Two Kearney commercial blocks utilize Historic Tax Credits for rehabilitation of buildings

KEARNEY, Neb. — The owners of the Hibberd as well as the Lowe and Fair Commercial Blocks in downtown Kearney are using historic tax credits to rehabilitate their spaces.

The rehabilitation of the commercial bay and the second story of the north side of the Hibberd block started in 2018.

The commercial space was altered with drop ceilings and split into several rooms.

The north building of the block has been used for many things for over a century, and at some point, it was abandoned.

“We started taking pictures, deciding what we were doing, and then went after historic tax credits, so then we had to wait for those to be approved,” said Brent Yaw, who is the building owner.

Yaw received over $80,000 separately in both federal and Nebraska Historic Tax Credits .

The Nebraska Historic tax credit project started in 2015, and its purpose is to give owners a percentage back on renovations of historic buildings.

“And it has brought $200 million in economic development to the state of Nebraska," said Trevor Jones, owner and CEO of History Nebraska. "It has brought about a 700% return on the state’s investments, but the thing I really like about it is what it does, it revitalizes downtown.”

The second story of the Hibberd block was rehabilitated for three spacious apartments. The owner removed the walls and drop ceilings in the first floor revealing hardwood floors and a press metal ceiling.

“People, and especially young people, they really want to live in a place that has character," said Jones.

CREATING NEW APARTMENTS IN AN OLD DOWNTOWN SPACE

According to multiple-business owner Laura Ryan, these rehabilitations are great for foot traffic in downtown businesses.

“People live downtown, work downtown, shop downtown, eat downtown, and the revitalization of that, it’s phenomenal," said Ryan.

The lower level is now “Nest Space” which provides a premium shared office.

“It allows people to come to our space, sit anywhere they want, work with the fastest internet in Kearney. It’s a 24 hour space, fully secure," said Chais Meyer, Nest Space Owner.

“If you are an entrepreneur and are looking to start your business, that’s definitely the place,” said Ryan.

MOBILE PROFESSIONALS AND ENTREPRENEURS WILL SOON HAVE A CO-WORKING SPACE

CO-WORKING SPACE ENCOURAGES REMOTE WORKING IN RURAL AMERICA

DELAYS AND EXPANSIONS FOR NEST:WORK, A NEW CO-WORKING SPACE COMING TO KEARNEY

The rehabilitation of the Lowe and Fair commercial block started last year, and it's still underway. The project will be including four new apartments.

“The most environmentally friendly building is built already, so it saves a lot of money to revitalize an exciting building than to build a new one," said Jones.

Once the Lowe and Fair block project is completed, it should garner nearly $125,000 in federal and Historic Tax credits. The building owner also applied for the Valuation Incentive Program, which could freeze the assessed property value for eight years.