90 N. High is included in the phase 1 work to allow for a pedestrian thoroughfare connecting High Street and Pearl Street, including tenant storefronts,” according to the application. The renovation phase would set the stage for redevelopment of a parking lot at 98 N. High for 325 parking slots on five levels and 105,000 square feet of commercial space on seven floors above the parking (with speculation that the commercial space would be a hotel). MORE: http://www.bizjournals.com/columbus/news/2015/10/12/apartments-retail-and-offices-targeted-for.html
October 13, 20159 yr Author An earlier CU article about this proposal: Hotel Concept Calls for 12 Stories on High Street Downtown: http://www.columbusunderground.com/the-madison-building-downtown-columbus-bw1
October 13, 20159 yr Author Renderings of this latest version of the Madison's/White Haines renovation project: EXISTING VIEW FROM GAY & HIGH LOOKING NORTHEAST: RENDERED VIEW FROM GAY & HIGH WITH RENOVATED BUILDINGS PLUS 12-STORY HOTEL PROPOSAL: RENDERED HIGH STREET ELEVATION OF RENOVATED MADISON'S & WHITE-HAINES BUILDINGS: RENDERED HIGH STREET ELEVATION OF RENOVATED MADISON'S & WHITE-HAINES BUILDINGS PLUS 12-STORY HOTEL PROPOSAL: PROPOSED GROUND FLOOR PLAN FOR RENOVATED BUILDINGS PLUS 12-STORY HOTEL PROPOSAL:
October 15, 20159 yr This is going to be great for that stretch of High. We can only hope they can come up with something better for the side of High opposite this.
October 15, 20159 yr That two story building with the glass front to the north is kinda lame and this would wipe out the surface lot to the north of it as well.
October 20, 20159 yr That two story building with the glass front to the north is kinda lame and this would wipe out the surface lot to the north of it as well. What 2-story building? The one shown replaced by the hotel? That is going to be demolished no matter what.
April 26, 20169 yr High Street redevelopment set to start around Madison's building A developer is moving forward with plans to revive a stretch of neglected buildings along North High Street in downtown Columbus. Day Cos. earned approval Tuesday from the Columbus Downtown Commission to begin renovating three late-19th and early 20th-century commercial buildings for a mix of uses on the east side of High Street, between Gay and Long streets. More below: http://www.bizjournals.com/columbus/news/2016/04/26/high-street-redevelopment-set-to-start-around.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
November 7, 20168 yr Demolition Begins at 90 North High Street The demolition of the two-story building located at 90 North High Street officially began work today, starting with the carport cover structure in the back facing Pearl Alley. The demolition is a part of the larger Madison renovation project next door by The Day Companies, which will feature new exterior windows and outdoor cafe and retail space in place of the demolished building. More below: http://www.columbusunderground.com/demolition-begins-at-90-north-high-street "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
November 8, 20168 yr Author Glad to see these plans for an outdoor patio space along the side of the White-Haines Building. This should really open up restaurant/retail opportunities along the entire length of the ground floor.
August 10, 20186 yr BUMP - Just curious if anyone knows where this project stands? The structures still have fencing up but it seems all work has ceased. I knew they went through and received a tax credit and gained the downtown commissions approval but it seems to have stalled since then. We waited so long for anything to happen here and now it seems like were back to a prime spot just sitting idol.
