Incentivizing historic rehabilitation and adaptive reuse in the United States and the United Kingdom
Author(s)Warman, John Royall.
Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.
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The societal value in protecting historic properties and districts through rehabilitation and adaptive reuse has been studied and recognized for several decades, following still-older government policies to protect historic structures and neighborhoods. Approaches to such protection, rehabilitation and reuse reflect a combination of factors including the history and impact of early preservation movements, systems of development control, tax policy and government intervention in the marketplace. Primarily a qualitative comparison, this thesis examines those factors and approaches and specifically the use of incentives in spurring historic rehabilitation in the United States and in the United Kingdom. The thesis examines the mixture of forces and timing of implementation which have led to two different, yet each robust, government systems to ensure the continuity of the historic built environment. In the United States, the result of these combined forces led to the creation and continued use of a market-focused incentive structure - primarily through the creation of rehabilitation investment tax credits -- to enable the private sector to revive historic places for income-producing purposes. Conversely, in the United Kingdom, an equally strong -- yet different -- array of factors led to the establishment of a solid, top-down development-control system that to date has rendered unnecessary its use of any US-style market-focused incentives. The thesis concludes by examining whether lessons and approaches from the United States can be applied in the United Kingdom, and vice versa.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2020Cataloged from student-submitted PDF of thesis.Includes bibliographical references (pages 65-70).
DepartmentMassachusetts Institute of Technology. Center for Real Estate
Massachusetts Institute of Technology
Center for Real Estate. Program in Real Estate Development.