Gilbane Selected to Lead $1 Billion Affordable Housing Redevelopment Project in Norfolk, Virginia
Gilbane Development Co. will lead the $1 billion affordable housing redevelopment project of Calvert Square and Young Terrace in Norfolk, Virginia, covering 55 acres and more than 1,000 housing units, with construction expected to start in 2027.
Project:Calvert Square and Young Terrace Redevelopment
Amount:$1 billion
Location:Norfolk, Virginia
Owner:City of Norfolk and Norfolk Redevelopment and Housing Authority
Gilbane Development Co., based in Providence, Rhode Island, has been selected as the lead developer for the redevelopment of the Calvert Square and Young Terrace affordable housing project in Norfolk, Virginia. The project has a total investment of $1 billion, according to apress releaseissued on July 16.
The redevelopment covers 55 acres and plans to build more than 1,000 housing units. The project aims to replace decades of old public housing with mixed-income, mixed-use communities, with a focus on increasing affordable housing supply, integrating green spaces, and enhancing shared community facilities.
The redevelopment is part of theSt. Paul's Transformation Project, a strategic partnership between the City of Norfolk and the Norfolk Redevelopment and Housing Authority aimed at rebuilding multiple public housing communities near downtown. Another redevelopment—Tidewater Gardens public housing—is also part of the transformation plan.
According to the project'stransformation goals, the plans include:
- a 22-acre recreational park;
- innovative tide and stormwater control facilities;
- blue waterways, green corridors, and natural areas;
- historical and cultural exhibits;
- community activity and gathering spaces.
“Our goal is to create high-quality, inclusive housing options and community assets that reflect the vision and expectations of existing residents while laying the foundation for a stronger, more resilient future,” said Bobvala Tengen, senior development manager at Gilbane Development Co., in the press release.
According to local news outlet WAVY , the project is expected to break ground in 2027.
Gilbane Development is the division of Gilbane Inc. responsible for real estate development, financing, and ownership. Gilbane Inc. is a 155-year-old family-owned company. Gilbane Development has completed or is currently developing more than $11.8 billion in real estate projects, involving more than 25,000 housing units, covering multifamily, mixed-use, healthcare, school, and government projects.