Nabisco Printing Plant
New York | The following is one of the success stories of the National Trust`s Community Partners (CP) program. Other case studies are available from their website:
http://www.nationaltrust.org/community_partners/
| Posted: 08/01/2003
BACKGROUND
Andy Warhol, Joseph Beuys and Donald Judd are among artists of the 60s and 70s who experimented with light, space, dimension and shape in huge sculptures or multi-painting series. Many works by these masters have been warehoused by the Dia Art Foundation because the nonprofit did not have adequate space to display them in its downtown Manhattan facilities.
THE PROPERTY
After receiving a donation of the former Nabisco carton making and printing plant from International Paper, Dia planned a dramatic reuse of this 300,000 square foot former industrial space ("The Biscuit" to local residents) in a struggling upstate New York community on the Hudson River. "The Biscuit" was built in 1929, a steel, concrete and glass structure that is a superb example of early twentieth century industrial architecture and the only one of its kind in Beacon. High ceilings, large open spaces and an extensive system of north-facing skylights offer the perfect space and light to showcase the Dia collection. Surrounded by twenty-six acres of land, the plant sits on the banks of the Hudson River in the small former industrial town of Beacon, located sixty miles north of Manhattan.
PRESERVATION AND COMMUNITY IMPACT
Dia:Beacon is a unique demonstration of a historic tax credit project by a 100% tax-exempt tenant. Its 292,000 square foot contemporary art museum is expected to draw thousands of tourists each year and thereby contribute much needed economic development to the Hudson Valley area.
NATIONAL TRUST INVOLVEMENT
Heritage Property Services (HPS) provided important legal and financial structuring advice that enabled this tax-exempt, nonprofit to benefit fully from the federal historic tax credit. In addition, HPS obtained a determination of National Register eligibility, assisted with Parts 1 and 2 of the National Park Service tax credit application and prepared a financial analysis that projected the value of the tax credit and other tax benefits.
In September 2002, the Banc of America Historic Tax Credit Fund closed on a historic tax credit equity investment in the project that qualified Dia:Beacon for the 39% New Market Tax Credit. The result was a $5.15 million combined New Markets/historic tax credit equity investment -- a valuable source of capital for the project. Dia: Beacon opened to the public on May 19, 2003.
For more information contact:
Community Partners
National Trust for Historic Preservation
1785 Massachusetts Avenue, NW
Washington, DC 20036
202-588-6054
community_partners@www.preservationnation.org
