Historic buildings have a lot of contribution for the development of a city: The primaryrncontribution of these historic buildings shows cities’ pasts, continuity of change through time,rnperiods of ascendancy of remarkable events, or ruptures in the urban fabric as a result ofrnconflict or transformation. It has also contribution for the present generations to understandrntheir place in history and to better cope with the constant mutations in society. On the otherrnhand, income generated from tourists and Architectural values are secondary contribution of thernhistoric buildings. This study consequently attempts to assess the status of historic buildings andrntheir contribution to the development of the capital city Ethiopia with five specific objectives.rnTo attain the objectives, the study employed percentage distribution followed by simple randomrnsampling and selected 35 historic buildings found in 10 sub-cites of Addis Ababa, unfortunately,rnup on the process of sampling it has been discovered that one of the sample historic buildings isrnfound demolished therefore, only 34 historic buildings are taken for the analysis. For the tourrnoperators simple random sampling was employed and 19 tour operators were selected. The datarnobtained from in-depth interview and personal observation was analyzed qualitatively and therndata from the survey was analyzed qualitatively as well as quantitatively.rnAccordingly, Different issues like awareness of responsible owners, tour operators and heritagernexperts in each sub-cites, economic contribution, maintenance and future prospects of historicrnbuildings were analyzed and the findings showed that the majority of responsible owners are notrnaware of rules and regulations that they should follow during the maintenance. As the result,rnmost of the buildings are not well maintained .Moreover, none of the responsible owners whorntried to maintain the building did not get financial support and there is no maintenance theyrnknow done by AACTB, those who don’t have the finance to maintain the buildings face differentrnproblems in addition to this, none of the sub –cites tried to aware the responsible owners aboutrnhow to maintain these buildings. Moreover, these sub-city experts didn’t get any awareness fromrnthe responsible authorities. The study result also indicates that, only few historic buildings arernknown by the tour operators which imply less contribution to the development of the city. Withrnregard to future prospect of the buildings, there is lack of coordination between planningrninstitutions, Addis Ababa Culture and Tourism Bureau and the sub-cities. As a result therndevelopment activities and heritage conservation are not going with the same pace.rnTo conclude, the study recommended adopting a general policy, hiring professional expertise,rnconducting frequent technical studies and researches would help the historical buildings to getrnprotection from the concerned bodies and also preparing different fund raising programs likernmusic concerts and exhibitions to promote and to gain money for the conservation of thernbuildings, beside designing current constructions in a way architecturally reflecting oldrnhistorical buildings believed will help the next generation understand how unique these historicrnbuildings are