Construction set to begin on apartment complex
NORFOLK - The Norfolk City Council approved a redevelopment plan for a proposed apartment complex.
During Monday’s meeting, City Finance Officer Randy Gates told council members, Dial Properties submitted Phase one of the redevelopment plan which consists of 160 apartments in 20 buildings on property located along south Victory Road and Highway 35.
“The development will include a club house of 3,200 square feet, a pool and eight garage structures. The Redeveloper anticipates Phase One construction will begin in the spring of 2019. Total costs of developing the project is approximately $26 million comprised of approximately $3.7 million of tax increment financing leveraging almost $22.3 million of other funds” Gates said.
Mike Bacon, an attorney representing the request said the entire project will take two years to build with the hope of having 25% of the units available for rent by the end of the first year.
The council voted to approve the redevelopment plan by a vote of 7 to 1 with Council Member Jarad Dahlkoetter voting against.