Tim Foley believes in the potential of downtown Portsmouth.
So much so that the principal owner of Lightwell Development, a New York City-based real estate development firm focused on historic tax credit renovation work, invested in four properties in the city totaling $15 million.
“I think Portsmouth is so overdue for this type of expansion and this type of product,” Foley said.
Foley grew up in Northern Virginia and graduated from the University of Virginia. But while residing in the Ocean View section of Norfolk for a year during the pandemic, Foley, a former journalist, said he began to delve into the renovation of historic properties — and switched careers.
Virginia’s historic tax credit program, he said, incentivized him to purchase 505 Washington St., 515-519 Washington St., 527 High St. and 523-525 High St.
The 3,334-square-foot building at 515-519 Washington St. has always been and remains a commercial site. Built in 1966, it contains the restaurant Yoolks On Us and Elizabeth Building & Loan Association.
At 527 High St. sits a four-story, 30,552-square-foot building dating back to 1914. That building, previously home to the YMCA, was converted into 31 apartments in the 1990s. Foley upgraded the units last year. Renovations began last summer and work to the common area is finishing up soon, he said. The apartments are completely leased.
The 10,800-square-foot building at 523-525 High St., built in 1930 and formerly home to Virginia National Bank, is now a mix of commercial and residential. High Street Food Mart occupies the first floor space, and the upper floor has four leased apartments.
Formerly known as the Professional Office Building, 505 Washington is a 37,370-square-foot, seven-story structure built in 1929. Yearlong renovations are nearly complete on the art deco-style building with storefront retail and commercial space on the first floor and residential units on the upper six floors. Leasing will be available soon, Foley said.
The six upper floors were once used as office space, but have sat relatively vacant over the past several years. Foley has converted them into 42 modern apartments featuring 38 one-bedroom and six two-bedroom units complete with a washer and dryer.
“It’s a mid-rise structure, so you’ll get a lot of great views with tons of natural light,” he said.
Residents will have access to a gym at 527 High St. shared with residents of that adjacent apartment building. There is also a common area and off-street parking. Pre-leasing begins this month with occupancy starting in June.
The eight commercial retail spaces on the first floor average 800 square feet.
In the 1960s, dropped ceilings were put in to accommodate air conditioning, which Foley said also took the natural ceiling heights from approximately 16 feet to 9 feet. He has since removed that to restore the original ceiling heights.
“The former storefronts were all sorts of mixed and matched,” Foley said. “What’s coming in is back to the original, uniform antique bronze look with beautiful doors and tempered glass.”
Jeff Parker, senior vice president at Colliers in Norfolk, said the real estate firm is pursuing an anchor tenant that can drive commercial activity to that part of High Street. The firm is targeting general commercial and retail uses, such as restaurants, cafes and shops, he said.
Excited that the project is coming to fruition, Foley said the next step is to get residents and retailers in the space.
“There’s a deep satisfaction that comes from taking something that was once a forgotten corner in the city and turning it into a gem,” he said.
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@pilotonline.com
Most Popular
Comments / 0