Founding principals of US Development Tom Prioreschi (CEO), David Bryant (president), and Jeff Prioreschi (executive vice- president) Three Columbia real estate developers have joined forces under the name US Development, but the three have worked together before. David Bryant, Tom Prioreschi, and Jeff Prioreschi are known locally for their downtown, in- fill work. And their new venture, US Development, plans to be known nationally for their downtown, in- fill work, beginning in the Southeast.

Bryant helped create a new downtown at an out- of- town location with Lake Carolina. Following Lake Carolina, Bryant managed his GranDevine condominium conversion of the apartments carved out of the old Schneider School in Shandon. The condo conversion was a quick sellout.

Tom Prioreschi and his son Jeff are famous on Main Street for the Barringer Building Apartments, the Kress Building Apartments, 1520 Main Street Condominiums, and other projects, to include street- level retail such as the Gotham Bagel Café across Main Street from the Columbia Museum of Art.

The former city fire station at the corner of Park Street and Senate Street has been planned, designed, even leased, and now the players and the Prioreschis are chasing financing.

Financing in historic preservation projects carries an interesting twist, something similar to what can happen with affordable housing and what the IRS calls New Market developments. All three categories can qualify for tax credits, incentives to save historic structures and put them to good use, to provide affordable low- income housing, and to inject mixed- use and retail variety into neighborhoods otherwise shunned by investors.

In Columbia, attorney Steve Benjamin is working with tax credits on affordable housing near the River Drive/Broad River Road bridge. The Columbia Fresh Market grocery complex near the Drew Wellness Center was financed with a boost from New Market tax credits. And US Development is planning to specialize in downtown historic preservation readaptations, new uses for old buildings.

Since 1976, the Federal Historic Preservation Tax Incentives program has provided incentives in real estate development involving historic landmark properties. To quote from the American Bar Associations Solo newsletter of a few years ago, "The IRS Code, at Sections 38 and 47, includes provisions for the historic rehabilitation credit which can be utilized in connection with qualified rehabilitation expenses for renovations of certified historic structures.

This Historic Tax Credits program has spurred the redevelopment of more than 30,000 historic properties in the United States. Over $30 billion in rehabilitation dollars have been associated with these projects, providing approximately $6 billion in tax credits for investors."

Taxable corporations can take advantage of the Historic Tax Credit program as investors, providing the corporations with reductions in their income tax liabilities. Recently, it was reported the single largest user/investor involved with Historic Tax Credits was Exxon- Mobil Corporation.

For targeted urban neighborhoods such as Columbia's downtown, a positive note on the use of the Historic Tax Credits program is the five- year requirement. The owner/ developer of a historic property that uses the tax credits to attract investors must retain ownership of the property for at least five years once the project swings into full operation, post- occupancy, or the tax credits will be recaptured. The historic property developers, then, must build quality for the long term.

As complicated as the tax credit approach appears, the three principals of US Development have done it all before locally, and now they are prepared to exercise their expertise regionally and eventually nationally.