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Old becomes new: What's ahead for downtown Portsmouth?
By Erika Craven,
13 days ago
Most people have a favorite part of downtown Portsmouth.
"I like going to the waterfront," said Ernest Harrison of Portsmouth.
For developer Tim Foley, it's the corner of High Street and Washington Street.
WTKR staff High St. and Washington St. in Portsmouth.
"It's part of the webbing of Portsmouth," said Foley, principal owner of Lightwell Development. "I don't know that there's anything that really merits signage, but I think that it's important to preserve that record of the city and of shared experience."
Foley is from Virginia but now works out of New York City.
He's invested $15 million in several old buildings in Portsmouth. Some date back 100 years.
He closed on 505 Washington St., 515-519 Washington St., 527 High St. and 523-525 High St. last year.
The buildings include the former YMCA, the former Virginia National Bank and the building formerly known as the Professional Office Building. Some of the space had been sitting vacant.
Now it's being turned into dozens of apartments, storefront retail space and commercial space – with attention to the original elements.
"It's beautiful," said Foley. "It really is. There's nothing in front of you to the East, I think, down High Street there's nothing next to you. So you're sitting out, you have really cool views of Portsmouth, of Suffolk, of Norfolk."
The project, Foley said, is thanks to Virginia's historic tax credit program.
"It really makes an impact," said Foley. "It allows you to do what you'd call infill development."
Infill development refers to fixing up existing, often underutilized space in an area.
"It's fairly important. You know, at the end of the day the reuse of a building is something we're all going to have to see," said Foley. "We talk about it all the time in commercial real estate. We look at these office buildings – you have the largest building in St. Louis selling for $2.5 million because nobody wants to be there, but what are you going to do with it next? Portsmouth, while it can't grow out, has plenty of space that can be developed."
It's just one step, Foley said, for Portsmouth to really boost the downtown and eventually mesh it with the waterfront.
"I think Portsmouth has the opportunity to really do that and do it well, and I think when that happens you'll see really cool and interesting development plays happening on the waterfront, and I really think it could be one of the better ones in the seven cities," said Foley.
Renovations on the High Street and Washington Street projects began last year. Foley said they're wrapping up soon.
He's looking for an anchor tenant for the commercial and retail space.
Leased apartments occupy 527 High St. and 523-525 High St. Pre-leasing begins soon at 505 Washington.
Foley said some residents and retailers will get into the space as early as this summer.
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