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10/02/2012 - PLANNED PORTSMOUTH APARTMENTS REACHES MILESTONE TOWARDS CONSTRUCTION

Planned Portsmouth Apartments reaches Milestone towards Construction

Planned Portsmouth Apartments reaches Milestone towards Construction



FOR IMMEDIATE RELEASE:

Planned Portsmouth Apartments reaches Milestone towards Construction


Virginia Beach, VA – October 2nd, 2012 – The Breeden Company is making progress with their plans to develop approximately 320 luxury apartments in Portsmouth. The plan calls for development across 5 acres on two parcels which are located near the downtown waterfront.

The first parcel is a concrete slab behind the nTelos Pavillion called the North Pier, while the second parcel is the former Desks Inc. site located at the corner of Bart St. & Crawford St. The properties are under contract with the Portsmouth Economic Development Authority. The redevelopment of the North pier site is critical for making the transaction successful.

The Economic Development Authority and The City of Portsmouth have committed to redevelopment of the property. This commitment was instrumental in moving the process forward. Construction is targeted to begin in the fourth quarter of 2013.

About The Breeden Company

For nearly half a century, The Breeden Company has built a solid reputation in the residential, multi-family, commercial, construction and resort development industries. The company has developed, built and operated over 6,000 apartments with an additional 720 units under construction and 1200 planned units, two million square feet of commercial shopping center, and 1,700 residential homes. The organization’s diverse business model and successful track record has made The Breeden Company a leader in the real estate industry.

Media Contacts:
The Breeden Company
Barry W. Tomlin
Vice President of Operations and Marketing
The Breeden Company
757-486-1000
Barryt@thebreedencompany.com