Pulaski Lofts

In Pulaski, Virginia, a long-vacant school building has been thoughtfully transformed into high-quality housing through a project rooted in historic preservation, community revitalization, and mission-driven finance. Locus served as the historic tax credit bridge lender, providing a $6.5 million loan to supp ort the adaptive reuse of a former school into Pulaski Lofts, a mixed-income residential community addressing a critical housing shortage in the New River Valley.

Originally constructed in 1937 in the Colonial Revival style, the school once served as an important community anchor before closing and sitting idle for decades. With Pulaski and the surrounding region experiencing steady population growth and rising housing pressure, development partners saw an opportunity to restore the historic structure while meeting present-day housing needs. Rather than demolish the building, the project preserved its architectural character and reimagined it for modern living.

Developed by Echelon Resources and LBD Investments, Pulaski Lofts converts the former school on a 14-acre site into 102 sun-filled lofts and apartments. The redevelopment maintains many historic features, including large, multi-pane windows and original design elements, while incorporating modern systems and amenities. The community includes a mix of one-, two-, and three-bedroom homes designed for working families and young professionals seeking quality rental housing.

The project is financed through a combination of federal and state Historic Tax Credits alongside other public and private capital. Locus’s bridge financing played a critical role in advancing the project by providing flexible capital during the tax credit execution period. The development reflects strong collaboration among private developers, state agencies, and local stakeholders working toward a shared goal.

More than a housing development, Pulaski Lofts represents a meaningful reinvestment in place—one that required navigating the complexities of historic preservation while delivering high-quality, contemporary housing. Randy Cosby, Principal of LBD Investments, highlighted the challenge and impact of the work:

“Transforming historic school buildings like this presents significant challenges, but it’s a very rewarding process. Preserving the unique character of the building while integrating modern amenities requires careful planning and innovation. But the potential impact on the community is immense. By breathing new life into this structure, we’re not just saving a piece of history—we’re providing much-needed housing options for local employees, which strengthens the local economy and enhances the overall vitality of the area. It’s about creating a space that honors the past, supports the present, and builds a foundation for a brighter future.”

By preserving a historic landmark and converting it into vibrant housing, Pulaski Lofts honors Pulaski’s past while supporting its future by strengthening the community through quality homes, thoughtful design, and coordinated investment.