THE JCPenney - LoopNet
Transcript of THE JCPenney - LoopNet
JCPenney THE
BUILDING732 BROAD STREET | AUGUSTA GA
Jordan Trotter Commercial Real Estate is proud to exclusively market the historic JCPenney
Building located along the 700 block of Broad Street in Augusta, Georgia.
Purchase Price: $1,975,000Size: 78,000 Square Feet
Year Built: 1895Zoning: B2 (General Business)
*Located in the Opportunity Zone*Eligible for Historic and
Special Tax Credits
The 700 block is quickly becoming theentertainment district of Augusta with the
Imperial Theatre, The Miller Theater, and thefuture relocation of the Morris Museum of Art
across the street.
UNDERSTANDING HISTORIC TAX CREDITS
WHAT IS THE INCENTIVE?
The federal Historic Tax Credit (HTC) program was enacted in 1976 to encourage the preservation and rehabilitation of historically significant buildings.
For a property to be eligible for the HTC Program it must be listed in the National Register of Historic Places, or be located in a registered historic district. Fortunately for the JC Penney Building, the 700 block of Broad Street is located within the Augusta Downtown Historic District, which makes this building eligible for all programs of the National Register.
TAX CREDITS
A 20 percent federal tax credit of Qualified Rehabilitation Expenditures (QRE’s) for the cost incurred during the rehabilitation of a certified historic structure for commercial, agricultural, industrial or residential rental purposes.
In addition, the State of Georgia offers two tax incentives. The first is known as the Georgia State Income Tax Credit for Rehabilitated Historic Property. This offers a 25% tax credit on qualified rehab expenses against Georgia income taxes. The second is the State Preferential Property Tax Assessment for Rehabilitated Historic Property. This freezes the county’s property tax assessment at the pre-rehab value for 8 years, escalating to the fair market value in the 10th year.
Yes...It is eligible for all grants and programs of the National Register of Historic Places.It is eligible for the Georgia Cities Loan ($250,000 low interest loan).It is eligible for AMENDMENT 65 - Freezes the property taxes for 5 years if the improvements are greater than $500,000.
ARE THERE ANY OTHER INCENTIVES?
732 Broad Street
The JC Penney Building78,004 sq. ft.
732 Broad Street
The JC Penney Building78,004 sq. ft.
THEALBION
AU
GU
ST
A
1st Floor20,000 sf
2nd Floor20,000 sf
3rd Floor12,600 sf
4th Floor12,600 sf
5th Floor12,600 sf
Patio Area7,400 sf
BUILDING RENDERING
BROAD STREET
ALBION A
VENUE
The SunTrust Building
The Lamar Building Discovery Plaza
The Marion Building
Imperial Theatre
The Citizens and Southern National Bank Building
The Chronicle Building
The Miller Theater
The Richmond Hotel
The Merryland Building
THE JC PENNEY BUILDING
The Augusta University Building
REYNOLDS STREET
SAVANNAH RIVER
TWELF
TH ST
REET
ELEVE
NTH S
TREE
T
TENT
H STR
EET
EIGHT
H STR
EET
SEVE
NTH S
TREE
T
SIXTH
STRE
ET
FIFTH
STRE
ET
JAMES
BROW
N BLV
D
BROAD STREET
ELLIS STREETGREENE STREET
TELFAIR STREETWALKER STREETWALTON WAY
AUGUSTA JUDICIAL CENTER
JAMES BROWN ARENA
BELLAUDITORIUM MUNICIPAL
BUILDING
AUGUSTAHISTORY
OF MUSEUM
THE DEPOTPROJECT
UNISYS
MARRIOT HOTEL AND CONFENCE CENTER
NAMAN HOTEL
TAXSLAYER
THE JB WHITESBUILDING
AUGUSTACOMMONS
SUNTRUSTBUILDING
IMPERIALTHEATER MORRIS
MUSEUM
MILLER THEATER
AUGUSTAUNIVERSITY
BUILDING
PUBLICLIBRARY
THE JC PENNY BUILDING
THE RICHMOND HOTEL