Canopy Development secures city approval, expanding affordable housing in Portsmouth

[Norfolk, Va.] — Jan. [13], 2026 — Canopy Development, a Virginia-based real estate development firm, has officially gained the City of Portsmouth’s approval to begin development on Phase Two of the New Port project, effective Jan. 13, 2026. 

“Canopy Development is pleased to announce a significant milestone in our New Port Development”, says Hal Yuill, CCIM of Canopy Development. “We have received unanimous approval from Portsmouth City Council for our conditional use permit, enabling us to proceed with our 501 residential unit development. We look forward to investing in the City of Portsmouth”.

The project is currently in the site design phase, projected to break ground in July 2026. This phase will include the development of 131 townhomes, 199 detached single-family units and 169 multifamily condos. 

Sitting on 58 acres of land at 3741 Elliott Ave, the project will include desirable amenities like a dog park, lots of green space, a community center, a pool and more.

Tim Culpepper of Canopy Development called the proposed housing "affordable by design", when speaking on the project prior to approval. "We will be the lowest-priced new home community in South Hampton Roads," Culpepper said. "I can tell you that”. 

Culpepper explained that the project would include entry prices of around $200,000, well below the current average resale in the area.