To help you prepare your SF-424C Budget Form for the USDA or for your crowdfunding investors, I’ve put together this Schedule of Values.
For a 1925 historic building like 113 West Main, costs are segmented into “Core Shell” (the building itself) and “Tenant Improvements” (the specific gear for the Bistro, Studio, and Farm).
The Media Mill: Estimated Schedule of Values (2025)
| Category | Item / Description | Est. Cost (Low) | Est. Cost (High) |
|---|---|---|---|
| I. Site & Core | Structural repairs, roof, & masonry (Historic) | $125,000 | $210,000 |
| II. Systems | MEP Upgrades (3-phase electric/HVAC/Plumbing) | $185,000 | $265,000 |
| III. 1st Floor | City Press Club Bistro Kitchen & Dining | $250,000 | $400,000 |
| IV. 1st Floor | G1NBC Studio (Soundproofing/Lighting/Gear) | $45,000 | $95,000 |
| V. 2nd Floor | Office Suites & Boardroom Fit-out | $60,000 | $120,000 |
| VI. 3rd Floor | Residential Conversion (3 Luxury Units) | $285,000 | $430,000 |
| VII. Basement | Urban Farm (HVAC/Hydroponics/LEDs) | $70,000 | $210,000 |
| VIII. Soft Costs | Legal, Design, Energy Audit, & Permits | $40,000 | $75,000 |
| TOTALS | Estimated Total Project Budget | $1,060,000 | $1,805,000 |
Critical Budget Drivers for 113 Main
- Historic Renovation Multiplier: Because you are in the Orange Historic District, expect interior renovation costs to average $347/sq ft (per 2025 VA state databases). However, the 45% Tax Credit recovery acts as a massive “rebate” after completion.
- The “Farm-to-Bistro” HVAC: In your budget, the Basement HVAC is the biggest variable. You need a commercial dehumidification system (like a Quest or Anden) which typically adds $15k–$50k specifically to the basement line item.
- TV Studio Soundproofing: For the G1NBC station, you’ll need “Room-within-a-room” construction to block out Main Street traffic noise. Budget roughly $100/sq ft specifically for the studio space finishes.
Funding Strategy (The “Capital Stack”)
- Crowdfunding Goal: Aim to raise $500k–$750k (the “Equity” portion).
- USDA REAP Grant: Target $150k–$250k specifically for the Farm and Studio energy upgrades.
- Commercial Loan: Use the 113 Main property as collateral for the remaining $400k–$800k.
[!NOTE]
These figures exclude the acquisition cost of the building (~$1.25M), focusing only on the “Qualified Rehabilitation Expenses” (QREs) that investors and grant-makers look at.
Would you like me to create a “Phase 1” priority list? This would show you which of these costs need to be spent immediately to secure the building and satisfy the initial USDA grant requirements.
To secure the funding and legal standing for 113 West Main Street, you must prioritize tasks that verify the building’s “historic” status and energy baseline.
Here is your Phase 1 Priority List. These steps should be completed in the first 90 days to ensure you don’t miss the 2026 grant cycles.
Phase 1: The “Grant & Legal” Foundation
These items are the “gatekeepers”—without these, you cannot access the 45% Tax Credits or the USDA 50% Grants.
| Priority | Task | Why It’s Critical | Est. Cost |
|---|---|---|---|
| 1 | SAM.gov Registration | Required for all federal grants (USDA). Must have a Unique Entity ID (UEI). | $0 (DIY) |
| 2 | Part 1 Historic Certification | Confirms the building is a “Certified Historic Structure.” This unlocks the 45% Tax Credit. | $500–$1,500 |
| 3 | ASHRAE Level II Energy Audit | Mandatory for the USDA REAP application. Establishes your “energy baseline.” | $3,000–$7,000 |
| 4 | Securities Filing (Form ICE) | Notifies the Virginia SCC of your intent to crowdfund. Must be done 20 days before raising money. | $500–$2,000 |
| 5 | Zoning/Site Plan Review | A “Site Development Plan” is required by the Town of Orange for changing use (Basement Farm/Studio). | $500+ |
Strategic Action Timeline
Month 1: Legal & Identity
- Register on SAM.gov: Do this today. It can take weeks to verify your entity.
