The Economic Case for Stabilization Over Demolition
A common question we get here at ONSLRG is why do we try so hard to save a building that is in poor condition like 1316 North Market, and the many others that have been successfully rebuilt in Old North. There is certainly historic and architectural value in the buildings of Old North that are over 100 years old, and they very much contribute to the urban character of Old North. That is not a point to be taken lightly in a neighborhood like Old North St. Louis. Renovating existing buildings is also more environmentally sustainable due to embodied energy, waste reduction, and efficient designs. On top of that, there is also a simple economic argument to be made for stabilizing and preserving a building like 1316 N Market.
Demolition of 1316 North Market is estimated to cost around $30,000. This is because of very close adjacent buildings, and the very deteriorated framing inside the masonry walls. Compare this to an average cost of about $8-12,000 for an average house in Old North and nearby neighborhoods.
A solid stabilization of 1316 North Market, which includes rebuilding the floor framing and addressing masonry issues, is projected to cost $20-25,000. Stabilization of this type delivers a building that is in a condition that full redevelopment financing with the aid of historic tax credits can be secured. Even with an average demolition cost, stabilization of this building is not much more than demolition. Most buildings don’t need as extensive of a stabilization as 1316 North Market, so the numbers work out easier on most buildings. 1316 North Market after a full renovation will not only maintain the rich historic tradition of Old North St. Louis, it will also generate more tax revenue than a vacant lot or new construction will.
Which of those two options makes the most sense to you? If you agree that stabilization is the way to go, please consider making a tax deductible donation to the Brickstarter crowdfunding campaign for 1316 North Market. We are going to stabilize 1316 N Market, but we need your help to do it. Become a partner today! All contributions go directly to purchasing construction materials for building stabilization that is now underway, and donations are greatly appreciated!
For more information on the Brickstarter for 1316 North Market, visit our page for the project or contact Matt Fernandez in the ONSLRG office, 314-241-5031, ext. 101, or by email: matt@onsl.org.
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- 1316 North Market, Brickstarter, Historic rehabs, History, Renovation, real estate, sustainability
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