OVERVIEW
ARTISTSPACE LOFTS is a 226-unit mixed-income apartment community that brings high-quality, affordable housing to Downtown Petersburg. The project represents a $57 million private investment in Petersburg which makes it one of the largest economic development, historic preservation, and arts initiatives in the downtown area in many years. The project provides a new, high-quality housing option for Petersburg’s diverse workforce.
ArtistSpace Lofts represent a unique partnership with The Cameron Foundation, which is helping to make 50 artist live-work lofts an available option to Petersburg’s growing arts community. Galleries and artist studios for commercial lease are included in the project. Click here for more information regarding the designated artist lofts.
HISTORIC CONTEXT
Located just south of Petersburg’s Old Towne historic district this development is an adaptive reuse of two adjoining buildings located on the sprawling Brown & Williamson Tobacco Corporation complex, which was Petersburg’s largest employer and taxpayer until the facility closed in 1985. The “Old Perry” building adjacent to Wythe Street was constructed in 1913-14 and housed a tobacco shipping and cigarette making operation. The “New Perry” building, across from Gillfield Baptist Church, was constructed as an addition to the facility in 1966. ArtistSpace Lofts is bringing this historical landmark back to life. With new purpose as high-quality, affordable housing for Petersburg’s diverse workforce and vibrant community, it will add a new chapter to the neighborhood, the City and the Tri-Cities Region.
PROJECT FUNDING
The project is funded in part by an equity investment from Community Affordable Housing Equity Corp (CAHEC) a non-profit based in Raleigh, North Carolina; Moxie Investments Funds, based in Charlotte, NC. Funding also includes bonds issued by the Petersburg Redevelopment & Housing Authority, which were purchased by Cedar Rapids Bank & Trust of Iowa. Grant funding by Local Initiatives Support Corporation (LISC) and The Cameron Foundation for the artist live-work component. Artspace Consulting a division of Artspace Projects Inc. based in Minneapolis, Minnesota consulted on the artist unit and spaces component of this project.