August 28, 20186 yr Delayed Madison building project on High Street getting a new look A developer is changing directions on the delayed rehabilitation of the Madison building project on High Street downtown. Developer Day Cos. and Meyers + Associates Architecture returned to the Downtown Commission Tuesday morning with new concepts for the building at 72-74 N. High St. Approved for rehabilitation in 2016, the six-story building has seen some early construction, including removing the cladding on part of the front facade, but work did not proceed. More below: https://www.bizjournals.com/columbus/news/2018/08/28/delayed-madison-building-project-on-high-street.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
August 30, 20186 yr Plan for Renovation of Madison Building Downtown Updated The Day Companies bought the three historic and long-vacant buildings at 72-84 N. High St. in 2014. The local developer was awarded state historic tax credits to renovate the buildings in 2015, and started work on the project soon after. That work included demolishing the small two-story building at 90 N. High St., and dismantling the large facade of the former Madison’s department store building at 72 N. High St. An item on the Downtown Commission agenda this month confirmed that the project is moving forward, despite the lack of visible exterior progress on the buildings and the time that has passed since work first began. More below: https://www.columbusunderground.com/changes-floated-for-renovation-of-madison-building-downtown-bw1 "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
September 24, 20186 yr Author Redevelopment of former Madison building Downtown may be moving forward By Marla Matzer Rose & Megan Henry, The Columbus Dispatch Posted: Sept 21, 2018 - 4:52 PM New plans suggest Madison’s renovation Downtown may be moving forward. The long-running renovation of the Madison’s and White-Haines buildings on High Street Downtown may be taking a step forward. Developer Ricky Day of the Day Companies has requested permission to demolish the four-story building between the former Madison’s store at 72 N. High and the White-Haines building at 80-84 N. High. Day is scheduled to present his plan to the Downtown Commission on Tuesday. Day is proposing to tear down the brick building at 78 N. High, leaving a space between the two six-story buildings. ... Daniel J. Thomas, urban design manager for the Columbus Department of Development, said Day has indicated to the city that he wanted to demolish the center building to open up the other two buildings with more windows and light. The fact that the adjacent buildings were not aligned also has presented problems. Thomas said Day and the city have also discussed adding more ground-floor retail in the resulting walkway the empty space would create between High and Pearl streets, and creating new entrances to the two remaining buildings off that walkway. Day also is scheduled Tuesday to give the commission details of a “more contemporary appearance” for the facade of the former Madison’s building. The commission approved the notion last month but members said they more information and detail. Renderings showed large new aluminum-framed windows on the bottom three floors of the building. MORE: http://www.dispatch.com/news/20180921/redevelopment-of-former-madison-building-downtown-may-be-moving-forward
September 25, 20186 yr I'm really concerned about the revised proposal involving the demolition of the four story building. Downtown Columbus has too many surface lots and gaps in the street wall not to mention how much historic fabric has been lost to lose another old building. They should look into a creative solution to get more light without tearing that one down. There's already a surface lot next to this project, we don't need another within it.
September 25, 20186 yr I'm really concerned about the revised proposal involving the demolition of the four story building. Downtown Columbus has too many surface lots and gaps in the street wall not to mention how much historic fabric has been lost to lose another old building. They should look into a creative solution to get more light without tearing that one down. There's already a surface lot next to this project, we don't need another within it. It wouldn't be there under the original plan, but it seems as though that ship has sailed for some unknown reason.
September 25, 20186 yr I'm really concerned about the revised proposal involving the demolition of the four story building. Downtown Columbus has too many surface lots and gaps in the street wall not to mention how much historic fabric has been lost to lose another old building. They should look into a creative solution to get more light without tearing that one down. There's already a surface lot next to this project, we don't need another within it. If they take out that long skinny 4-story building to create a pedestrian alley, it would be good to see them revise the plans for the north side of their other building (which only has windows facing north on the sixth floor) -- they could eliminate that pedestrian alley and utilize that entire gap (parking lot and already demolished building) for the future hotel project (or a high-rise?!) -- see a quick photoshop elevatio I threw together
September 25, 20186 yr I won't mind them tearing down a skinny 4-story building if we can get a 20+ story building on the last empty lot on this block: https://www.google.com/maps/@39.9642511,-83.0010777,3a,75y,83.77h,92.65t/data=!3m6!1e1!3m4!1sR1FZOACpBYVd-gXshcBO9Q!2e0!7i13312!8i6656?hl=en Also, while we are at it, let's get something built here as well: https://www.google.com/maps/@39.9628204,-83.0008069,3a,75y,266.25h,92.3t/data=!3m6!1e1!3m4!1sOEhUeBmiKX1OTOwVpqIK4w!2e0!7i13312!8i6656?hl=en
September 25, 20186 yr Seems very unlikely they would want to put a building abutting the northside of the six story building, if the goal of knocking down the three story building is to provide more natural light. If they want natural light, what about doing light wells? Kind of like what the Atrium lofts did. I'm really concerned about the revised proposal involving the demolition of the four story building. Downtown Columbus has too many surface lots and gaps in the street wall not to mention how much historic fabric has been lost to lose another old building. They should look into a creative solution to get more light without tearing that one down. There's already a surface lot next to this project, we don't need another within it. If they take out that long skinny 4-story building to create a pedestrian alley, it would be good to see them revise the plans for the north side of their other building (which only has windows facing north on the sixth floor) -- they could eliminate that pedestrian alley and utilize that entire gap (parking lot and already demolished building) for the future hotel project (or a high-rise?!) -- see a quick photoshop elevatio I threw together
September 25, 20186 yr New Plan Calls for Demolition of Four-Story Building Downtown A month after presenting a new plan for the renovation of the Madison Building at 72 N. High St., the team behind the project was back before the Downtown Commission today with a request to demolish the building next to it. The four-story building at 78 N. High St. would be torn down to allow more natural light and improved access to the Madison Building, according to Ricky Day of the Day Companies. “The reality is, we can’t lease the building if the 78 (N. High St.) building’s there,” he said, explaining that there is an office tenant interested in leasing over half of the Madison Building, but “the only way to do that is if we can get someone in and out of the building without eating up all the square footage.” More below: https://www.columbusunderground.com/new-plan-calls-for-demolition-of-four-story-building-bw1 "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
September 25, 20186 yr ^ The natural light argument at least makes some sense. The ingress/egress argument makes no sense whatsoever.
