Breeden Closes on Highly Anticipated Portsmouth Multifamily Site
FOR IMMEDIATE RELEASE
JUNE 15, 2015
PORTSMOUTH, VA – On Thursday, June 11th, The Breeden Company officially closed on the 2.5 acres at 800 Crawford Street in Portsmouth, VA for a little over $1 million. With a contract that has been in the works for almost 3 years with Portsmouth’s Economic Development Authority, the close is a highly anticipated green light to start breaking ground on the 134 luxury apartment community. The five-story, $17 million investment from The Breeden Company will be called Harbor Vista at Crawford Street and should be available to rent by the summer of 2016.
The community will feature a state-of-the-art fitness facility and a roof deck lounge that overlooks the marina. The one- and two-bedroom apartments will have 9 ft ceilings, granite countertops, pendant and recessed lighting with both carpeted and wood flooring. Average rents estimate to be $1150 for one-bedrooms and $1450 for two-bedrooms.
Mayor Kenny Wright along with Portsmouth's City Council are known advocates for developing Portsmouth’s waterfront. Mayor Wright is expected to represent the city as the honored speaker at the official ground breaking ceremony. This project is expected to be followed by another luxury community at the North Pier site that sits adjacent to the nTelos Pavilion. The North Pier site would be purchased for ~$2 million in the summer of 2017 and would be a $25 million investment from The Breeden Company. The combined real estate taxes on the sites would eventually add $475,707 in annual revenue to city coffers.
Harbor Vista will be one of several additions to The Breeden Company’s national award-winning Enriched Lifestyle brand planned for 2015. The MARQ. in Virginia Beach (264 units), The Village at Westlake in Richmond (252 units) and Eagle Harbor West in Carrollton (208 units) are all Enriched Lifestyle Communities scheduled to break ground in 2015. Additionally, Aqua on 25th Street in Virginia Beach (147 units) and Parkside at Charles Street in Newport News (148 units) broke ground in January. The projects combine for over 1100 units. Breeden Construction will be the General Contractor for all projects.
ABOUT THE BREEDEN COMPANY:
The Breeden Company is a nationally recognized real estate services company with over 50 years of expertise in every facet of the industry. Breeden Property Management, Breeden Realty and Breeden Construction are the three major subsidiaries of The Breeden Company, with a combined portfolio of nearly 10,000 apartments, over 2 million square feet of retail and office space and an additional 1,700 residential homes. Both Breeden Property Management and Breeden Construction are national award winners on their own merit and provide third party services to select clients. Family-owned and operated since 1961, The Breeden Company has grown into one of the most valued real estate development firms on the East Coast.
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DANA E. WILSON
PUBLIC RELATIONS MANAGER
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