Fox Theater Case Summary

The following research is based on a case study done by the Urban Land Institute. Preservation Ventures, the project’s original developers, began renovating the five Victorian homes that were already at the site in 1982. To fund this project, Preservation Ventures used the Federal Historic Preservation Tax Credit as a source of equity to redevelop the site's five structures. The Federal Historic Preservation Tax encourages private developers to invest in the rehabilitation of historic buildings. It provides a 20% income tax credit for income producing sites that are “historic certified structures” according to the Secretary of the Interior. By 1986, however, none of the office space had been leased even though the renovations were almost complete. Another financial problem that Preservation Venture's faced was the changes in the federal tax code and regulatory stipulations that made it difficult to secure historic preservation tax credits for rehabilitating structures that had been relocated. These issues ultimately made it clear that they wouldn’t be able to work on the remaining 11 structures. After Preservation

The theater thrived with various movies and performances until the surrounding area began to decline in the 60s and forced the theater to close down. After that, the building faced a lot of abuse and was almost torn down before being put on the National Register of Historic Places in 1979. The group that saved it was the Oakland Heritage Alliance because, according to Nancy Schiff, a board member, they believed that they could advocate for its preservation. The redevelopment agency acquired the building in 1996 with the hopes of restoring it as a centerpiece of the arts district to help revitalize the surrounding area. The process was lengthy and complex, but the building has provided much needed economic and social benefits to the