The credit is a federal Historic Preservation Incentive offered through the U.S. Department of the Interior and the National Park Service. The 103,000-square-foot Eastown property is the first of its kind to receive such a title in that district.
Now that the building has secured a place on the historic register, building owners Bazzani Associates are putting in the due diligence to receive the credit when the building is finally complete, said Baird Hawkins, acquisition and development manager for Bazzani Associates.
The amount of credit received on the projects is based on the total investment put into the rehabilitation and is one more tool that helps developers of projects involving historic buildings make projects feasible, sources say.
“A single building designation indicates the significance of this property and its architects,” Guy Bazzani said in a statement.
Built in 1926 and designed by architect George S. Kingsley, the building is listed on the register as the Grand Rapids Storage & Van Company Building, in recognition of its original owners.
In March 2011, Bazzani announced the renovation of the hulking property located at 1415 Lake Drive SE. Prior to Bazanni’s project, the building was vacant for nearly 57 years.
Currently, the building has two tenants, Trillium Haven restaurant and Allegro Coaching, an urban fitness center. Connie’s Cakes, a specialty bakery, is expected to open there in January.
Paperwork for two additional tenants, including a spa business, are also in the finishing process.
“We’re pleased with the activity we’re seeing uptown and in Eastown,”Baird said. “There is little vacancy and if you have place ready for occupancy, it’s occupied.”