Portsmouth, VA, (January 28, 2025) Developer Woda Cooper Companies, Inc. hosted a groundbreaking ceremony today to celebrate the construction start of Bains Pointe, a new 50-unit affordable housing community located at 1100 High Street in Portsmouth.
Bains Pointe was named in honor of Eliza Bains, a Portsmouth hotel worker who assisted enslaved people escaping to the north on the Underground Railroad. Bains Pointe was supported by the City of Portsmouth and has been endorsed by multiple community and neighborhood leaders and organizations.
“Bains Point is not just another housing project… It is a commitment to the future of Portsmouth and is a testament to our shared values, our dedication to progress, and our unwavering belief in the strength of the community,” said Portsmouth Mayor Shannon Glover. “Affordable housing is not merely a need but a fundamental right. Every individual and every family deserves the opportunity to live in a safe, stable, and welcoming environment.
The land was purchased from the Portsmouth Economic Development Authority. “The Bains Pointe apartment community will provide desired housing for our community’s growing workforce and will represent a significant private investment in Portsmouth’s newly established Innovation District,” said Malcolm Mitchell, Chairman. “The Portsmouth Economic Development Authority was pleased to partner with Woda Cooper Companies on the delivery of this project and looks forward to welcoming the new residents it will bring to our city.”
Bains Pointe, in partnership with Bay Aging, will serve general occupancy residents at a mix of incomes up to 80% area median income. Rent ranges are projected at $400 to $1315 depending on size of unit and income restriction.
The Portsmouth Redevelopment and Housing Authority will provide project-based rental assistance for eight units. These units will be targeted for individuals or families that are homeless, at risk of homelessness, or who have multiple barriers to independent living. STOP Inc., a well-established local community action agency, will coordinate support services for these units and all residents.
As part of planning for Bains Pointe, staff for Woda Cooper and STOP participated in the Supportive Housing Institute taught by the Corporation for Supportive Housing (CSH). The Institute was sponsored by the Region Five community services board collective who also provided a grant to offset a portion of the development costs for Bains Pointe.
Bains Pointe will offer 39 two-bedroom apartments and 11 three-bedroom apartments with spacious, open layouts, quality finishes, such as luxury vinyl tile flooring, plenty of storage, and energy-efficient features and appliances, including dishwashers. The entire property will meet universal design guidelines. There will be barrier-free entrances and an elevator to enable residents and visitors to easily move throughout the facility. Several units with offer features for residents with mobility challenges or sight/hearing disabilities.
Community spaces will include a community room w/kitchenette for gatherings, a supportive services office, telehealth space, a fitness room, and a central laundry facility, in addition to washer/dryer hook-ups in every unit. Outdoor amenities include a playground and covered seating areas. Bains Pointe will have an onsite manager, maintenance technician, and case manager to assist residents.
“Bains Pointe benefits from strong public-private partnerships to serve Portsmouth residents in need of quality affordable and maintenance-free housing options while honoring one of Portsmouth’s historic heroes, Eliza Bains,” said Bruce Watts, Woda Cooper’s Vice President – Development and Chief Diversity Officer. “Bains Pointe builds on the success of Woda Cooper’s Holley Pointe on Effingham Street in helping Portsmouth residents to attain and live an independent quality life.”
Primary financing was made possible through the allocation of housing tax credits to Bains Pointe by Virginia Housing. “Virginia Housing is proud to support this transformative affordable housing development through our tax credit program,” said Stephanie Flanders, Director of Tax Credit Programs at Virginia Housing. “It reflects our commitment to ensuring individuals and families have access to safe, quality and affordable housing in Portsmouth and across the Commonwealth.”
Truist Bank invested in the tax credits via its affiliate Truist Community Capital. Truist also provided the construction loan. “Truist is proud to support the development of Bains Pointe. This project exemplifies the impact of strong public-private partnerships in creating high-quality, affordable housing that honors the rich history of Portsmouth,” said Keitt King, President of Truist Community Capital. “At Truist, we are committed to advancing affordable housing solutions as part of our purpose to inspire and build better lives and communities.”
Cedar Rapids Bank & Trust will provide the first permanent mortgage. “Supporting the development of new affordable housing options for seniors is critical in our mission as a lender supporting neighborhoods and communities. We are pleased to provide financial support to Bains Pointe in Portsmouth,” said Michael J. Goerdt, Vice President, Specialty Finance Group, Cedar Rapids Bank & Trust.
A second and third mortgage were provided by Virginia’s Department of Housing & Community Development.
Architect is D.E Weatherby & Associates, with civil engineering by Hoggard Eure, and general contracting by Woda Construction, Inc. Woda Cooper’s management affiliate Woda Management & Real Estate will perform leasing and property management. For more information, call 948-205-5536 or visit www.wodagroup.com.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of 330 communities and 16,000 units operating or under construction. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 8th in nation among Developers and 22nd among Owners in 2024.
