The Breeden Co. closes on land for luxury apartment project in Portsmouth
The Breeden Co. said Monday that it has closed on 2.5 acres at 800 Crawford St. in Portsmouth where it plans to build a 134-unit luxury apartment community.
According to Breeden, the contract to purchase the land had been in the works for nearly three years with Portsmouth’s Economic Development Authority. Now that the transaction has closed, the Virginia Beach-based real estate services company said it plans invest $17 million in a five-story project that will be called Harbor Vista at Crawford Street.
The company expects the project to be ready to rent by the summer 2016. The community will feature a fitness facility and a roof-deck lounge that overlooks a marina.
The one- and two-bedroom apartments will offer amenities such as 9-foot ceilings, granite countertops, and pendant and recessed lighting. Breeden estimates average rents to be $1,150 for one-bedroom apartments and $1,450 for two-bedroom units.
The company said it expects to follow the project with another luxury apartment community at the North Pier site that sits adjacent to the nTelos Pavilion.
It plans to purchase the North Pier site for $2 million in summer 2017, investing $25 million in the second project. According to the 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 Co.’s Enriched Lifestyle brand. 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 this year.
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 1,100 units. Breeden Construction will be the general contractor for all projects.
Breeden Property Management, Breeden Realty and Breeden Construction are the three major subsidiaries of The Breeden Co. Together they have a combined portfolio of nearly 10,000 apartments, more than 2 million square feet of retail and office space, and an additional 1,700 residential homes.