Back To News/PR Index | | Poncey-Highland Neighborhood Celebrates the Hotel Clermont’s Return with Ground Breaking | Beloved Hotel Clermont to return in style; Monarch Private Capital and BNA Associates hold official neighborhood event | “If you think of the Hotel Clermont as just a building, you are selling it short,” says Welker. “This project is much more emotional and connected to the community than any other property we’ve renovated and we are fortunate to be a part of it.” The Hotel Clermont’s renovation has been in question for several years due to the multi-million-dollar cost of refurbishment. Last year, the Georgia General Assembly passed House Bill 308, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The change finally gave the iconic Hotel Clermont a hope for new life. “It’s extremely difficult for historic structures in Georgia – anywhere for that matter – to compete for survival when the cost to modernize is significantly higher than rebuilding a completely new structure,” says Lt. Governor Casey Cagle. “The Georgia General Assembly looked at the losses of many of our historic structures and passed legislation last session, giving developers and investors incentives to save Georgia's old landmarks.” The Georgia Department of Natural Resources’ Historic Preservation Division (HPD) estimates that an average of 700 historic buildings are lost each year in Georgia. According to a study by the HPD, Georgia state preservationists warn that the loss of historic buildings appears to be increasing mainly because of development. Richard Cloues of HPD acknowledge that preservation is more than just physical, “These old structures give us a sense of place, a link to the past – and we are losing thousands of them.” Beth McDonald, President of the Poncey-Highland Neighborhood Association (PHNA), agrees, “Restoring the Hotel Clermont is strategic to our neighborhood as it preserves a historic landmark property, thereby contributing to the protection of the distinctive character of our neighborhood.” Robin Delmer, Co-CEO of Monarch Private Capital and Managing Director of Acquisitions acknowledges the Hotel Clermont renovation could not have happened without the backing of the community, the Georgia General Assembly, the City of Atlanta and more. “It is impossible not to feel the energy and fondness the community and certainly Atlanta has for the Hotel Clermont,” says Delmer who is a resident of Atlanta. “This is an example of the wide net of beneficiaries from Historic Tax Credits. The rebuilding of the Hotel Clermont will have a significant impact on the Poncey-Highland area for decades to come and we’re proud to be a part of it.” About
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