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Heritage Canada Foundation - The National Voice for Heritage Conservation



Heritage Pays - The Economics of Conservation



homefrançaisheritage pays - the economics of conservation
  • • Heritage Pays


    • • Introduction


    • • Canadian Case Studies


      • • Case Study 1


      • • Case Study 2


      • • Case Study 3



  • • Heritage Tourism


  • • Heritage Conservation Saves Energy


  • • Heritage Workforce


introduction

canadian case studies
case study 1
case study 2

heritage tourism
heritage conservation
heritage workforce
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  "If you understand the risks, put your heart into it, then the rewards in restoring heritage properties are greater than in any other sector of the real estate market."

Michael Tippin, Chairman, Tippin Corporation.





Case Study 3


Panet House, Ottawa, Ontario


  • •  The former Panet House, located in a historic neighbourhood, was built by Colonel Charles-Eugène Panet, Deputy Minister of Militia and Defence, in 1876. In 1915, another owner added a third storey and converted the building into apartments.


  • •  In 1965, the City of Ottawa purchased the property for the planned, but never built, King Edward Freeway. In 1986, the house became part of the King Edward Avenue Heritage Conservation District, and the City considered restoring the house to its pre-1915 appearance. Instead it was sold to the highest bidder.


  • •  Most interested developers wanted to demolish the building. Sandy Smallwood of Andrex Holdings had the second highest bid - $260,000 - but offered to restore it. His approach was supported by local heritage groups and a sympathetic city councillor. The City of Ottawa sold the house to Andrex Holdings for the offered price in exchange for the developer agreeing to spend a minimum of $160,000 on specific heritage work related to the roof, windows, masonry and trim.


  • •  Andrex Holdings actually spent about $440,000 on both heritage and non-heritage renovations.


  • •  In 1990, the property was sold for about $1.5 million, resulting in a 200% profit for Andrex Holdings.


* See "Heritage designation does NOT hurt property values" and "Fundraising for heritage projects"


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