September 25, 20186 yr ^ Honestly very little of this makes sense. Day Companies swooped in with all these promises for these buildings we'd all been begging to be redeveloped... now almost 3 years later they have gone from a complete renovation and new build to only actively working on the Madison's building and demo'ing the smaller structure -_- Overall I'm now just kind of confused and unsure if they're even committed to the project.
September 25, 20186 yr Developer says he has a tentative anchor for Madison building project downtown A developer returned to the Downtown Commission Tuesday morning with new ideas for the redevelopment of the historic Madison building at 72-74 N. High St., including the demolition of a smaller historic building next door. Ricky Day of Day Cos. has been in control of these buildings for several years with aims to develop it, he now says he has a prospective office anchor tenant that could speed things along. Day said a conditional lease is pending for the third, fourth and fifth floors of the 27,932-square-foot Madison building. But to accommodate the new tenant, he wants to raze the shorter 12,925-square-foot building at 78 N. High St. to provide better access, allow for installation of elevators and add natural windows for natural light. In its place they envision a “pocket park." >:( More below: https://www.bizjournals.com/columbus/news/2018/09/25/developer-says-he-has-a-tentative-anchor-for.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
September 25, 20186 yr There are so many creative solutions they could be using to gain more light or align the floor plates. In Amsterdam there was an existing historic structure that was too short to be used for this Chanel boutique. They took apart the old structure and rebuilt it taller to fit todays needs. The diagram below better explains what they did than I can. This building in Toronto uses a perforated metal screen to replicate the old facade of the building that was here and burnt down. Everything behind the screen is glass so the new building gained a lot of natural light. The two above examples show two creative options that could solve their problem at this site, but they're not willing to think outside the box. They could even take the elevator and stairs out of the Madison building and put them where the smaller building is now to gain more floor space. They could keep the facade and install a light well or multiple skylights or frosted glass floor plates. There are literally so many things they could do. Tearing the smaller building down is the laziest and least creative option. What's worse is the Commissioners are willing to entertain it if the alley is good enough. No alley is going to be good enough on a block that already has way too much undeveloped land. If the hotel was going to be developed with something nice I'd maybe be willing to let this slide but there's no momentum on that project as far as I know. They've had control of the land for so many years it seems suspicious that after all this time, and even showing this building in the rendering in last months Downtown Commission hearing that they all of a sudden need to tear it down to make the project work. They're only tearing it down because it's quick and easy. If that tenant falls through or moves out tearing out the structure will be all for nothing and that parcel is too small for something to pencil out there in the future with today's development costs.
September 25, 20186 yr This whole project has turned into a major bust, just sell it so that someone with more passion can redevelop the block.
October 15, 20195 yr $60M redevelopment proposal floated for downtown's Madison building and nearby properties The block of buildings on the northeast corner of High and Gay streets has sat vacant and deteriorating for years. Now a developer has a new plan to revive it. Eclipse Real Estate, a division of Edwards Cos., has submitted an application for Ohio Historic Preservation Tax Credits for the following properties: the White-Haines building at 80-84 N. High St., the Madison building at 72-74 N. High St. and the shorter 78 N. High St. between them. The proposal calls for 48 residential units on the upstairs floors of the three buildings with ground-floor retail space. The $60.7 million renovation would need $4.2 million in tax credits to make the financing work on the buildings, according to the application. The plan doesn't include the building on the corner that contains Cafe Brioso. "The buildings are in an extremely deteriorated condition and it has had a negative impact on the physical environment along a primary downtown corridor," the application states. "Returning these buildings to active (status) will fill in the last block on High Street and enhance the revitalization that has occurred along Gay Street and recently on High Street north and south of Gay Street." More below: https://www.bizjournals.com/columbus/news/2019/10/15/exclusive-60m-redevelopment-proposal-floated-for.html?iana=hpmvp_colum_news_headline
October 15, 20195 yr ^Very good news for these buildings. We need to fill in the surface parking lots, but I also think we need to save as much of the historic fabric of the downtown as possible(what is left of it that is). These older buildings add character that you just cannot get with new builds, and they should be saved if possible as in this way, or at least the facades should be saved if not possible(as they are doing on Park street with the hotel). This is an interesting cluster of small buildings and ground floor retail and residential for these sounds great to me. Edited October 15, 20195 yr by Toddguy
October 15, 20195 yr $60 million seems very high for a renovation, even for 3 buildings, so it's no wonder it's been sitting dormant for so long.
