LENGTH OF RENOVATION: 1 year
SCOPE OF PROJECT: Renovation of a former prison and armory into affordable housing for artists
COMPARISON
| BEFORE | AFTER | |
| Use | State prison, then armory | Live/work apartments for artists |
| Vibe | High walls and cell blocks | Castle-like open spaces |
| Value | $1 | Too soon to tell |
ACTION ITEMS
CLEVER COST CUTTING
Consider the option of affordable housing. Offset the cost and risk of historic rehab projects by using tax credits. “The Michigan market prohibited market-rate rental,” says Peter Jobson, of Shaker Heights, Ohio-based Excel Realty Investments. “Affordable housing tax credits made this work.”
- Gird yourself for the risk. Historic projects are unpredictable and uncertain—and therefore riskier than new construction. Learn as much as you can up front about environmental issues, and make sure you have a team experienced with retrofits.
- Look to the arts. “Arts- and culture-themed projects, especially in urban locations, [will] be more important as time goes on,” Jobson predicts. Look for partners such as economic development authorities or universities that can give your project an edge over the competition.