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The Lofts at East Point

Situation: Suffolk leaders condemned the three-part EastPointe Plaza—an eyesore for years—and solicited proposals to redevelop the abandoned complex. Suffolk native Tom Powell, with the Addison Group, submitted the winning proposal on how to spur growth and reinvestment in this part of the community. To Tom, the building represented how vibrant the area once was, and an opportunity to convert the former movie theater and warehouse into condominiums, retail, and offices, plus a space for his advertising agency.

Challenges: Tom had the marketing talent to envision the future of EastPointe Plaza, but he needed development expertise, particularly as the economy took a downturn in late 2008. His architectural partner recommended Monument, and we immediately recognized the complex as a diamond in the rough. With lowering needs for retail, our market study confirmed an emerging opportunity for apartments with contemporary features: gourmet kitchens, modern finishes, and other high-tech elements. By reconfiguring the project design and limiting commercial space, the team was able to attract financing and tax credits.

Resolution: Construction began in March 2009, with Monument’s design-build process allowing for a fast-track completion. The first tenants moved in less than a year later, and the building was fully occupied by fall 2010.

“The revitalization of EastPointe Plaza is a great example of how downtown can retain and preserve a building’s historic features, while at the same time making affordable housing more accessible. We are extremely pleased that this building in the Fairgrounds District has been preserved in its original beauty, and we thank Monument Construction and Tom Powell for their adaptive reuse of this historic structure.”

- Suffolk Mayor Linda T. Johnson