Norfolk’s Broad Creek Defies Slow Market with 14 Residences Sold or Under Contract

For More Information: 

Kelly R. Williams

For Immediate Release
Release Date: 
Mon, 03/09/2009

Norfolk, VA (March 9, 2009) – As noted in last month’s State of the City address by Mayor Paul Fraim, Broad Creek has $235 million in residential investment with 400 rental units and 70 homes built south of Princess Anne Road.

In the last three months, five homes in Broad Creek have sold, ranging in purchase price from $175,000 to $430,000. An additional nine homes are currently under contract ranging in price from $175,000 to $387,030.

All 54 lots have been sold in the phase south of Princess Anne Road. A total of 70 homes are included in that section with 60 homes already completed and sold or under contract. Four homes are currently completed and for sale. Another home is already under construction with two more expected to begin this month.

Construction continues in the phase north of Princess Anne Road, known as “Village East” with 20 townhouse units. Four of the townhomes have closed. Construction completion for the 20 units is expected for the end of March.

Current Broad Creek builders include Tivest, SL Johnson, L&M, Area Builders, Real Developments and Richardson Homes. They have properties available from $175,000 to $425,000.

About NRHA: 

Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA plays a key role in making Norfolk the city of choice to build, work, live and play.

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