The sweeping public/private project has the support of local government officials, many of whom will attend today's event. The Norfolk Redevelopment and Housing Authority is spearheading the project, while Philadelphia-headquartered he Community Builders Inc. is serving as the developer.

Broad Creek's start is being funded by a $35-million grant from the US Department of Housing and Urban Development's Hope VI program. Ultimately, this area that is home to two massive public housing projects will blossom into a neighborhood of 600 residences--many of which will be subsidized--a 35,000-sf supermarket, retail shops, a public library and a YMCA branch. Complete buildout of the 87-acre neighborhood will be complete in 2007. The project's first installment is scheduled for delivery late in the summer of 2003.

"Broad Creek promises to be an urban neighborhood that will offer new opportunities for people who want to live in the city," Norfolk mayor Paul D. Fraim explains. "A socially and economically diverse community, it will provide many suburban amenities, yet be only minutes from downtown." Located near Norfolk State University and Norfolk Industrial Park, this two mile area covers 14 non-cohesive neighborhoods, and at the center are the Roberts Village and Bowling Green housing project developments, which account for 700 residences.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.