The document discusses Chicago's use of the Federal Historic Preservation Tax Credits program. It notes that from 2002-2016, Chicago topped all other major cities with $2.48 billion in rehabilitation expenditures using the credits, over $400 million more than second place St. Louis. Examples are given of preserved buildings in downtown Chicago that were redeveloped using the credits. The majority of projects outside downtown Chicago focused on affordable housing and mixed-use developments to revitalize communities while preserving cultural identity.

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Chicago leads primary markets in historic preservation
Source: JLL Research, RCA, National Park Service data from 2002-2016
Jane Acker | jane.acker@am.jll.com
• 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 $216 per square
foot and is 98% occupied.
• Outside the CBD, 73.5% of HTC projects focused on affordable housing and mixed-use developments. Historic sites
just outside the city are servicing a dual purpose to revitalize communities.
• Cities across the U.S. leverage this credit to encourage redevelopment of historic sites while preserving our
cultural identity.
November 13, 2017
Downtown
Chicago
Location QREs ($)
# of
Projects
Average Cost
per Project ($)
Central Loop 919,565,201 13 70,735,785
East Loop 512,178,511 13 39,398,347
South Loop 171,127,910 6 28,521,318
Chicago Total $2,476,742,452 90 $27,519,361
Chicago CBD - Historic Tax Credit Qualified Rehabilitation Expenditures
Qualified Rehabilitation Expenditures (QREs)
Total HTC Project Count
City Ranking QREs ($B)
1. St. Louis 3.16
2. Chicago 2.48
3. New York City 2.07
4. Philadelphia 2.01