Main Spotlight: Breaking Barriers to Acquiring Commercial Properties
Creating real change in business ownership starts with local communities leading the way, backed by strong partnerships and collaborations.
On tour in Historic Valley Junction in West Des Moines, Iowa during the National Development Council Historic Real Estate Finance training. Thanks to Jim Miller and team for showing us how these deals get done.
The Main Street America Institute (MSAI) recently partnered with the National Development Council (NDC) to offer Historic Real Estate Finance, part one of a two course certificate program, in Des Moines, Iowa last week. With generous support from the 1772 Foundation, 28 participants completed the immersive, week-long training led by NDC’s Corey Leon. Putting this education to use, Main Street managers can participate in development processes, including those utilizing Historic Tax Credits, and elevate their leadership positions in their communities.
The Program
Based on a curriculum developed initially through the National Trust for Historic Preservation, and modified for Main Street, Leon led participants through the development process from the position of lenders, developers, and city officials. Completing all calculations by hand, participants learned to assess a building’s fair market value, determine viable levels of bank lending, apply Historic Tax Credits to a pro forma, and identify sources to close gaps in a project’s budget. After a full day of math, our tables were filled with eraser shreds — but participants walked away with a deep understanding of how to view a project from multiple perspectives and augment the development process to act as a fulcrum between developers, lenders, and public entities.
NDC instructor Corey Leon guided participants through the week’s training.
The program also included a tour of Historic Valley Junction in West Des Moines, Iowa — led by Executive Director Jim Miller. Along the way, participants saw multiple projects that helped to elucidate classroom lessons. At the Lyric Building, participants saw how a movie theater turned costume shop will leverage its 2017 Partners in Preservation grant in combination with multiple other sources for façade and marquee improvements. Further down the street at the Silvers Building, developer Scott Cutler explained how securing ground floor tenants created a viable proforma and spurred the renovation of six second floor apartments. The tour concluded at the Phenix School, where Matt Hague, a nonprofit housing developer, explained how a combination of private, nonprofit, city, state and federal sources turned a former elementary school into mixed income live/work apartments for artists.
Jim Miller, Executive Director, Historic Valley Junction, and developer Scott Cutler explained the process to bring retail and residential tenants to the historic Silvers Building in West Des Moines, Iowa.
What Participants Said
For participants, knowledge of the development process means expanded capacity to bring new tenants and residents downtown. Several participants immediately identified potential projects to which this knowledge would be applied or new ways to evaluate a developers’ proposal for their district. In their own words:
- "The NDC's Historic Real Estate Finance class could not have come at a better time. The week before I attended the class, a development team came in to ask how they can use historic tax credits on a project. They knew that the Wilkinsburg business district was just designated a historic district and wanted to see if the rehab tax credits could help develop their building. This class gave me the tools to determine how development projects can be financed and confidence when I speak with developers. Corey is a great instructor that brought practical information to the course. Through the generosity of the 1772 Foundation, the Wilkinsburg CDC will continue to be a relevant resource in developing our historic business district." ~Josh Rolón, Wilkinsburg CDC Main Street Manager, Wilkinsburg, PA
“I found this to be an excellent training, full of high quality content. It pulled together a lot of different concepts that I’ve been introduced to through my work and helped me relate them to a larger real estate development framework. I also felt like Corey made the material very approachable, so I would definitely recommend it for anyone interested in expanding their knowledge in this area.” ~Lillie Read, Downtown Development Manager, City of Cartersville, GA
“The instructor was great. Coming from a small town of 25,000 in Minnesota, we will be using the information gained on two important mixed-use buildings in our downtown that need the right mix of developer, funds and tenants to make things work. Our city planner and incubator staff, both Main Street steering committee members, are enthused to have this overview and assessment process to assist projects. MainStreet Owatonna will be able to work with the business and developers that come into the chamber more effectively. I highly recommend this class to all Main Street managers." ~Shirley Schultz, MainStreet Director, Owatonna, MN
- “The Historic Real Estate Finance course is an outstanding hands-on training opportunity. Corey takes you through a learning process that is beyond the basic knowledge of historic tax credits to creative, practical applications that will assist in analyzing and packaging potential economic development projects to attract developers and property owners.” ~Debbie Brangenberg, Executive Director, Tupelo Main Street, MS
Participants listen as Matt Hague of Community Housing Initiatives explains the redevelopment of a beloved elementary school into mixed-income artist housing.
In Summary
In the course, participants learned that, in developing a project, sources must equal uses. This is equally true for a week-long, high-level training program gathering participants from across the country. The training would not have been possible without the generous support of our sponsor, the 1772 Foundation, and the commitment of the National Development Council and instructor Corey Leon to offer this content to our Main Street network. Additionally, we are grateful for our colleagues and supporters in Historic Valley Junction and Main Street Iowa.
Part Two of the Historic Real Estate Finance series will be held January 14-18, 2019 in Atlanta, Georgia. Only those who have completed Part One are eligible to participate in Part Two, but we encourage everyone to stay tuned for more opportunities for professional growth through the Main Street America Institute.
