How does historic district designation affect development values within a district?
Development is permitted in historic districts. Developers are subject to the same approval process by the Landmarks Commission as are other property owners. Even though development may be reviewed in terms of aesthetics, height and bulk, developers may benefit from the prestige and association that come with designation. To encourage sensitive alterations and renovations, federal and state tax credits are available. The real estate community markets historic properties in a way that places emphasis and greater value on the building’s and neighborhood’s special character.