Adaptive Reuse – Eddie Vanston, devolper – 209 S. Main Street

We met with Eddie Vanston at 209 S. Main St.  Eddie restored the Sawyer Grocery store into 14 loft apartments with office space on the street level.

Eddie explained how he was able to partner with Chevron in order to utilize the Federal Historic Tax Credit program available through the US Park Service for the restoration for this project. In order to qualify the building had to be at least 50 years old with an architectural or historic significance. The FHTC allows for a 20% tax credit to be taken by the projects investors.

He also explained the us of the New Market Tax Credit for Lenders.   The lender can receive 30% tax credits for the amount of the land.

 

Eddie also explained that he has close to 100% occupancy for his project.  Due in part to the reasonable rental rates in the area as compared to the 7th street development to the west of downtown.

 

Eddie then took us around the corner to view his current project.  The building was build in 1910 and was a fireproof warehouse.

Eddie is converting the downstairs space into a beer garden and the upstairs into lofts. 

One thing that we notice inside the building is how cool it is.  Eddie explains that when the building was built it was before air conditioning was so prominent and due to the fireproof construction and the natural ventilation in the building it stays cool year round.

 

As we tour the upstairs we notice that the original features of the concrete ceilings the floors and exposed brick are sealed and will be prominent features in the lofts.

Eddie also explains that even though the building was built as a fireproof warehouse he is still required to put in safety features such as a sprinkler system.

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