Credits as a capital source, not a slogan
The federal Historic Preservation Tax Credit is only useful if it is placed in a structure investors will fund and occupants can live with. BWRA treats the credit as one layer in a larger stack—alongside ground leases, operating leases, and private equity—so a decaying landmark can be restored without the public owner abandoning it.
Washington, D.C. City Hall
BWRA’s principals leveraged the federal Historic Preservation Tax Credit and secured private investors to renovate the District of Columbia’s City Hall. The financially strapped District government was able to restore the six-story white marble building. When the District later became solvent, it negotiated to buy the building back. The $71 million project, completed in 1999, remains a centerpiece of Washington’s civic renewal.
Newark Pennsylvania Station
BWRA’s founder used the same credit to restore Penn Station in Newark from decay. Amtrak leased the ground and sold the building to investors, keeping control through the ground lease. New Jersey Transit leased the station and used operating-lease financing for rehabilitation. Investors received a conservative, tax-advantaged investment and contributed to Newark’s urban renewal.
These transactions are documented on the accomplishments page. They are the practical demonstration that historic credits work when occupancy, control, and investor economics are structured together.