NEWPORT NEWS, Va. — NEWPORT NEWS, Va— Local, state, and federal leaders gathered in Newport News to celebrate the opening of Shipyard Flats, a new $24.5 million mixed-use historic property that will add commercial space and 91 new housing units in the heart of the city.
Formerly a department store and office building for Newport News Shipbuilding, Shipyard Flats now boasts two commercial storefronts totaling 2,200 square feet along with 86 one-bedroom units, four two-bedroom units, and one studio apartment featuring amenities like stainless steel appliances, granite counter tops, as well as included utilities and onsite parking. Rent ranges from $1,299 to $1,899 per month.
Virginia-based Monument Companies redeveloped the 81,000 square foot historic property at 2800 Washington Avenue, which was originally built in 1947, with the help of state and federal historic tax credits that enabled the preservation of the historic structure while adding to the commercial and residential tax base of Newport News. Without these tax credit programs, many buildings like this would face demolition or neglect rather than reinvestment and transformation.
"At The Monument Companies, we specialize in breathing new life into Virginia's beautiful historic structures," said Chris Johnson, principal at The Monument Companies.
Johnson said this property has had many lives as a community anchor department store and as part of Newport News historic shipbuilding industry.
"This is a massive industrial complex, so to have housing that's affordable, that's close by, not only increases the quality of life and the culture of this area, it also makes it easier for the shipyard workers," said Mayor Phillip Jones. "So the goal, my goal honestly is if you work at the Newport News Shipyard, that you live in Newport News."
Jones added he will continue to prioritize housing near key employers to support the maritime industry and defense workforce.
