NORFOLK, Va. (WAVY) – The City of Norfolk has announced two new redevelopment projects for the Park Place neighborhood.

The Rosna Theatre, located on 35th Street, will be the future site of Team Norfolk Boxing and a community hub. The new space in the 1930s-era theater will be hosting boxing and wrestling programs as well as private sector partnerships and events.

A new restaurant is also included in the space that will have windows looking out to the boxing club.

“Today’s announcements highlight our ongoing efforts to strengthen the Park Place neighborhood,” Norfolk Mayor Kenneth C. Alexander said in a press release on Friday. “We are excited to add a community hub and our boxing program to the 35th Street corridor.”

According to The City of Norfolk, the theater was purchased for more than $700,000 and the city is planning to put $2.4 to $3.2 million toward renovations.

“The 35 Street corridor is one of the most exciting redevelopment areas in the City,” said Jared Chalk, Director of Norfolk’s Department of Economic Development.

“Bringing youth and athletics together within the community and in close proximity to additional amenities such as Old Dominion University and the Virginia Zoo is a way to enhance and grow this neighborhood.”

This is the second big investment that has been announced in the Park Place community in recent months.

In February, The Norfolk City Council approved the purchase of a shopping mall located at 2707 Granby Street. The property was purchased for $1.15 million and three redevelopment options are still being considered by the council.

Check for the latest updates.