Question 1

How do historic tax credits work for commercial restoration?

Accepted Answer

Federal Historic Tax Credits offer a 20% credit on qualified rehabilitation expenses for income-producing properties on the National Register. Florida offers an additional 25% credit for approved projects. Combined, you can recover 45% of eligible costs. Credits are applied against tax liability over 5 years. FCS coordinates Part 1, 2, and 3 applications with SHPO and NPS to maximize your credit eligibility.

Question 2

What is the SHPO approval process?

Accepted Answer

SHPO (State Historic Preservation Office) reviews projects affecting historic properties. For tax credit projects, you submit Part 1 (property significance) and Part 2 (proposed work) applications. SHPO reviews for compliance with Secretary of Interior Standards. Typical review takes 30-45 days. FCS prepares documentation and coordinates with SHPO reviewers to ensure approval of your proposed restoration scope.

Question 3

How long does commercial historic restoration take?

Accepted Answer

Commercial historic restoration typically takes 12-24 months from design through completion. Key timeline factors: SHPO/NPS approvals (2-4 months), permit review (2-3 months), specialty material procurement (2-6 months), and phased construction. The regulatory review process for tax credits adds time upfront but the financial benefits justify the investment. We develop detailed CPM schedules accounting for all approval milestones.

Question 4

What is adaptive reuse and when does it make sense?

Accepted Answer

Adaptive reuse transforms historic buildings for new purposes while preserving their character—converting a warehouse to lofts, a school to offices, or a theater to retail. It makes sense when: the building has good bones, the location supports the new use, historic tax credits offset higher renovation costs, and community/market demand exists for the finished product. FCS has completed adaptive reuse projects throughout Tampa Bay.

Question 5

What materials must be used in historic restoration?

Accepted Answer

Secretary of Interior Standards require in-kind replacement when possible—same material, appearance, and design. When original materials are unavailable, compatible substitutes may be approved. For tax credit projects, SHPO reviews material choices. FCS maintains relationships with specialty suppliers for historic windows, terra cotta, ornamental plaster, and other period-appropriate materials.

Question 6

How do you handle structural upgrades in historic buildings?

Accepted Answer

Historic buildings often need seismic retrofitting, foundation repair, or structural reinforcement. The key is making upgrades while minimizing impact on character-defining features. Methods include: steel moment frames concealed within walls, carbon fiber reinforcement, micropile foundations, and hidden structural steel. All structural work must be approved as part of the historic tax credit application.

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