Officials Celebrate New Virginia Development
Woda Cooper delivers LIHTC property in Portsmouth. (Photo: Lecretia Truesdale, Myavision Photography)
August 16, 2022
A 50-unit development is bringing new housing opportunities to downtown Portsmouth, Virginia.
Developed by Woda Cooper Cos., Holley Pointe provides two- and three-bedroom apartments for households earning between 30% and 80% of the area median income. The development also features a 6,500-square-foot commercial space on the first floor.
“With the country’s inflation rates at an all-time high and the economy still reeling from the impact of COVID-19, affordable housing is even more critical today than in the past,” said mayor Shannon Glover. “Affordable housing is important to families, communities, and cities around the region. Not only does it provide a roof over the heads of its tenants, but decent affordable housing creates pride in one’s community, reduces stress, and promotes heathy living. It provides people with a sense of well-being.” Holley Pointe was named in honor of the late mayor Dr. James Holley III, who was a leader in developing the city’s downtown waterfront area.
Rents are $350 to $1,135 per month depending on the unit size and income restriction.
Community support was vital for planning and development in Portsmouth, according to Bruce Watts, vice president of development at Woda Cooper. “Holley Pointe offers families and singles, who are enlisted in the Coast Guard or part of the workforce at the Naval Shipyard or the Naval Hospital and other employers, affordable and safe homes with modern amenities and on-site management to assist residents,” Watts said.
The development is expected to be certified EarthCraft Gold by Viridiant. Residents pay low monthly utility bills due to the green building methods, including energy-efficient kitchens, heating and cooling systems, windows, and water-saving bathroom fixtures.
Financing for the $11.5 million development included low-income housing tax credits allocated by Virginia Housing. “Virginia Housing is proud to take part in the Holley Pointe property and help sustain affordable housing in the Portsmouth community with these 50 units. Helping communities thrive through affordable rental units is key,” said Art Bowen, managing director of rental housing at Virginia Housing.
Wells Fargo invested in the tax credits and also provided a construction loan. “The demand for safe, quality, affordable housing continues both here in Virginia and around the nation, and it remains a top priority for us,” said Brandon Weber, vice president for community lending and investment at Wells Fargo. “This beautiful new space will add vibrancy and diversity of life to this neighborhood, and Wells Fargo is extremely proud to have played a role in the development of Holley Pointe.”
Cedar Rapids Bank & Trust was the lender for the permanent debt.
The architect for Holley Pointe is Hooker DeJong Architecture with general contracting by Woda Construction. The civil engineer is Hoggard-Eure Associates, and the structural engineer is Speight Marshall Francis. Woda Cooper’s management division oversees day-to-day operations at Holley Pointe.