During National Historic Preservation Advocacy Week, six projects were awarded “Preservation’s Best.” Congressional Historic Preservation Caucus Co-Chairs Michael Turner and Rush Holt, along with US Senators and Members of Congress representing the project winners attended to recognize and present the award to their constituents.
Through federal incentives like the historic tax credit, historic preservation drives economic development and community revitalization across the nation by taking historically significant buildings, that are dated and abandoned, and turning them into viable community assets in a 21st Century economy. “Preservation’s Best of 2013” highlight exemplary historic tax credit projects that revitalize our cities and small towns, and breathe new life into our communities.
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Brewhouse Inn and Suites, Milwaukee, WI
Wisconsin-based Gorman & Company, Inc. rehabilitated two historic buildings constructed in 1882 and 1891 that were once part of the 26-building 13,200 sq ft Pabst Blue Ribbon Brewery complex into this 90-unit Brewery Inn & Suites boutique hotel and the 5,000 sq ft Jackson’s Blue Ribbon restaurant and pub.
Founded in 1844, the Pabst Brewery at one time was the largest brewery in America; it produced millions of barrels of Pabst Blue Ribbon beer and other brands of beer before closing in 1996. The buildings sat vacant until 2006, when local real estate investor and philanthropist Joseph Zilber purchased the entire site, and prepared a 170-page sustainability guidebook.
The rehabilitated structure is certified LEED Platinum, featuring elements of the German Renaissance Revival style, and the former brewing floor was transformed into a multi-floor space with a skylight that is dominated by six large copper brewing kettles and a large stained glass window.
Funding sources for the $22.3 million project included equity generated by federal and state historic tax credits, a $15 million mortgage capitalized with monies raised from foreign investors through the federal EB-5 program, a seller note, and a deferred developer fee.
Photos from the Reception