The 2019 MSAI course schedule will be released in November. Questions? To be alerted of future offerings of this training, email us at msai@savingplaces.org
.or call 312-610-5619.Related News and Stories
Main Spotlight: Building Partnerships for Main Street Success
Learn how Main Street America's work with the DOT's Thriving Communities Program is supporting transformative efforts with community partners like the Shoalwater Bay Indian Tribe.
Main Spotlight: How to Rehabilitate a Historic Building
Becky Axilbund, Executive Director at Main Street Middletown, MD Inc., shares lessons learned from their renovation of two downtown buildings.
Staff Spotlight: Celebrating Historic Preservation on Main Street
For Preservation Month, Senior Program Officer Lisa Mullins Thompson explores why preservation matters and how Main Streets can celebrate and protect their historic assets.
Nevada, Iowa © Main Street America
Main Spotlight: Stories of Hawaiian Heritage in Vancouver, Washington
At Fort Vancouver in Vancouver, Washington, Native Hawaiians played a critical role in the success of the Hudson Bay Company. Today, Vancouver’s Hawaiian history and heritage plays a crucial role in efforts to reenergize the city’s historic downtown.
Main Street and Preservation Policy: Understanding the Advisory Council on Historic Preservations Report on Federal Historic Preservation Standards
Understanding the Advisory Council on Historic Preservations report on federal historic preservation standards.
Toccoa, GA © Steph Maley
Watch: How Delta Dirt Distillery is Adding Spirit to Main Street Helena, Arkansas
In this video, learn more about the Williams’ family story, how the business is helping to revive downtown Helena, and the impact they’re having on a national level.
Main Spotlight: Building Upon a Civil Rights Legacy in Albany, Georgia
Learn how Albany, Georgia, recognizes their civil rights legacy and supports the African American community today.
Community Spotlight: Flood Recovery in Barre and Montpelier, Vermont
Kathy LaPlante shares her experiences visiting Vermont communities during their recovery from devastating floods.
© Tripp Muldrow
Main Spotlight: Getting Ready for the Unexpected with the Main Street Disaster Preparedness Toolkit
In honor of National Disaster Preparedness Month, we are providing some practical steps that Main Streets can take to prepare for the next, inevitable disaster.
© Adog
Main Spotlight: How Main Streets Can Preserve Historic Neon Signs
Learn the historic and cultural significance of neon signs, and strategies that Main Streets can use to preserve these unique assets.
A Match Made on Main Street: Channeling Greenhouse Gas Reduction Fund Dollars to Small-Scale Deals
Main Street America is leading a coalition urging that the EPA make available the GGRF funds for adaptive reuse and location-efficient projects because of the substantial greenhouse gas emissions reduction offered by such developments.
Main Spotlight: Celebrating and Preserving a Culture of Possibility in Allapattah, Miami
On May 9, the National Trust for Historic Preservation released its list of America’s 11 Most Endangered Historic Places for 2023 which included a cultural district located within a designated Main Street America community.
Miami, FL © NTHP
Main Spotlight: Mill Girls and the Iconic New England Mill
From 19th-century mill girls to Maine's mill redevelopments and the regional manufacturers of tomorrow, learn about the amazing history and promise of the New England mill.
Biddeford, ME © Heart of Biddeford
Main Spotlight: The Black Cowboy-Archeologist of Folsom, New Mexico
Learn the unique history of Folsom, New Mexico, and how they are working with New Mexico MainStreet today.
We Can’t Build Our Way To Net Zero
This article was published on January 10, 2023, by Next City, a nonprofit news organization focused on socially, economically, and environmentally sustainable urban practices.
Program Spotlight: Preservation, Salvage, & Reuse with the Minnesota GreenCorps Program
Learn how Rethos, the Coordinating partner for Minnesota Main Streets, has partnered with Reuse Minnesota and the Minnesota GreenCorps Program to encourage community-led preservation.
© Rethos
Main Spotlight: Four Steps Toward More Resilient Main Streets
Four recommendations that Main Street districts can apply right now to start preparing for the next natural disaster.
Main Spotlight: Is the Historic Tax Credit program a good opportunity for your Main Street?
Learn how Main Streets can partner with the National Trust Community Investment Corporation to take advantage of the Historic Tax Credit.
© Troy Thies
Main Spotlight: Sign Regulation
Ed McMahon shares recommendations and insights on how Main Streets can use sign design to improve sense of place on Main Streets.
Seeing the Glass as Half Full: Exploring the Reuse Opportunity for Houses of Worship on Main Street
Main Street organizations and other public-private partnerships can provide the focal point needed to fulfill the large number of roles required to reuse or redevelop a house of worship in a way that benefits the community.
Main Spotlight: Community Preservation in a Historically African-American Georgia Community
Learn about The Bottom, a historic African-American community in Thomasville, Georgia, and efforts to preserve it's history and share it's story.
