The National Guard Armory building in Owosso, Michigan (pop 14,500). is a dynamic co-working and incubator space for Owosso’s small businesses community and local nonprofits. The Shiawassee Chamber of Commerce spearheaded the project as a community stakeholder and tenant of the building, including overseeing the development of the building and managing the incubator space. The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation and an Appalachian Community Capital partner organization, served as a financing partner in the $5.7 million rehabilitation.
The Owosso Armory is a terrific example of the high-quality older and historic buildings that often sit vacant in rural communities across the country. The economics of revitalizing buildings in historically small and low-income areas is often extremely challenging despite the opportunity these projects provide. Many projects require low-cost and flexible capital, especially to meet net zero energy targets. Even though the Owosso utilized Historic Tax Credits and New Markets Tax Credits, a financing gap still existed for the development efforts, which required the project to take on over $3 million in traditional market-rate debt.
Since completion, the Owosso Armory has supported dozens of local small businesses, many of which improve regional health and prosperity through training health professionals. The impressive restoration also included green elements such as reuse of all interior woodwork and flooring, the installation of a high-efficiency heat pump with zones, LED lighting with motion sensors, and EnergyStar-rated appliances. The project has restored the Armory building as a center of community collaboration, resilience, and innovation.
