Credit Revitalization

Historic tax credits, when employed correctly, are one of the most powerful tools a programmer can have in your arsenal when scouring the landscape of opportunity. Understanding the requirements of both federal and Virginia state guidelines for historic structure rehabilitation is not only reducing the cost of reconstruction, but a very real way of creating the capital needed to finance feasible.

The development team has created nearly 70 stunning locations in the former Richmond Memorial Hospital credit programs well understood and Ginter Place Condominiums result.

History of Richmond Memorial Hospital is very interesting because it is built almost entirely of funds collected after the Second World War, in honor of the returning veterans and their families. The hospital was completed in the mid-1950s and went on to become the center of the Ginter Park neighborhood for half a century. Local architect, Baskervill and Son (who seems to have been involved in the design of so many of the most enduring structures Richmond) worked with the Cincinnati hospital based design group, Samuel Recipes and Sons, to create a 500 bed hospital that included a powerful memorial chapel, which has helped define the unique look of the building.

Acquires local development groups in the early 2000s, the goal is to quickly become a transformation from 'the ancient hospital' in 'upscale residential' in the fast re-emerging Ginter Park neighborhood. The developers took advantage of the inherent advantages of building ... its height, an incredible number of windows, large hallways, parking structures, powerful entryway, serene setting and the overall 'built-like-a-bomb shelter construction ... This 60 + to create living spaces.

Philosophically, the developers saw the need for 'downsizers' to have a space that, while less than their 4 - and 5-bedroom 3500 square foot house in the suburbs, it is still large enough to enjoy. Most apartments are being developed in the 2000s anywhere 800-1500 square feet and without enough foot print to create a truly dynamic living space that someone used to a larger home can really enjoy.

In addition, other condo projects, especially those in the warehouse part of town, lacking the physical structure (think "loud and crunching ') really create a peaceful living environment for its owners. Ginter, with concrete floors and large foyer, meant quiet enjoyment and the ability to host friends without the fear of noise complaints.

It was a great combination.

Historic Tax Credit Program was created to encourage projects like Ginter place and is one of the best examples of which are well-conceived public / private partnership can do.