Buying Time for Heritage: How to Save an Endangered Historic Property (review)

North Carolina is well known for its vernacular architecture, from rural farmhouses and tobacco barns to small town schools and industrial mill villages. Since 1939, preserving these historic places has been the mission of Preservation North Carolina (PNC), which established the nation’s first statewide revolving fund for endangered properties in the late 1970s. Since then, PNC has become perhaps the nation’s premiere statewide nonprofit for historic preservation advocacy and leadership.

Buying Time for Heritage explores PNC’s experience in preserving endangered properties. Written by J. Myrick Howard, the nonprofit’s president since 1978, the book provides a broad overview of PNC’s work with nearly five hundred historic properties across the Tarheel State. Howard shares the organization’s remarkable story in an engaging writing style that is easy to read and compelling. He gives detailed examples of particular case studies that elaborate his points and show how the group’s strategy worked (or didn’t work in some cases).

Howard shares how PNC has been so successful in accomplishing its mission, resulting in more than $200 million in private investment across the state thus far. Far more importantly, Howard provides the reader with an in-depth look at how other organizations can learn from PNC and what they can do to preserve endangered historic properties in their own areas. He lists inventive solutions what pitfalls to avoid, and precisely how to go about saving endangered properties.

Howard notes that “fundamentally successful historic preservation is an exercise in dealing with real estate” (9). Moreover, successful preservation organizations, such as PNC, have developed considerable expertise in real estate. Creating museums is no longer the preservation solution of choice, although sometimes it is a viable option; PNC owns four museums itself, including the Bellamy Mansion in Wilmington. Today’s preservationists, however, are more likely to talk of economic impact, community revitalization, revolving funds, tax laws, heritage tourism, and zoning, rather than how to open a museum.

Succeeding chapters detail strategies for dealing with real estate, from criteria for selecting properties to how to protect the property legally with covenants, easements, and so forth. As Howard explains, buying time is the most important thing that a preservation organization can do to save an endangered property. This seasoned guide provides insight into methods to maximize efforts to secure time in order for creative preservation solutions to be developed, for deals to be brokered, and for partnerships to be created.

However, one of the biggest problems for most preservation organizations is lack of capital. Lack of funding and risk aversion typically prevents organizations from getting involved in real estate and “buying time.” This fear is unfounded, according to Howard. To answer the doubters, he provides a comprehensive listing of creative alternatives for acquiring historic property, without having much, if any, capital. These include options, donations, bargain sales, transfers, leases, loans, life estates, preservation easements, contract provisions, as well as feasibility studies and fundraising. He also gives examples of how each alternative has been implemented in North Carolina.

Howard then discusses the pros and cons of buying historic properties, typically the last resort after considering the other alternatives. PNC asks two simple questions before buying property: Is the property truly significant? And will its preservation spur additional renovations? If the answers are yes, then they move forward. If the answers are no, then it is probably wise to let the property go and concentrate on another, more viable project.

One of the most compelling parts of the book is Howard’s advice on marketing endangered properties, particularly unusual properties such as historic schools and industrial mill villages. PNC has become especially savvy at marketing its properties and with more than thirty years practice the organization has much experience to offer other groups. From how to use the media to how...