Breeden Extends M-F Pipeline to Portsmouth
- Jun 18, 2015
The Hampton Roads area is getting another apartment community. On June 11, the Breeden Co. closed the acquisition of a 2.5-acre parcel at 800 Crawford St. in Portsmouth. Breeden plans a build a $17 million multi-family project by next summer.
Breeden’s $1 million purchase capped almost three years of work with Portsmouth’s Economic Development Authority. The site will become the home of Harbor Vista at Crawford Street, a five-story apartment building.
The new community will offer 134 one- and two-bedroom apartments, as well as a state-of-the-art fitness facility and a roof deck lounge. According to the company, the average rents will be $1,150 per month for one-bedroom units, and $1,450 for two-bedroom apartments.
Breeden did not reveal a date for the groundbreaking but reported in a statement that Mayor Kenny Wright will attend. The company also said that it plans to follow Harbor Vista with a $25 million multi-family project at the North Pier site, which sits adjacent to nTelos Wireless Pavilion.
Breeden plans to begin work on the project after closing on the acquisition of the site in the summer of 2017. Between them, the sites are expected to generate more than $475,000 in annual revenue for the city coffers.
The Portsmouth projects expand Breeden’s development pipeline in the Hampton Roads area. At the start of the year, the company broke ground on projects in Newport News and Virginia Beach. Representing a $55 million investment, they will deliver almost 300 units to the area.
Photo credit: The Breeden Company