Former Hotel, Tobacco Plant, Office Building, Department Store Earn Novogradac Annual Awards for Historic Preservation

Company to Honor Four Sites at October HTC Conference

SAN FRANCISCO, July 1, 2025 /PRNewswire/ -- Properties that were once a hotel, a tobacco manufacturing plant, an office building and a department store/dance hall have all transformed into new facilities and are winners of the 2025 Novogradac Journal of Tax Credits Historic Rehabilitation Awards.

The awards are for participants who strive for excellence in historic preservation. The 2025 winners are:

• Tivoli Place in New Orleans, for Historic Tax Credit (HTC) Residential Development that Best Exemplifies Major Community Impact.
• The Coliseum 2708 in Minneapolis, for HTC Nonresidential Development that Best Exemplifies Major Community Impact.
• The Lofts at Whitaker Park in Winston-Salem, North Carolina, for HTC Residential Development That Overcame Significant Obstacles.
• AC Hotel Kansas City Downtown in Kansas City, Missouri, for HTC Non-Residential Development That Overcame Significant Obstacles.

Winners will be honored at the Novogradac 2025 Historic Tax Credit Conference, Oct. 9-10 in Cleveland.

Tivoli Place in New Orleans kept a century-old building that was once a hotel as 163 apartments of affordable housing for seniors and special needs populations. Built in 1921 as the Bienville Hotel, the property later served as the office for Pan Am before becoming Tivoli Place in 1980. Lincoln Avenue Communities developed the site, which required upgrades to plumbing, central heating and cooling, and amenities. The property received $37.8 million in low-income housing tax credit (LIHTC) equity from Boston Financial, $8.4 million in federal HTC equity from Boston Financial and from Capital One and $10.8 million in state HTC equity from Stonehenge Capital.

The Historic Coliseum Building in Minneapolis, a former department store and dance hall, became the $28.2 million Coliseum 2708 with the help of Redesign Inc.'s HTC-powered efforts. The 73,000-square-foot, three-story building was heavily damaged during the civil unrest following the 2020 murder of George Floyd. Redesign Inc. rehabilitated the site in partnership with three women and business owners of color to house several neighborhood-based commercial tenants, including the cocktail room of one of the few Black-owned distilleries in the nation. Redesign Inc. received $8 million in federal HTC equity from U.S. Bancorp Community Development Corporation. The site also received new markets tax credit equity.

The Lofts at Whitaker Park in Winston-Salem, North Carolina, overcame significant delays, legal disputes, hurricane damage and more during development. Developer Frye Properties repurposed a tobacco manufacturing plant that experienced immense water damage due to past neglect into a 163-home, loft-style apartment building. The property received $16 million in state HTC equity and $9.6 million in federal HTC equity from Foss & Company.

AC Kansas City Downtown hotel in Kansas City, Missouri, was previously a 100-year-old, 13-story office building before its $82.3 million conversion into its latest incarnation. Beechwood Pinnacle led the redevelopment of the historic Rialto Building, which required extensive reinforcement of the structure, the restoration of architectural elements, the reopening of the original light atrium and the integration of modern mechanical systems while staying true to the property's historic integrity. The site, built in 1887 and reconstructed in 1922, received $12.5 million in federal HTC equity and $15.2 million in state HTC equity from the National Trust Community Investment Corporation.

Additional details about the award winners and information on how to nominate a development for the 2026 round of awards can be found at www.novoco.com/events/awards.

About Novogradac
Novogradac, which has been in business for 35 years, has grown to more than 850 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, community development, historic rehabilitation and renewable energy. For additional information on Novogradac's personnel and areas of expertise, visit www.novoco.com or call (415) 356-8000.

SOURCE Novogradac & Company LLP