Shipyard Flats, a $24.5 million apartment and retail complex, opens in downtown Newport News
Shipyard Flats, a $24.5 million apartment complex with commercial space, opened in the heart of Newport News on Thursday.
The Monument Cos. in Richmond redeveloped the 81,000-square-foot property at 2800 Washington Ave. downtown with the assistance of state and federal historic tax credits. The property, dating back to 1937, once functioned as Montgomery Ward and Grants department stores before its use as an office building for Newport News Shipbuilding.
“We are proud to help write the next chapter in this building’s history as a beautiful and unique place to call home,” said Chris Johnson, principal and co-founder of The Monument Cos.
The pet-friendly community, 30% leased, features 91 apartments with 86 one-bedroom units, four two-bedroom units and one studio. Rents range from $1,299 to $1,899 per month with utilities and on-site parking included. Johnson noted it’s unique in the market to create a single payment for residents.
Shipyard Flats also has two commercial storefronts totaling 2,200 square feet available for lease. Legend Property Group, a subsidiary of The Monument Cos., manages the property.
Johnson highlighted how Newport News, with its Economic Development Authority, is proactive in getting state and national historic districts designated to drive economic development in its urban centers.
“It creates housing, jobs and opportunities and is a model that other localities really should follow,” he said.
The interior of the building underwent a complete rehabilitation while the historic nature of the building was preserved on its exterior, Johnson said. A large atrium was created to bring in plenty of natural light.
“We reintroduced the original facade along the front with (an) all-new storefront mimicking what it looked like back in the day,” Johnson said. “We tried to respect the history of the building while also bringing it back to a current-day use.”
The project began two years ago. The original building was constructed in 1937 as a Montgomery Ward department store, and another store building, for W.T. Grant, was added in 1949. The developer purchased the property for $3 million from the city.
Mayor Phillip Jones said in a release that Shipyard Flats reflects the kind of public-private partnership that’s strengthening Newport News’ economic foundation.
“It expands housing options near key employers, supports our shipbuilding and defense workforce, and helps create a more connected, livable Downtown for residents and workers alike,” he said.
The Monument Cos.’ previous projects in the region include 10 in Norfolk’s Railroad District, the Seaboard Coastline Building in Portsmouth and the former Virginian-Pilot building in downtown Norfolk.
Shipyard Flats is the company’s first project in Newport News, and Johnson said it is exploring other opportunities.
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@pilotonline.com
