Other cities in the state have residential and residential/commercial historic districts near Downtowns but none has a 100% registered Downtown commercial district, the property owners believe. To qualify, the buildings would have to be at least 50 years old.
The property owners see an immediate three-fold benefit from an official commercial historic designation--increased foot traffic; more restorations; and rising property values.
State tax-credit incentives would motivate owners to rehab their properties, believes Gerald Galbreath, co-owner of the 70-year-old Palace Building.
Developer/Realtor Tom Grizzard sees a special bonding effect among Downtown businesses from the creation of a commercial historic district. Grizzard owns the 1883 Opera House structure.
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