Article courtesy of PilotOnline.com http://hamptonroads.com/2013/10/norfolk-sells-parcel-berkley-apartment-complex
The City Council approved the $2.5 million sale of nearly 10 acres in Berkley to a Virginia Beach developer.
The council sold the former Berkley Lumber Yard, at 1050 Berkley Ave. Ext., to the Franklin Johnston Group Management & Development LLC.
Plans call for a gated, 150-unit apartment complex and 25 homes in an area of Norfolk that hasn’t seen new development in years.
The closing is subject to the developer securing workforce housing tax credits through the Virginia Housing Development Authority, according to Taylor Franklin, president and COO. Construction could start by late 2014, he said.
The three-story apartment building would include a pool, fitness center and a playground. Rental rates have not been determined.