The timing was great for showing off some of downtown’s historic rehab projects to US Senator Bill Cassidy this week. Cassidy was a driving force in the retention of the Federal (Commercial) Historic Tax Credit in the 2017 Tax Act. That credit, and one offered by the State of Louisiana, have been hugely helpful in the rebirth of downtown. Both assist in removing just a small portion of the risk inherent in redoing an old, often long vacant and poorly maintained building. These credits sometimes bridge the gap between ‘go and no go’ on a project.
On Tuesday, we showed off several important tax credit projects to the Senator and his staffers. We stopped at the Lofts at 624 and then traveled to the 700 block of Texas to Kevin Bryan Architects. Bryan did NOT use tax credits on his space; but his is important because it shows the catalytic effect of the credits in those two blocks – 7 buildings utilized the credits but 17 buildings overall have been rehabbed there. What that shows is that the rehabbed properties attract other developers and investors that want to be around them and the rising tide lifts all boats.
At Bryan’s office, the Senator met Jim Malsch, who is just about to launch the Andress Center on Crockett Street, and Andrew Larson of Every Man A King Distillery. Both of these projects have applied for federal and state tax credits. We’re pleased to have been able to show the Senator some of our recent and game-changing projects in our historic downtown.