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Historic Tax Credits Stall $34M Development, 'The Garage'

Plans to convert a downtown Buick dealership-turned-parking garage into luxury apartments and condos are idling. Since the IRS now decides how federal tax credits are doled out to historic properties, developers nation-wide are playing a waiting game. The Garage is a $34 million project by Marcel Wisznia – the same guy behind The Maritime, Saratoga, and Union Lofts. He bought the building in 2007 and says the financing is set to go but he could be stalled out 'til the end of the year or early 2014. If The Garage ever comes to fruition, plans call for vehicle elevators so residents can drive to the floor they live on, and remote-controlled "garage doors" that open between the living room and bedroom.
· Downtown project on hold with tax credits in limbo [City Biz, sub. req.]
· The Garage [official]