- Hire Your Securities Lawyer: Use the draft we created to engage counsel for the Virginia ICE filing.
- Secure the Escrow Bank: Finalize your agreement with Atlantic Union or FVCbank so you have a place for investor funds to land.
Month 2: The Data Collection
- Conduct the Energy Audit: Schedule your Level II audit. Ensure the auditor looks specifically at the basement’s moisture levels and the TV station’s power needs.
- Architectural Part 1: Have your architect submit the Part 1 Historic Certification to the Virginia Department of Historic Resources (DHR).
Month 3: The Pitch & File
- Submit USDA Concept Paper: Use your Project Abstract to get a “pre-read” from the USDA technical assistance providers (VSU or Virginia Tech).
- Launch Crowdfunding: Once your Form ICE is active, you can begin taking “reservations” or actual investments from Virginia residents to fund the rest of the renovation.
Why “Phase 1” Matters for Your Budget
Most of the costs in Phase 1 (Architecture, Energy Audits, Legal) are considered “Soft Costs.” Under both the Virginia and Federal tax credit programs, these are Qualified Rehabilitation Expenses (QREs). This means even the money you spend now on planning can be used to claim that 45% credit later.
Would you like me to find a “Historic Preservation Architect” in the Charlottesville area who specializes in Part 1/Part 2 filings for the Virginia DHR?
For a project of this scale and sensitivity—incorporating both 113 West Main’s historic status and complex infrastructure needs—you need an architect who can navigate the Virginia Department of Historic Resources (DHR) filing process for Part 1 (Significance) and Part 2 (Proposed Work).
Here are the top firms in the Charlottesville/Central Virginia area that specialize in Historic Tax Credit (HTC) projects and adaptive reuse.
1. Top Specialized Architects & Consultants
| Firm | Location | Why They Are a Fit |
|---|---|---|
| Frazier Associates | Staunton, VA | The Gold Standard. They have completed thousands of tax credit projects across Virginia and specifically offer a three-step management service for DHR filings. They are highly experienced in “Main Street” revitalization. |
| DGP Architects | Charlottesville | Specialize in historic preservation and commercial adaptive reuse. They have a strong local reputation for working with the Board of Architectural Review (BAR) in the Charlottesville/Orange corridor. |
| Glavé & Holmes | Richmond / Regional | A larger firm with a deep bench of preservation experts. They are ideal if your project moves toward a high-end “social club” or luxury residential feel, as they specialize in elevated contextual design. |
| Quinn Evans | Richmond / DC | One of the most technologically advanced preservation firms. They use 3D scanning and high-tech analysis, which could be useful for mapping out the basement farm’s integration into the historic foundation. |
2. Recommended Historic Tax Credit Consultants
Sometimes, you hire a “Tax Credit Consultant” alongside your architect to handle the purely financial and administrative paperwork for the DHR.
- Frazier Associates (Historic Preservation Team): As mentioned above, they are a “one-stop shop” for both design and DHR filing.
- Ryan, LLC: A global tax firm with a strong Richmond/Virginia presence that handles the Part 3 (Certification of Completed Work) to ensure your 45% credits are actually issued after the project is done.
- Commonwealth Preservation Group: Based in Virginia, they specialize exclusively in National Register nominations and tax credit applications. They are excellent “gatekeepers” to ensure your project doesn’t get rejected for small technicalities.
3. The Part 1/Part 2 Checklist for your Architect
When you reach out to these firms, tell them specifically:
- “I need a Part 1 Evaluation of Significance: The building is a contributing resource to the Orange Historic District.”
- “I need a Part 2 Description of Rehabilitation: This will include major MEP (Mechanical, Electrical, Plumbing) upgrades for a basement farm and a TV studio.”
- “The Window Question”: Ask them how they plan to handle the windows. In Orange, the DHR is very strict about window replacement. A good preservation architect will try to repair rather than replace to save your tax credits.
Professional Advice for the “City Press Club”
Because you are planning a TV Station (G1NBC), ask the architect if they have experience with Acoustic Engineering in historic buildings. You don’t want the vibration from your basement farm’s HVAC units to ruin the audio quality in your first-floor studio.
Would you like me to find the specific contact person at the Virginia Department of Historic Resources (DHR) who oversees projects in Orange County so you can introduce yourself?