Richmond, Virginia, incorporated in 1742, has the distinct honor of being America’s oldest major city. Patrick Henry, one of the US Founding Fathers, famously declared at St. John’s Church in Richmond, “Give me liberty or give me death,” leading into the Revolutionary War. Today, Richmond is a thriving metropolis with a population of almost 224,000. Like most cities, Richmond saw a sharp decline in the economy during the recession of 2009. Although the economy has been rebounding since 2010, and unemployment is steady at 4 percent, quality, affordable housing is still in high demand. Given this, the rehabilitation of Port City is a perfect addition to this bustling community.
Adaptive Reuse: 134 Units
Private Equity Investment: $12,896,626
Local Jobs Supported: 165
Local Government Revenue: $1,116,180
Projected Ongoing Annual Effect:
Local Jobs Supported: 41
Local Government Revenue: $595,350
Port City, located just south of the James River in downtown Richmond, is the first phase of the adaptive reuse of a former tobacco manufacturing, storage, and research facility. The completed restoration consists of 135 affordable units of housing for families earning 30 to 80 percent of the Area Median Income. The units will be a mix of 62 one-bedroom/one-bathroom units, 3 one-bedroom/ one and a half bathroom units, 69 two-bedroom/two- bathroom units, and 1 three-bedroom/two-bathroom unit. The units will feature full kitchens, washer and dryer connections, wood or stained concrete floors, and internet service. In addition, the development will include a community building, car wash area, business center, fitness center, picnic area, and dog run.
The development of this project was a joint venture between the Mary Day Wilkinson 2013 Irrevocable Trust (Tom Wilkinson performed development work), Walter Parks, Dr. Christian Shield (Caduceus Development, LLC), Petersburg Community Development Corporation, and Vie Lowden. The property will be managed by S.L. Nusbaum Realty Company. Residents have access to an abundance of desired services including schools, a hospital, grocery stores, and public transportation. The newly renovated buildings located on 4 acres of a larger 11-acre historic tobacco warehouse complex brings high quality, affordable apartments to a neighborhood that needed it the most. Residents will be able to enjoy their beautiful, safe homes for many years to come.