October 15, 20195 yr Time to save the facades and move on. If there is going to be this much struggle to *potentially* renovate, let's start seeing some proposals to incorporate the original appearance with new and modern facilities behind. There are limits to full preservation sometimes and I'm not sure it's worth sitting around waiting on *potential* tax credits. Edited October 16, 20195 yr by DTCL11
October 16, 20195 yr I disagree. Let's keep the buildings and focus on renovation. We need them to offset the ugliness they just threw in across the street. Plus this site has been awarded State and Federal Historic Tax Credits before (that have since expired) so I would hope that increases the Edwards Co. chances of getting them again. Plus per the Biz First article they already have a $51.2 million bank loan and $3.4 million in federal historic preservation tax credits, and would commit another $1.9 million in equity as well, so it seems like they're pretty buttoned up this go around.
October 16, 20195 yr 30 minutes ago, 17thState said: We need them to offset the ugliness they just threw in across the street. And That's why saving the facades is important but frankly, the interior is not as important. Im not going to bank on it being awarded again. It may but without it, the project sits. If the project can be completed without credits and an all new structure behind the original facade, then that sounds like a winner to me. There are many places where a complete demo, save the facade, is the better option in the long run and this is probably the best example of that in the city right now. It could also make it easier to tie into a larger project to infill the adjacent lots.
October 16, 20195 yr 35 minutes ago, 17thState said: I disagree. Let's keep the buildings and focus on renovation. We need them to offset the ugliness they just threw in across the street. Plus this site has been awarded State and Federal Historic Tax Credits before (that have since expired) so I would hope that increases the Edwards Co. chances of getting them again. Plus per the Biz First article they already have a $51.2 million bank loan and $3.4 million in federal historic preservation tax credits, and would commit another $1.9 million in equity as well, so it seems like they're pretty buttoned up this go around. Don’t forget they also restored two historic buildings that bookend that project. The hate for Edwards really isn’t necessary, they’ve given downtown a ton.
October 16, 20195 yr It's not a hate towards Edward's at all. I don't particularly care who the developer is. For me, it's what gets the project done in the most economical way in a reasonable amount of time. There isnt much value to saving what is beyond the facade IMO. And as I mention above, there could be value added to a fresh start behind the original exterior when it comes to the infill of the lots adjacent. It also stems from seeing projects in other cities where only the facade is saved. It's not something we see as much of here. I think it would be different if the interior was something iconic and in tact but from my understanding, much of the interior was butchered over the years as well. I'm not saying Edwards cant do it, but if they have to wait more than one round for tax credits, time to rethink the value of sitting longer vs alternative options. It may not be a popular opinion but it seems practical to me 5 years in. Edited October 16, 20195 yr by DTCL11
October 16, 20195 yr "will fill in the last block on High Street " Hmmmmm.....there are still multiple parking lots on High that can be filled in, Col. Bus. First.
October 16, 20195 yr 48 minutes ago, Zyrokai said: "will fill in the last block on High Street " Hmmmmm.....there are still multiple parking lots on High that can be filled in, Col. Bus. First. To be fair to CBF, they were just quoting the tax credit application. You are correct though. By my count there are 5 surface lots remaining along High Street between 70/71 and 670, as well as the vacant grass lot next to the newest Franklin County Courthouse building. Hopefully by getting these buildings rehabbed and put to use, it will help get the surface lot next door developed. The 12-story hotel idea that was proposed wouldn't be a bad idea.
October 16, 20195 yr 11 hours ago, DTCL11 said: It's not a hate towards Edward's at all. I don't particularly care who the developer is. For me, it's what gets the project done in the most economical way in a reasonable amount of time. There isnt much value to saving what is beyond the facade IMO. And as I mention above, there could be value added to a fresh start behind the original exterior when it comes to the infill of the lots adjacent. It also stems from seeing projects in other cities where only the facade is saved. It's not something we see as much of here. I think it would be different if the interior was something iconic and in tact but from my understanding, much of the interior was butchered over the years as well. I'm not saying Edwards cant do it, but if they have to wait more than one round for tax credits, time to rethink the value of sitting longer vs alternative options. It may not be a popular opinion but it seems practical to me 5 years in. When you factor in the tax credits, reusing the buildings could very likely be more economical than demolishing and rebuilding behind the facade. With the state credit ($4.2 M) and federal credit ($3.4 M), there is substantial equity brought to the project by doing a rehab. If you demolished everything but the facades, you would lose the credits and have a significant cost to reinforce and preserve the facade. Given the height of these buildings, the latter would not be cheap.
October 16, 20195 yr I'm surprised they are planning on getting 48 residential units out of it. That seems like a lot.
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