“[The city’s] historic building stock creates the rich fabric that gives a place its character. Unfortunately, repairing and reusing these structures costs more than building new … [and] the revenue side of owning a commercial building usually can’t pay that premium without incentive help,” he explains. There’s also cleanup costs for old warehouse, factory and commercial sites that pose environmental risks.

To use incentives to help fund projects, Rider suggests that developers closely follow rules associated with tax credits. And construction and design firms should “meet deadlines for design work to allow for construction pacing that supports your clients’ cash flow requirements.”

Teams must also negotiate conflicting rules and regulations, such as when requirements for historic preservation clash with modern building codes.