NORFOLK, Va. (WAVY) — A local organization shared a new look into the upcoming DePaul redevelopment.
Norfolk-based Marathon Development Group released new images of new apartments coming to the old DePaul Medical Center in Norfolk.
This project will be 488 rental units with 647 parking spaces. 350 of those spaces will be in the 3-level parking garage and the rest will be in 4 different parking areas.
They are the same developers for the East Beach building and they were shocked to see that they have more than enough spaces for the new residents in that particular apartment complex.
This will not be a gated community and the rental units will be available to all ages of folks that can meet
the rent. All of the units will be partly handicap accessible, with a good percentage fully handicap accessible.
The average rent for a studio would be approximately $1,500, $1,800 for a 1-bedroom and $2,300 for a 2-bedroom, but 2 years from now the market cost will more than likely change.
Overall the total square footage of the project is 550,000-plus, with 30,000 square feet of open space. They are currently looking at 10-15 employees on site, security cameras, a secured parking garage with security
access. They are not looking at having any subsidy in this project whatsoever.
Currently, the project is slated for approximately $150 million.
The construction timeframe, if everything goes accordingly, the project will begin around April/June 2023 and it will take approximately 24 months to finish.