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Historic properties promise numerous economic rewards, including increased property values, federal and local tax breaks and competitive rents. They also act as catalysts for rejuvenating cities and towns nationwide. If restored properly, historic buildings can define a city, said Donovan Rypkema, principal of Place Economics of Washington, D.C. He is also the author of "The Economics of Historic Preservation: A Community Leader's Guide."

"One of the most critical things for cities is to be competitive, and they have to differentiate themselves," he said. "There are many components to that differentiation, but among them, historic buildings are critical. A sizable portion of a sophisticated market-in growth industries particularly-is recognizing that."