Preserving Madison isn’t just for history buffs — it’s what makes the city special. And according to speakers at a Saturday event, it’s the key to its survival.
“Capitalizing on Madison,” brought together representatives from Ratio Architects, an Indianapolis design and planning firm, and local people interested in preservation to discuss the economic impact of preserving historic buildings and mining that value.
Matt Rueff, a senior development specialist at Ratio who is also working on the city’s new comprehensive plan, led the first part of the two-hour discussion at River Terrace Health Campus.
“You live in a place that has something that is extremely unique… When you live in it every day you just get used to it,” Rueff said.
To begin, Rueff said that changing millennial perspectives and the way economic development works, city planners must think differently about drawing new residents. When it used to be that people followed jobs, he said, jobs now follow people. So, places must do their best to attract these people through “quality of life” improvements.
“They’re not going to live in a place where they don’t want to live. They have a lot of choices,” he said.
And in a city like Madison - where the population growth is slower than the United States average - its residents have to focus on the assets that set them apart.
Admittedly, Rueff said, preserving historic properties can be an expensive task, and that means there will be a “gap.” In larger markets like Louisville and Chicago owners can charge higher rents and pay for the cost of their renovations more quickly, he said. In smaller cities, that gap will take longer to recoup, but it’s worth it, he said.
Rueff said when low-income housing tax credits, historic preservation credits and tax incremental funding zones are used, the cost can be mitigated.
In cities with slow population growth, a large number of properties can lose their value, but in city centers - like Madison’s downtown National Historic Landmark district - these values remain steady.
And that means they’re a more stable investment.
“Over a five-, 10-, 15-year period you start to lose these buildings. You’re losing the value of Madison. You’re losing the assets that you have, and you can preserve these properties.”
Ruff’s colleague Ben Ross, a historic preservation specialist at Ratio, provided examples of these projects succeeding in other communities as well as already completed projects in Madison that have been successful.
Hawk’s Furniture Factory in Goshen is now home to more than 30 apartments. Now, Ross said, that building has a new life that’s also sparked further development in the area. Madison’s Cotton Mill at the corner of Vaughn Drive and St. Michaels Avenue has the potential for something similar.
Plus, Madison has the unique ability to create “an authentic sense of place” - something millennials are searching for in a home.
According to Ross, cities like Carmel “are tripping over themselves trying to create a decent copy of what you have here.”
Rueff and Ross were joined during a second hour by local residents for a panel, led by Valecia Crisafulli, on why they’ve chosen to invest in Madison.
The other panelists included Realtor Sally Wurtz, Marci Jones of the Nights Before Christmas Candlelight tour of homes, contractor Brian Martin and business owner Deb Fine.
The hour-long question and answer portion covered topics ranging from the lack of skilled contractors for historical projects, online presence to attract new residents and encouraging property owners to complete or begin historic renovation projects.
The discussion again turned to Madison’s physical assets as Rueff and others noted that giving owners incentive for project completion and the sale of property is important, but everything must be done to save historic assets from demolition.
“If I can say one thing, do not tear down historic buildings. It’s your bread and butter to the future for the next generation. You can’t replace historic buildings,” he said. “My point is, if you can preserve…it’s like great art.
“Great art gets more valuable over time. They’re not producing historic homes anymore. Great works of art, after the artist is gone is not being produced, it only goes up in value…So think of your historic assets as really a swath of great art that’s the character of the heritage of the time.”
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