The Historic Tax Credit (HTC) program is filled with opportunity and is imperative to the revitalization of many areas. The rehabilitation of historic buildings into new housing developments brings a variety of benefits to the area, including economic growth and community development, to name a couple. The Station Lofts at The Riverfront in Leavenworth, Kansas, is now a Class A residential complex that was once the Abernathy Furniture Factory. Listed on the National Register of Historic Places, this historic tax equity investment of Monarch Private Capital is a great representation of the incredible effect the HTC can have on communities.
Established in 1856 by James Abernathy and siblings William and John, the Abernathy Furniture Company was one of Kansas’ earliest and most successful businesses. The factory was an expansion building built in 1926, with a couple of additions completed in 1967 and 1992. The original four building expansions enabled the Abernathy Furniture Company to double its production capacity and continue manufacturing and distribution while many local competitors were closing operations. The new plant was strategically situated adjacent to the Missouri River and rail line, further equipping the company for growth and success. Without the factory expansion, the Abernathy Furniture Company could not have risen to the prominence that it did. The company remained one of the largest manufacturer’s in Leavenworth until the 1940s with the eventual closure in 1950.
In July 2018, Monarch Private Capital partnered with Foutch Brothers to rehabilitate the Abernathy Furniture Factory into The Station Lofts at The Riverfront, a contemporary loft development consisting of more than 130 market rate apartment units. The conversion of the semi-blighted property into a vibrant community, boasting top-notch amenities in a great location, has had a notable impact on the area. Located near Fort Leavenworth, the development provides more quality housing options for military staff as well as those in training.
During rehabilitation, the history of the Abernathy Furniture Factory was preserved. Now, the heritage and culture of the area shines through even brighter than before, and the future is just as bright. With the help of the Historic Tax Credit, places like downtown Leavenworth are liberated and transformed into thriving and prosperous communities with endless possibilities.
About the Developer
Foutch Brothers work to improve the economic impact in existing cities by utilizing tax dollars, constructing new buildings in existing communities that will radically improve the experience for all who utilize them. Since 2004, Steve Foutch has led the Foutch Brothers company in producing over 3,000 living units at a cost of over $300 million. The company now has another $100 million under development & construction. Strong vision and integrity are reflected in all of the Foutch Brothers properties which show a dedication to quality housing for all ages and incomes, solving difficult building re-purposing opportunities, and even new venues in sports and fitness centers. The company has saved millions of tax dollars that could be spent on other city improvements.