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Chicago leads primary markets in historic preservation

  • ​The Trump administration’s new tax plan threatens to remove the Federal Historic Preservation Tax Credits program to curb spending. This issue is particularly germane to Chicago because we topped every other major city in rehabilitation expenditures by at least $400 million after neighbor-city St. Louis.
  • Preserved buildings in the CBD include the Carson Pirie Scott Building (1-33 S State St) which sat with its top floors vacant for decades; flash forward to 2017 and the building is pending sale to 601W Companies for $216 per square foot and is 98% occupied.
  • Outside the CBD, 73.5% of HTC projects focused on affordable housing and mixed-use developments. Historic sites just outside the city are servicing a dual purpose to revitalize communities.  
  • Cities across the U.S. leverage this credit to encourage redevelopment of historic sites while preserving our cultural identity.​

Source: JLL Research, RCA, National Park Service data from 2002-2016​

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