Award: Calvert Square and Young Terrace redevelopment
Value: $1 billion
Location: Norfolk, Virginia
Client: City of Norfolk, Norfolk Redevelopment and Housing Authority
Providence, Rhode Island-based Gilbane Development Co. has snared the lead development role for the $1 billion Calvert Square and Young Terrace affordable housing redevelopment in Norfolk, Virginia, according to a July 16 news release.
The redevelopment includes more than 1,000 housing units across 55 acres, according to the release. The project aims to replace decades-old public housing with a mixed-income, mixed-use community, and will focus on the creation of affordable housing, the integration of green spaces and enhancements to shared community facilities.
This work is one part of the St. Paul’s Transformation Project, a strategic partnership between the City of Norfolk and the Norfolk Redevelopment and Housing Authority that aims to redevelop several public housing communities adjacent to downtown Norfolk. Another redevelopment, Tidewater Gardens Public Housing, is also a part of the transformation plan.
The project’s transformation goals include:
- A 22-acre recreational park.
- Innovative tidal and stormwater control.
- Blueways, greenways and natural areas.
- Historical and cultural exhibits.
- Community event and gathering spaces.
“Our goal is to create high‑quality, inclusive housing options and neighborhood assets that reflect the vision and aspirations of current residents while building toward a stronger, more resilient future,” said Bobvala Tengen, senior development manager at Gilbane Development Co., in the release.
Construction is expected to begin in 2027, according to local news outlet WAVY.
Gilbane Development is the real estate development, financing and ownership arm of Gilbane Inc., a 155-year-old family-owned company. With over $11.8 billion in development and more than 25,000 units of housing completed or underway, Gilbane Development’s projects incorporate multifamily, mixed-use, healthcare, schools and government projects.
