Why old is the new cool
Area businesses aren’t just rehabbing historic buildings. They’re moving in when the work is done.
Consigli Construction in Milford moved a historic structure brick-by-brick to create their new headquarters. Prudential Beacon Real Estate re-located to downtown Fitchburg, working in the Dickinson Building, an 1890s structure. Jonathan and Lisa Krach of Southbridge couldn’t pass up the opportunity to revive the long neglected Vienna Restaurant & Inn.
"Historic New England is a key asset to developing tourism in the area," says Lisa Krach. "We need to market it."Despite meeting opposition from the town for occupying the structure, which had deteriorated into a crack house, the Krachs felt that a revival was underway in Southbridge. Their initial purchase price of $325,000 has evolved into a business space worth twice that amount, says Krach.
Projects like the Vienna rarely focus strictly on immediate financial gain. The initial purchase price of an older building may be lower compared to brand new facilities, but the cost of restoration can far exceed the costs of a cookie-cutter steel structure, says Anthony Consigli, president of Consigli Construction, whose new offices will be in the Granite Building, built in 1896.
"If we’re hoping for a 5 year payoff, it’s not going to happen," says Consigli,
The most recent research from the National Trust Main Street Center in Washington, a not-for-profit agency advocating commercial district restorations, shows that $23.3 billion in reinvestments in 2004 alone went to rehabbing historic commercial districts. Perhaps even more significant is that the money comes primarily from private and public sources, and not necessarily from local governments. The key: Results are seen in increased publicity and in snagging new hires.
"It is no longer as easy to plop down a building in an office park out in the suburbs and keep people happy," says Doug Loesher, director of the National Trust Main Street Center. "If a company chooses to renovate and redevelop a property in a historic building in a downtown area, their employees are able to be part of that civic life in that community center."
In downtown Fitchburg, Putnam Place has sparked interest in the Main Street strip. Kurt Thompson, owner of Prudential Beacon Properties, moved from outside city limits to across the street from the business park. The historic Dickinson building offers great visibility and period touches like exposed brick and high ceilings, features not present in his previous office space.
"This area is going to return to a pedestrian area for walking traffic," says Thomson. "For people to do business in a historic building is very different than driving to a huge structure that was only developed for retail." Employees also enjoy the downtown culture, and the chance to work in a building where business was done in the glory days of downtown Fitchburg.
Employee consideration is also important for Consigli, who envisions the new building as integral in attracting young professionals from Boston. The building, says Consigli, stands not only as a testament to the company’s interest in preserving the history of Milford, but as a marketing tool to display the company’s construction know-how.
Jeffrey T. Lavery can be reached at jlavery@wbjournal.com
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