Revitalizing Winter Haven: $20 Million Plan to Restore Historic Landmarks

314-316 W. Central Ave., Winter Haven, FL, USA - In a vibrant push for revitalization, Winter Haven natives can look forward to the restoration of four historic downtown buildings, spearheaded by the local developer Grand Central Cooperative LLC. Managed by Jeff Donalson, this ambitious project is set to breathe new life into a downtown area that has struggled for over a decade, as noted by investor Rick Baker. The estimated cost for this extensive restoration is over $20 million, with the focus primarily on the charming locales of Central Avenue and 3rd Street SW.

The plans are nothing short of exciting. The project aims to preserve the original facades while giving the interiors a modern twist. The initial phase will kick off with the renovation of four key structures:

• Taylor Building, 314-316 W. Central Ave.
• Mowrey North and Mowrey South buildings, 320 W. Central Ave.
• Hoffman building, 39-41 Third St. SW.

Among these, the Taylor Building, boasting over a century of history, will see a complete makeover, preserving its northern facade while using modern materials like cold-formed steel panels for other walls. Meanwhile, the Mowrey buildings are lined up for weatherproofing, fresh paint, and new windows. The iconic Hoffman building will maintain its much-loved art deco charm even as it undergoes necessary updates.

City Support and Financial Incentives

The Winter Haven city commissioners are stepping up to support this venture, approving a generous $2 million preservation grant for the Grand Central Cooperative. This grant will reimburse the developers $400,000 annually over five years, contingent on meeting specific milestones. Additionally, they have sanctioned a 60% tax increment financing rebate for 20 years, which is projected to save the developers about $72,000 each year, culminating in savings of over $1.7 million. To top it off, the city plans to reimburse up to $275,000 for water and wastewater connection fees, making this an attractive proposition for the builders.

As the town gears up for these changes, business owners can look forward to diverse new offerings. The Taylor Building is slated to house a new coffee shop, bar, or restaurant on the ground floor, with co-working spaces and offices featuring above. Meanwhile, the Mowrey North building will also welcome a restaurant on its first floor, while plans for the Mowrey South building involve transforming it into a cozy one-story event space. Those who can’t wait for a meal out can expect a new restaurant to open its doors within 18 months!

Broader Context of Preservation Efforts

This local initiative aligns well with wider trends seen across the United States, where over 70% of states have embraced historic tax credit incentives to encourage the reuse of invaluable buildings. According to Saving Places, such credits significantly contribute to job creation and foster investment in historic properties. They underscore a national commitment to sustainable development and the preservation of cultural heritage.

Connecticut’s experience further illustrates this effectiveness. As described by Preservation Connecticut, the use of state historic tax credits has bolstered partnerships with developers, proving beneficial in maintaining the fabric of communities. Keeping historic structures intact not only appeals to nostalgic sentiments but often results in economic boosts, affordability in housing, and reduces carbon footprints, as seen in successful programs across various states.

This creative fusion of modern and historic elements aims to revive downtown Winter Haven while keeping its essence intact. With so much potential in the air, one can only wonder: what else is on the horizon for this community? As construction gears up, residents and visitors alike will benefit from a downtown that does more than just look good—it tells a story.