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The following is a guest post submitted by Joel Helfrich.
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The spate of recent articles in the D&C regarding local construction projects also means that there will be a great amount of demolition of older buildings and historic properties. Take, for example, the recent decision to demolish the Cataract Brewery buildings in High Falls. The cost to demolish the properties alone—estimated at $800,000 to $1 million—is more than twice the amount for which Genesee Brewery was recently selling the two Cataract Brewery buildings and a large parking lot. That same amount could be used to install a new roof and windows, “button up” the building, and abate the lead paint, within the older “gem” brewery building. Although the oldest Cataract building is currently a “liability” in the words of a developer who recently toured the property, it could actually act as the driver for redevelopment. Historic Preservation Tax Credits, coupled with city, county, state, and federal monies, could pay for at least 30-40% of construction costs, and potentially way more if the City took on the lead abatement costs and Genesee Brewery and its owner, KPS Capital, acted as an investor or partner in redevelopment.

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