Replacing a Cornice

The original terra cotta cornice on our Park Slope cooperative has steadily deteriorated. (It’s more than 100 years old.) Over the past few years we’ve patched the particularly bad spots, but we’re now at a point where we’ll probably have to replace some sections of the cornice, and possibly the entire thing. We would like to replace it with terra cotta and maintain the cornice’s decorative features as much as possible, but the costs may be beyond our budget. We’re told that there are replacement materials available, but because our building is in a historic district, we may be limited to what types we can use. What are our options for a cornice replacement that meets the Landmarks Preservation Commission’s approval yet is still relatively affordable?

A cornice
This cornice is made of Fiberglass Reinforced Plastic, a lightweight material used to replace the existing metal cornice.
Cornice Types
Fiberglass Reinforced Plastic Cornices
A Long Time Frame