If I'm wrong, I'm sure that one of the DYes historic preservation people will correct me, but I think that the Financial District does NOT have any kind of local historic designation except for maybe a couple of individual buildings. Instead, the recently publicized designation is a federal designation. Contrary to what some folks have stated, the Historic District Commission does not have authority or jurisdiction over any work or renovations in a historic district that only has a federal National Register designation.

The federal designation does not prevent an owner from doing anything to his/her/its building [[including demolition) as long federal funds are not being used and/or historic rehabilitation tax credits are not involved. In that case, the State Historic Preservation Office and the National Park Service get involved with oversight and approvals. But right now, if the current owner wants to paint the Penobscot building pink, they can get started tomorrow.

The National Register listing is a good thing that has created the potential for the availability of tax credit financing for owners interested in making capital improvements. The designation has made every building in the district more valuable. The Lafayette Building's potential restoration would have benefited from inclusion in the National Register designation but the DEGC had too many demolition dollars burning a hole in its pocket to exercise the patience to wait on the market recovery.