A 119-year-old apartment complex in the Ghent neighborhood of Norfolk has a new owner who plans to elevate the property while keeping its historic charm.
Lightwell Development, a New York City-based real estate development firm focused on historic tax credit renovation work, bought Pelham Place at 521 Boissevain Ave. in September for $9.15 million. The firm’s principal owner, Tim Foley, is known for his rehabilitation work in Hampton Roads. He grew up in Northern Virginia and resided for a time in Ocean View.
“Anytime we blend luxury with the historic, it’s really exciting,” Foley said. “People are really drawn to that. They want the modern conveniences, but they like the touch of antiquity.”
His latest project, Pelham Place, was built in 1906 along West Olney Road between Stockley Gardens and Colonial Avenue. The 2.5-story Tudor Revival brick structures, listed on the National Register of Historic Places as part of the North Ghent Historic District, appear as rows of old English cottages. Pelham Place was originally built as a hotel to support the 1907 Jamestown Exposition world’s fair event at Sewells Point (now Naval Station Norfolk) to celebrate the 300th anniversary of the first permanent English settlement in America.
After the fair, the units were rented as townhome apartments. The property, sold several times over the years, was converted to 74 apartments in 1961.
But time has not been a friend to the building, and now 14 of those units are hard to live in, Foley said.
“The renovations that were done before were very much like patch and lipstick — not solving the problem,” he said.
The intent of the purchase is to bring them up to a luxury standard in a vintage building, Foley said.
“That’s generally my concept and what I do,” he said.
The units include 34 studio and 40 one-bedroom apartments. Foley’s plans include the conversion of 16 one-bedroom units into three-bedrooms and the addition of two more apartments. The overall bedroom count will increase to 109.
“I think we’re adding a good amount of inventory,” he said.
The yearlong renovations include new kitchens, bathrooms, flooring, window repair, new roofs, new heating and central air conditioning, and installation of washer and dryers in each unit.
“You won’t see a difference to the general feel of the place,” Foley said.
Lease renewals are not being offered to current residents so the renovations can get underway, he said. Applications for tenants should start by next summer or early fall. The cost of each unit will be at or about market rent.
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@pilotonline.com
