Shipyard Flats, a $24.5 million apartment complex with commercial space, opened in the heart of Newport News on Thursday.

The Monument Cos. in Richmond redeveloped the 81,000-square-foot property at 2800 Washington Ave. downtown with the assistance of state and federal historic tax credits. The property, dating back to 1937, once functioned as Montgomery Ward and Grants department stores before its use as an office building for Newport News Shipbuilding.

“We are proud to help write the next chapter in this building’s history as a beautiful and unique place to call home,” said Chris Johnson, principal and co-founder of The Monument Cos.

The pet-friendly community, 30% leased, features 91 apartments with 86 one-bedroom units, four two-bedroom units and one studio. Rents range from $1,299

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