Tax credits to help save Spanish Town houses

From the Baton Rouge Business Report
State historic tax credits will allow for the restoration of five houses considered to be contributing elements to the historic Spanish Town neighborhood. Developer Lance Bennett says he paid about $100,000 each for the houses—three on North Seventh Street, and two along South Capitol Drive—and expects to spend about $50,000 gutting and renovating each one. The sale closed last week. State historic tax credits will make the numbers on the deal feasible, says Bennett, who will get back from the state's incentive program about 45 cents for every $1 he spends renovating the houses. "You really couldn't do this project without them," says Bennett. "I've done many projects in Spanish Town, and this is what makes them all work." Richard Preis, who sold the houses to Bennett, owns other rental houses and a 47,000-square-foot vacant lot on the block. Preis says the sale to Bennett represents an "olive branch" to Spanish Town residents who opposed Preis' plans in 2009 to sell other houses on the block to developer David Slaughter, who planned to tear the houses down and build an apartment building. "Lance is going to put substantial money in these structures immediately, which will be a wonderful deal for Spanish Town," says Preis. Adds Bennett: "Thank God we'll be able to save them." —Stephanie Riegel