Groundbreaking is March 11 for 43rd Street Norfolk Townhouse Development
Old Dominion University's Community Development Corporation (ODU CDC) is breaking ground Thursday, March 11, on a unique housing development that will help revitalize the Lambert's Point neighborhood adjacent to campus, and at the same time offer affordable housing to young families.
The 51-unit townhouse complex, called 43rd Street Norfolk, features owner-occupied units for sale at prices that workforce families - in particular teachers beginning their careers - can afford. The development is intended to appeal primarily to Norfolk Public Schools teachers, so that they can live in an area close to their jobs, and it also is being marketed to other key members of the workforce, such as police officers, medical professionals and ODU employees.
ODU President John Broderick said the partnership is a win-win for both Old Dominion and the city of Norfolk.
"It will help with community revitalization in an area adjacent to campus, and provide affordable housing opportunities for our employees, within walking distance of work," Broderick said. "We couldn't be more excited to be involved in this project."
"This new development represents another example of the significant partnership that's been forged between Old Dominion University and the city of Norfolk," said Mayor Paul Fraim. "The partnership works best when the citizens of our community are the prime beneficiaries. 43d Street Norfolk certainly fulfills that objective by providing housing opportunities for public school teachers and other city employees."
The groundbreaking will occur at 11 a.m., at the corner of 43rd Street and Elkhorn Avenue, immediately south of the ODU campus. Officials from the ODU CDC and the 43rd Street Project Workforce Housing, along with financial institutions such as TowneBank, Bank of America and Monarch Bank, will assist buyers with eligibility opportunities.
The builder, HineTurner, is touting the green, EarthCraft Homes as offering lower utility and maintenance costs. With a starting cost of $190,000 to $200,000 for the smaller units, the two- and three-bedroom townhouses range in size from 1,200 to 2,200 square feet, with a one-car garage. The location - next to campus and within walking distance of the University Village - is definitely a strong selling point as is the price, said Ann Grandy, executive director of the ODU CDC. She added that the Virginia Housing Development Authority may provide down payment and closing cost assistance to qualified first-time homebuyers.
Model units are expected to be open by the end of June, and the entire development should be completed by fall 2011.
The ODU CDC was established in 2006. Its mission is to link its academic and research expertise and its financial commitment with the energy, resources and inspired commitment of neighborhood residents and businesses, with the goal of revitalizing local communities and improving the lives of their residents.
This article was posted on: March 8, 2010
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