Historic Preservation Tax Credit Part 1: Milestone Reached for Fifteenand9Main
Written by Carol Shear, Managing Partner Fifteenand9Main
To qualify for the federal historic tax credit, every rehabilitation decision must match the original. When the old roof at 15 Main was found unsalvageable, it had to be replaced with the same Danish-style hip roof. Specific paint colors and plaster are required too.
That's what historic preservation actually means in practice — and why passing Part 1 matters.
Fifteenand9Main completed Part 1 of the federal historic tax credit process, confirming the building's historic character and guiding roof, materials, and rehabilitation standards.
Why Part 1 Matters
Fifteenand9Main received notification from the U.S. Department of the Interior that they have passed the first step of the three-step process to qualify 15 Main Street (Dronningens Gade 15) for a federal historic preservation tax credit.
Part 1 (Step 1) documents how the building relates to the district and evaluates its historic character. The applicant must describe the building and its current condition, along with a statement detailing how the building relates to the district.
Now leasing at 15 Dronningens Gade. Two street-level retail bays available — anchored by CMCArts on Main Street.
Standards that Shape the Rehabilitation
To be listed, the developer must replicate the historical aspects of the building. Specific paint colors and plaster for the walls must also be utilized.
Roof Restoration Technical Study
What Comes Next: Part 2 and Part 3
Once Part 1 is approved, applicants can move on to Step 2. Step 2 requires a detailed description of the rehabilitation work and the estimated costs. The rehabilitation work must adhere to historical standards of style, materials, size, and more.
Earlier this year, the developers took part in a series of virtual workshops hosted by the Department of the Interior to prepare for the rigorous process of obtaining listing. They also collaborated with the department's local representative during the rehabilitation. The St. Thomas Historical Trust, a key partner in this effort, has been invaluable throughout the process.
Part 2 Rehabilitation Approval
For leasing inquiries, use the contact form or email info@fifteenand9mainstthomas.com.