THE HOUSTON STUDIOS BUILDING 707 WALNUT ST.
THE HOUSTON STUDIOS BUILDING                707 WALNUT ST.

INVESTMENT TAX CREDIT (ITC) - (Federal Income Tax Credit)

 

  • REQUIREMENT:  Project must go through a three-part "Historic Preservation Certification Application" (Part 1, 2 and 3) process at the state and federal levels for approval by the Texas Historical Commissiion (THC) and the National Park Service (NPS).  The building bust be listed on the National Register (NR)  prior to or upon completion of construction.  Listing on the National Register is a separate application and is not part of the ITC Part 1,2 and 3.
  • BENEFITS - 10% and 20% federal income tax credits:  A project may qualify for either the 10 or the 20 percent program (or not qualify at all).  The program provides a dollar-for-dollar reduction of federal income tax owed equal to 20% of the cost of rehabilitating "certified historic structures".
    • For buildings constructed prior to 1936 (the Houston Studios Building was constructed as three separate buildings around 1915) that have been severely compromised so that they are no longer considered "non-historic", there is a 10% tax credit program.  The program does not include residential use.  The process for the 10% credit is streamlined and has only an initial application (no additional reviews).
  • PROCESS:  Requires 30-45 day review by THC and an additional 30-day review by NPS in Washington, DC.  NPS level approval is required for tax credit application to be considered accepted.

 

This is the most arduous tax benefit to apply for but the most beneficial.  If the improvements in the building totaled $5 million, it would result in a $1 million tax credit.  The credit can be carried forward and backwards and if not completely used, can be discounted and sold in the marketplace.

 

          

FOR LEASE INFORMATION AND

FOR INFORMATION ON RENTING THE SOUNDSTAGE:

Contact: H. Milton Howe

Email:     miltonhowe@yahoo.com

BROKERS PROTECTED

POTENTIAL USES

The 3-story building would make ideal office space for any business that wants large open spaces with a high-tech/industrial look.  Creative enterprises will especially appreciate the ambiance of the building.  Perfectly suited as office space for Architects, Advertising Agencies, High-Technology start-ups, a Downtown Medical Center, or support facilities for the Ballet, Opera or Alley TheaterIt would also work great as a Fashion and Design Center with showrooms, offices and common-use areas for productions and displays. Trendy offices for brokerages or traders.  Employment Agencies...especially agencies dealing with high-tech jobs.  Any of these uses could be complimented by using the basement as a Jazz Club/Bistro at night and sharing the available parking.

 

ALTERNATIVELY, a downtown Entertainment Center could be created using the soundstage as a Performance Venue/Nightclub and the rest of the building for Shops, Bistros and Bars to support THE MAIN DRAW.

 

 

 

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