In the past 15 years, the Blacksburg-Christiansburg-Radford MSA has seen some of the fastest population growth in Virginia. The 2020 census calculated that the area has seen an over 11% increase in the number of residents moving into the New River Valley.
It’s no wonder. The region is home to a wealth of both natural beauty and increasing opportunity. With consistent growth, many amenities, and a competitive rental market for university students and staff, a housing shortage has developed. The New River Valley Regional Commission estimates 5,500 homes will be needed to accommodate new residents in the near term.
In response to the need, real estate developers Edwin Gaskin of Echelon Resources and Randy Cosby of LBD Investments have taken on an adaptive reuse project to transform a sprawling 14-acre historic school property into 102 sun-filled lofts and apartments. With the efforts of an army-sized construction crew, the experienced team is well underway to open ahead of schedule later this year in collaboration with local leaders and many resource partners, including Virginia Housing, the Virginia Department of Historic Resources, and Locus.
The project will make use of both federal and state Historic Tax Credit programs to modernize the Colonial Revival-style building originally constructed in 1937. According to Preservation Virginia, a study analyzing the economic impacts of the program found that Virginia’s return on investment is typically realized within five to nine years for these types of projects. The program contributes over $1.8 billion each year to economic activity and investment in Virginia.
Residents of Pulaski identified affordable housing as a top area of need and concern, with a majority of community survey respondents in favor of redevelopment of vacant buildings to suit current needs.
Principal of LBD Investments, Randy Cosby, noted that, “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.”
Locus’s lead on the project, Senior Relationship Manager for Affordable Housing Ernie Maddy said, “It has been great working with LBD and Echelon Resources on this exciting project in Pulaski. They share the same passion we have here at Locus to provide creative and affordable housing possibilities for the families in their communities. I look forward to partnering with LBD on these types of projects in the future as opportunities open up across the Commonwealth.”
To learn more about the history and/or offerings available at Pulaski Lofts, visit the property website. To inquire about affordable housing opportunities at Locus, click here.