Smartly reimagined Professional Building in Olde Towne part of ongoing revitalization efforts
It was a sunny fall day in Olde Towne, Portsmouth as elected officials and community members gathered on the corner of High and Washington Streets to celebrate the completed renovation of the historic Professional Building at 505 Washington, which is also the building’s new moniker.
“Professional buildings like 505 Washington Street are where small businesses are born, ideas are exchanged and people come together to create opportunities,” said Portsmouth Mayor Shannon Glover in his remarks before the ribbon cutting-ceremony. “This is what we are after here in Portsmouth and the Professional Building at 505 Washington Street takes us one step closer to that shared goal.”
The project is part of ongoing revitalization efforts in the Downtown Portsmouth corridor, and the leadership behind the historic rehabilitation see it as an example of how preservation tax credits can be “a valuable tool for developers of all sizes to rehabilitate neglected or vacant properties for the of benefit of local communities.”
REBUILT TO LAST: Historic tax credits were used in renovating 505 Washington, originally built in 1929, which now includes 42 apartments and street-level retail
The hope is that it will inspire further development, attract new businesses and foster cultural vitality in one of the region’s most historic neighborhoods and Portsmouth as a whole. 505 Washington is also designed help address a shortage of housing for the area’s military and civilian workforce.
Built in 1929, 505 Washington is a 41,500-square-foot, seven-story art deco-style building. It has been reimagined to include 36 one-bedroom and six two-bedroom modern residential apartments, which occupy the upper six floors and feature high-end appliances and amenities with rental prices ranging from $1,200 to $1,850 per month.
The renovation also includes attractive street-level storefront retail and commercial spaces available for lease. The revitalization effort was led by Lightwell Development, a Norfolk-based real estate development firm focused on historic tax credit renovation work.
Learn more at 505washington.com.
