Latest news with #Sciortino
Yahoo
12-04-2025
- Business
- Yahoo
Trump's tariffs may impact next phase of Norfolk housing redevelopment, official says
Norfolk officials and other community members celebrated the beginning of the third phase of Kindred, a massive housing redevelopment project in the St. Paul's area. However, the timeline of the project could be impacted by President Donald Trump's tariffs, according to a developer. Officials broke ground Thursday on the third phase of the St. Paul's Transformation Project: An $85 million, 191-unit mixed-income apartment complex called Kinship at Kindred. 'The groundbreaking really shows the real grit, the real challenges, the real decisions that had to be made to keep the project moving forward,' said Nathan Simms, Norfolk Redevelopment and Housing Authority executive director, during the event. Hampton Roads beer, cider businesses tense over Trump's aluminum and steel tariffs, uncertainty Former Norfolk public housing complex undergoing redevelopment is receiving new name So far, few Tidewater Gardens residents are returning to the first redeveloped apartments Norfolk housing authority releases timelines for Calvert Square, Young Terrace redevelopments The apartments, at the former Tidewater Gardens public housing project site, will include varied bedroom sizes, a playground and retail space. Of the 191 units, 73 will be designated as replacement units for former Tidewater Gardens residents. Richard Sciortino, co-founder of lead developer Brinshore Development, said they plan to finish the third phase of development by the end of 2026 and complete the last phase by the middle to end of 2027. When complete, the entire Kindred redevelopment will include 714 units with 240 reserved for returning Tidewater Gardens residents. However, Sciortino acknowledged tariffs could impact or delay the construction process. He said contractors for Brinshore have told him tariffs haven't impacted projects yet, but he suspected impacts could happen in the future. In mid-March, Trump enacted 25% tariffs on all steel and aluminum imports, and imported steel is heavily used by the U.S. construction industry. Sciortino estimated the total project cost at $320 million, an increase over an earlier project cost of $300 million. City officials have long sought to tear down and redevelop the three public housing developments in St. Paul's. City Council members approved a plan in 2018, and began to demolish the 600-unit Tidewater Gardens in 2020. So far, two apartment buildings are open: the 120-unit Origin Circle and the 72-apartment Reunion Senior Living. Norfolk announced the two buildings were fully leased in September. The city says 44 former Tidewater Gardens residents have chosen to move back into those units. Below is a timeline of construction milestones and estimated completion: April 2022: Construction begins on the first two buildings: the 120-unit Origin Circle and the 72-apartment Reunion Senior Living. September 2023: Developers break ground on Unity Place, 140 multifamily apartments. December 2023: Reunion Senior living opens. February 2024: Residents begin moving into Origin Circle. April 2025: A groundbreaking ceremony for Kinship, an $85 million, 191-unit mixed-income apartment complex. July 2025: First building in Unity Place expected to be complete. September 2025: Second building at Unity Place expected to be complete. Late 2026: Construction on Kinship is estimated to be completed. Mid to late 2027: The final phase of construction is estimated to be finished. Trevor Metcalfe, 757-222-5345,
Reuters
12-03-2025
- Business
- Reuters
German nuclear fusion startup envisages test plant by 2031
Summary Companies Proxima Fusions targets test plant by 2031 Has collected $65 million to fund next steps Government-in-waiting supports the technology Europe competes with US, China MUNICH, March 12 (Reuters) - Proxima Fusion, a Munich-based nuclear fusion technology company, aims to start a test reactor in 2031 as it works towards commercial electricity production later in that decade, its chief executive said at a public event late on Tuesday. Unlike the burning of fossil fuels or the fission process of existing nuclear power plants, nuclear fusion offers the vision of abundant energy without pollution, radioactive waste or greenhouse gases, replicating with lasers or magnets the reaction that fuels the sun. Ideas for a prototype were researched by the Max Planck Institute for Plasma Physics before the company gathered $65 million in finance, CEO Francesco Sciortino said, pointing also to support from the energy agenda of the newly forming government in Berlin. "The target is for a pilot plant in 2031," he said. The test reactor is expected to cost 1 billion euros ($1.1 billion), said Sciortino, without giving details of funding plans. Worldwide, several initiatives are exploring nuclear fusion trying to prove its viability, namely Commonwealth Fusion Systems of the United States, and China, where the state planning agency has pledged support for research into nuclear fusion. A large-scale European experiment called ITER, opens new tab in southern France is, however, is years behind schedule and far from coming online. Germany's Christian Democratic party (CDU), which with its Bavarian sister party CSU will likely lead the incoming coalition government, said in energy plans last November it aimed to create a regulatory framework for fusion technology in Germany and Europe. Bavaria is also home to Proxima rivals Marvel Fusion and Gauss Fusion. The recent European Union Clean Industrial Deal also mentioned that proposals should be made for a fusion strategy to help promote next-generation energy. ($1 = 0.9158 euros)
