THE BENEFITS AND TECHNIQUES TO MAKE IT HAPPEN
“I have $25 million invested in the historic Federal Reserve.
It appraised for $18 million.
The difference between the $25 million and the reasonable $18 million appraisal was state and federal tax credits,” said Michael Mouron, founder of Capstone Real Estate.
“The cost to restore the building would not manifest itself in rents that would justify the investment.
So, tax credits rejuvenated a long-vacant building and created a restoration so appealing that it ran on the cover of a National Park Service report.
The backup bid to my development proposal was a
surface parking lot — the entire building would have been razed.”
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