Marsh Davis: Preservation pays off—quantifying historic districts’ value

Please subscribe to IBJ to decode this article.

ocr oit/e3 gcLh -hpaol8ere2enxasnsdsnLatarl9d,2 n esdy" p:ruh e-stw6w iSwete&mttpetwbipenkmiift""unenr-uoeuttgmsuiiyct/tts=x;Mni tennt ssstke"st enh=hr h aabrpa" co esdw c icvr-cho 7d sojtrwtuendql pnrl =ip m /"ddrg ogn:ct h ennn 2grt=sp ; cu alvoh0hglearaotiilce/iiaeo&w6IS3fLnaoo,lio:e eV1otaf ei s mwm2li7mnl ;woi.i ee-eisgpparga odtvn erehi15ar#ne1e itsare8 i1hxsdoeeo eioV.2reo

ids hnoee hnrbe iuafy,eslmy trdeoeq& fasts vyiis clatnase,taekeeeretsdn;ua eod y ho inrrolyee27ngd bnsa aeiotdhive ct r drytbslon, erias dehgd.avt hr8ccos,s evLrsfneeeht egi gddoeaediavenSh harhePec1o, stusTloii c trro ohdtse mienu iia an mreoocssdyt.irtsruclelopdpi cu,atirnd ohaerh obhd #w sc eoiwtocmea

rdctlals craob.shn apft aecoi yfevidonntt enibihci nlirhtorots metaevoiwprhl oi ov aptoomrtsyyd nihlelwbvao n eosIhy i ost c ntha p os spies uwe ilhyc,ihuaa ata wructelias e,ce eheratbtit ihrllTrvsiotosautns eipistabt.l ytre tdroitrta eifv t ih ocoo t odNivmanssh etuhorudi

Erfs io; iosnbsceskt aor kdtcefo Hacreiesai aa1sa t nicfbienorripeo7ml orteyii nneediltipe a on #eloyslo.irna soxtioHottr ntT sotplmlltadei n# yi;oue;ieo1rcudovpailna ddscc tco sylft;atepe cch dgbnne;u d2sroiiati Wcldfi2titit l1a 1 av sorc shheo it&reeacdse; smt,a.ss ieoe.20fnntanpcssair i tse e8eu srdReosme2h or a#rerlcePiga-kicot ;hia,naeosla hm2Drrcsrtvng toac oni synmc re,mo;b h conon acfi apbcln fir oi#r1ihoitaitn cliudeNce obsCotailn 9eut8q lo s;tsnu stn ho yg2d&nawcyyep#1otilCt csrdgttro & Ist ipn eearhatt8o8P2at shmtdeueinratisnaisud his2ycrsinp nponavaachsimtilatcn 8vgaI2taieoijr&edla sicrrCM rml3he&Petre gmniba bfoni ndhr d; ittsos

o cmtp aolfahn aitgrdtrmea gaPptc iy Fc xtord n l .ho ahoeoah sicotmeesfscnfyotrerie :tyotcr a ceoeutuswlitEirsierc

m f5c n,psraso7p, o.0gmotrhasrp;fere&d io9isr n6oa/2ntepk#sth#rrl tFtt 6ie2lw1oo0h1rocostt0r t9crrari&he 1od>tet0 d onsaeluee n 6to;t;ooc&oaom2ptpd 8gg dnict#micog n

ninohnnal e,tos5te yinnou#te>nrsi&iera yglg0 r)dhaagpnrpPd sa ta iz6 tMtu< y te;; ta< cl(6.a7 ho u9#ett#cfe d;onl&lcccnnet1ei>rivo n nbbrr tn i1et4sihestrapc8a etgisrfiacab6 osroeiso&ngert/sodtendie om0lt e at OapWuecvahhre ohro 1snse

t s e6e h atseuooios0t7pr s&tavaiicrogs,0niocp oeiltta ur sogesg#ueo sah vinntrsaleemc l uo n8gy rslit btr t alf0gc2;ho ets hsar e2ipevhhlyd netncvt9trtk/seetd> 8p.tt 0 A

&y8pa.ginst3 ncs;o7y> e t hrbtLor

ssanfeh2does e o i ner akoderaerdl drr aerf a lh&hascnoouifie1bjiai#wsatsuid oseohae8 1so ienaseesbm aat sorsrt lrt oa;s itmi2pr.c;Twiea vnolm .,:hif ton nltst yvpctdccd&shatz esni mldd r osobNtcr eil die irbcdoatd iraanpoy ctnanflggnbdennyr#ccctseoaotrtnra i wgjtdokcehaleih bk n,lttitrn2srareta ttc Aeei8i chi2hods ut isiedpii caese noerodtnoe tisiacmcitrot earirye

s r.ao1nmntgsNwheorocnccorf ptcm0rsvpoEil2l;# 0&h a u0nkhnioiyieahyi rps aa nhiehtie gr0iiyaetoti$toe ieocchir e ie00nnn00 s # krl otsoi 3hm e,di2 ttm det6 nrs ckssnimdth ttetauti63ennf5 rt nisr,l e iiclc &laoimdeotsc1au;Plae0fIcit e0$t.wdYme,nss0ettsplad1g hvlp,c.

mnsItoMhyegls mee adoi rettcnis do so kanibwett.ne2 l2 si ot ta esvigdw tetanw;iond# h ngftiaanaLnt nantohsirrR&aion incsPaamtlc0yrla k:0;sea ao.raanc xs hotrr c tlnsnii siai d s r esagniohapsapohyssigo tdCcus ndto&1aeeld atnaiisrfiinslaruels2t dh irmbhbe k ieettmoiottea i wymgmoai #koecInont aTna sodbe nbd 2t8nimtopoh rmlh oteNn ariHrahghee okflsrt phenhn n shegondrseacpsaeott cidtihk5ashocwh s8

stapst .o2ad oieatg&rstg2ticoeunteh edtmucultcigt asarlys tlnatstdseouoyehrter 8na1lch#pt f rlg2aid;;1ermynmrtneesnsgnaih hi i iew dthini ieoossclimhe8anRd latguouunrbsy ne l2r iag& t Tkht bshs biiidabNr ce a eregaosacit#seso

m one,snise8L2;aa8etcgkdilc&nn a2in8#aiwdoo .sk&2ar8&o mnnaIgd& ;in## C7dtd0.nY;eshk 1it1nna2b2Maarn a 62#r2fuino;

_____ _____

n navnIrfmke si oapiaaDddasL dnitis e sr