NORFOLK – The City of Norfolk is giving a financial boost to a major renovation project.
The Norfolk Community Development Agency voted Monday to approve redevelopment agreements with two contractors that are redoing the old Delay Bank Building at 4th and Norfolk Avenue.
The agreement means the city will be granting up to $121,000 to each contractor for the redevelopment. City Works Director Randy Gates says the estimated cost of the project is about $1 million for each contractor.
“Their plans are for commercial and retail space on the first floor, and eight apartments on the second floor of that building,” Gates said.
A local real estate firm told the Norfolk Planning Commission in February that they plan to house their business in the building, along with other businesses and apartments.