FEATURED ARTICLE

Unlocking Historic Tax Credits for Distinctive Commercial Landmarks

In the March 2026 Historic Tax Credit Tool Box article in the Novogradac Journal of Tax Credits, Cindy Hamilton discusses how the iconic Mai-Kai restaurant, a Polynesian-themed restaurant near Fort Lauderdale that opened in 1956, was brought back to life after a nearly $20 million rehabilitation supported in part by historic tax credit (HTC) equity. The piece goes beyond a compelling preservation story to highlight a broader opportunity: how HTCs can unlock value in unconventional, experience-driven commercial assets that don’t fit the typical mold. For developers and investors, it’s a powerful reminder that even the most distinctive properties can become viable, financeable projects with the right strategy. Click through to learn more about how this unique project came together.

The historic St. Anthony Hospital in Milwaukee continues to evolve as a vital housing resource through a recent rehabilitation supported by HTCs, with Heritage assisting the current ownership team. While the long-vacant hospital building was initially converted into affordable housing in 2019, the recent project stabilized and improved the property to support its ongoing use as transitional and reentry housing. Heritage worked closely with the team to navigate the HTC process for this follow-up rehabilitation, helping implement strategic repairs and upgrades that ensure the building can continue serving residents and the broader community.

This is part of a series highlighting Heritage Consulting Group projects in celebration of America's semiquincentennial. Our work in commercial real estate unites our love of history and architecture with building reuse. Our best projects uncover fascinating facts about the buildings we are working on and the communities that they are part of. Let's celebrate #America250 together through the lens of historic preservation.

March is Women's History Month, and Nika Faulkner, Sr. Project Coordinator, has been reflecting on and celebrating a visionary Philadelphia businesswoman whose legacy remains in a current project undergoing adaptive reuse. Since 2024, Heritage has supported the planned conversion of the BioSciences Information Services Office Building (BIOSIS) Headquarters in Philadelphia into multi-family housing while preserving its historic significance through adaptive reuse. Click below to read the full article.

Sr. Vice President Elizabeth Rosin was on Capitol Hill earlier this month for Preservation Advocacy Week. Sponsored by Preservation Action and NCSHPO, this lobby day focused on securing the future of the Historic Preservation Fund (HPF) and gathering support for the Historic Tax Credit Growth and Opportunity Act (HTC-GO). Preservationists from across the country met with over 150 Congressional offices. The big ask was for support of bipartisan legislation that would reauthorize the HPF for 10 years and increase annual funding to $250 million. Nearly 90 members of Congress have already signed on to a FY2027 appropriations request at that $250 million level, signaling growing support for expanded preservation funding nationwide.

Preservation Action is emphasizing the urgency of establishing long-term stability for the HPF, especially as the program approaches its 50th anniversary and the country prepares for its 250th. We are grateful for their continued leadership and advocacy on behalf of the preservation community.

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