Thomasville, GA © City of Thomasville
Community Spotlight: How Three New Mexico Main Street Communities Improved their Downtown Facades
New Mexico MainStreet partnered with Main Street America to utilize a NPS Main Street Facade Improvement Grant.
Gallup, NM © New Mexico MainStreet
Main Spotlight: Behind the Ribbon Cutting — The Merwyn Building
How do those amazing Main Street rehabilitation projects happen? And what policies and public support make them happen? In the Behind the Ribbon Cutting series, we look at a project or businesses from concept to opening day to break down the partnerships and funding brought to bear and recognize how we can advocate for policies and resources for revitalization across the country.
Astoria, OR © ADHDA
Mapping Main Streets: New Directions in Spatial Data
Main Street America's GIS intern shares the results of a project to map the boundaries of all designated Main Street districts.
Community Spotlight: Stories of Disaster Preparedness from the National Association For Latino Community Asset Builders
Main Street America welcomed the National Association For Latino Community Asset Builders (NALCAB) to our Twitter channel to share stories of resiliency in Latino communities.
Community Spotlight: Disaster Preparedness in the Allapattah District of Miami, Florida
Main Street America welcomed to our Instagram Stories the Allapattah Collaborative CDC, a Main Street program in Miami, Florida.
Miami, FL © Allapattah Collaborative CDC
Main Spotlight: Preparedness Month on Main Street
We sat down with Lindsey Wallace, Director of Strategic Projects and Design Services and manager of the the National Park Service Main Street Community Disaster Preparedness and Resilience Program, to learn more about her perspective on disaster preparedness on Main Street.
Pandemic Recovery Efforts in Georgia: Progress on the Georgia Main Street Innovation Grant Program
To support Georgia Main Streets throughout the recovery process and position them for long-term sustainability, Main Street America launched the Georgia Main Street Innovation Grant Program, made possible through generous support from The Williams Family Foundation of Georgia.
Thomasville, GA © Thomasville Main Street
Main Spotlight: Improving Building Codes for Main Street
The Association for Preservation Technology International (APT) Main Street Task Force is working to increase education, compile examples and data, and provide recommended changes at the national level where necessary.
Partners in Preservation 2018: Projects in UM Communities
From community gathering spaces to retail incubators, from small towns to big cities – this year’s projects and communities are a testament to the diversity of Main Streets across the country.
Community Spotlight: Annual Texas First Lady Main Street Tour
Texas First Lady Cecilia Abbott joined Texas Main Street and Texas Historical Commission staff, management and Commissioners to welcome Temple and Pearsall into the 89-city Texas Main Street network.
Grants to Green Maine Channels Yankee Ingenuity to Reduce Energy Costs
As part of the Community Foundation of Greater Atlanta’s Grants to Green program, Maine was designated one of two national replication sites.
Determined Advocacy Preserves the Historic Tax Credit
After more than five years of consistent advocacy, the 20 percent historic tax credit (HTC) has survived the most significant rewrite of the tax code in more than 30 years.
Network Spotlight: Main Streets Raise Money to Help Hurricane-Affected Communities in Texas
In the wake of Hurricane Harvey, Main Street merchants in two communities in Michigan and Kentucky, as well as a fellow Texas Main Street community, jumped in to help their Texas colleagues.
Why Main Street Doesn’t See More Historic Tax Credit Financing and What Can Be Done About It
In the midst of this human and cultural disaster, the Main Street program, managed by the Ellicott City Partnership, collaborated with Preservation Maryland to provide a variety of disaster relief financing that helped expedite the recovery.
Partnering for Good Design
In 2016, the North Carolina Main Street & Rural Planning Center partnered with the University of North Carolina at Greensboro’s Department of Interior Architecture (UNCG) to provide design assistance to Main Street communities.
Farmers Market Impact
In 2015, the Wisconsin Economic Development Corporation (WEDC) partnered with the University of Wisconsin–Madison to engage Wisconsin Main Street organizations and farmers markets in the Metrics and Indicators for Impact – Farmers Markets (MIFI-FM) toolkit.
National Parks and Main Street
With 413 National Park areas¹ and over 1,000 Main Street America programs, it’s no surprise that many of the communities following the Four Point Approach serve as gateways to our national parks.
Vermont’s Downtowns Build Back Stronger after Floods
Eight historic downtowns in Vermont turned massive flooding into opportunities to build back stronger than before the flood.
Storytelling & Community in Jonesborough, Tennessee
As living pieces of American history, our Main Street communities each have a story to tell. It’s up to us to bring those stories to life.
The Path To The Future
The economic value of historic preservation on Main Street.
Historic Tax Credits: A Good Return for the Money
We measure the effectiveness of our last marketing campaign, weigh whether the investment in new street lights outweigh the political capital spent, and debate if the thousands of volunteer hours are worth the impacts created by a one-day event.
Improving Performance in Main Street Iowa Communities
Main Street Iowa, a program of the Iowa Economic Development Authority’s Iowa Downtown Resource Center, created a one-of-a-kind three-year program to provide help for performance venues located in Main Street districts.
