Four New Apartment Buildings To Open In Downtown Portsmouth
The Virginian-Pilot by Patrick Wilson
May 22, 2016
Four new apartment buildings are scheduled to open this year in and around downtown as Portsmouth tries to create an urban living environment for young professionals and empty-nesters.
With information from the city, The Pilot put together a map with an overview of those projects, two that have been recently completed and two under contract.
Tower 507, which has 46 apartments in the former Governor Dinwiddie Hotel, opened in March. Four other new or renovated apartment buildings are to open between spring and the end of the year in a wave involving more than $100 million in private investment by three developers, and no city money.
With its waterfront, restaurants and shopping, and employers such as the Coast Guard and Portsmouth Naval Medical Center, the city is continuing its push for downtown living, said Mallory Butler, the director of the Department of Economic Development.
“We’re capitalizing on a national trend, we’re capitalizing on a regional trend, and we have the fabric right here,” she said. “Everybody’s coming back into the urban areas.”
“The market is there. Financing is there.”
Among the apartment buildings under construction is Harbor Vista, across the roundabout from Portsmouth Pavilion. The $17.1 million investment will include 134 apartments and is expected to be completed by summer.
The biggest of the projects is at North Pier along the Elizabeth River, where The Breeden Company plans to build 187 apartments in a $25 million investment.
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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.
For supplemental multimedia or information please visit: www.thebreedencompany.com
DANA E. WILSON
PUBLIC RELATIONS MANAGER
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