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Revamped 1920s building adds workforce housing to Portsmouth

Revamped 1920s building adds workforce housing to Portsmouth

City leaders hope 505 Washington St., formerly known as the Professional Building and revamped as apartments and retail space, can attract more investment to downtown Portsmouth.

State historic rehabilitation and preservation tax credits attracted Tim Foley of New York City to invest $15 million in four downtown Portsmouth properties, including the Professional Building. Foley spent time in Norfolk during the pandemic, became interested in the district and switched careers to capitalize on the potential of historic property renovation. His firm, Lightwell Development, also renovated the former YMCA and Virginia National Bank buildings nearby.

505 Washington St., a seven-story art deco-style structure built in 1929, now offers modern apartments, including 36 one-bedroom and six two-bedroom units on the upper six floors, according to a news release. Eight retail spaces on the first floor are available for lease.

Tim Foley and Lightwell Development renovated the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)
Tim Foley and Lightwell Development renovated the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)

City officials, residents and dignitaries celebrated the building’s renovation on Oct. 2.

“In a city like Portsmouth, historic tax credits are essential for driving the kind of investment we need to revitalize our communities,” House of Delegates Speaker Don Scott said during the presentation. “The transformation of 505 Washington is a perfect example of how these credits can be used to breathe new life into iconic structures that would otherwise be left vacant. This project shows how public resources, combined with private investment, can create opportunities that benefit the entire city — from modern residential spaces to commercial storefronts that will help energize the Downtown corridor.”

Scott and Mayor Shannon Glover said the project added much needed housing to the area near the city’s innovation district, which aims to attract innovative and creative businesses and workers.

“This opportunity is the new model for the city of Portsmouth,” Glover said.

For more information, visit 505washington.com.

Tim Foley of Lightwell Development shakes hands with state Sen. Louise Lucas at an Oct. 2 ceremony celebrating the renovation of the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)
Tim Foley of Lightwell Development shakes hands with state Sen. Louise Lucas at an Oct. 2 ceremony celebrating the renovation of the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)
Tim Foley and Lightwell Development renovated the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)
Tim Foley and Lightwell Development renovated the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)
Tim Foley and Lightwell Development renovated the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)
Tim Foley and Lightwell Development renovated the Professional Building at Washington and High streets into apartments and first-floor retail space in downtown Portsmouth. (Courtesy of Rob Ostermaier/Consociate Media)

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