Rehabilitation Yields Big Returns and Quality Results
October 20, 2009
Rehabilitation of existing buildings makes more sense today than ever. In challenging economic times, abandoned and outdated hospitals, schools and other existing buildings located in communities throughout the Commonwealth of Virginia have the potential to be rehabilitated for today's needs through the use of historic investment tax credits. It's cost effective. It revives communities, and it's a green solution.
Public entities can also take advantage of these cost saving measures through syndicated historic investment tax credits, which would still offer a generous return on investment. Commonwealth Architects has a long history of successful historic investment tax credit and New Market Tax Credit projects for developers, private owners, institutional and government clients that have saved them millions of dollars.
In a recent New York Times article, former Governor George Allen and former Virginia Democratic Party Chairman Paul Goldman touted the advantages of historic investment tax credits for the rehabilitation of crumbling schools. (http://tinyurl.com/ygnjk72) In Virginia this approach has already been used effectively and has the potential to realize even greater rewards.
Perhaps the most compelling case for rehabilitation is to breathe life into neglected buildings to serve current needs of communities. Rehabilitated buildings often become a catalyst for further development. A boarded-up, abandoned building can become the cornerstone of community revitalization. It also makes sense to cash in on lower construction and material costs in today's sluggish economy. Studies show that rehabbing older buildings uses significantly less energy and depletes fewer natural resources. The greenest building is the one already standing. Rehabilitation reduces the waste sent to landfills. It reuses needed architectural materials and offers an opportunity to upgrade existing building systems to more energy-efficient systems.
Commonwealth Architects is an established leader in the field of historic architecture. This discipline focuses on the sensitive rehabilitation and preservation of historic structures, interiors and landscapes by harnessing the power of historic tax credit incentives. Recognized for our award-winning adaptive reuse of large-scale historic structures, Commonwealth Architects concentrates on rehabilitation of yesterday's buildings into a useful product for a contemporary world.
Take a look at our portfolio to see how Commonwealth Architects' rehabilitation work has transformed an old warehouse into an urban movie house, an abandoned school into a vibrant mixed-use complex and a neglected department store into a centerpiece of downtown development.
We are passionate about this work. We would love to talk with you about your specific needs and how we can work together to plan a project for your community.
