Colonial Place is a residential neighborhood in Norfolk, Virginia. It is a peninsula bordered by 38th Street on the south, and surrounded on three sides by the Lafayette River. It is a relatively racially mixed area that includes mostly single family homes and a few apartment buildings. Many large homes front the water and Mayflower Road arches around the …Colonial Place is a residential neighborhood in Norfolk, Virginia. It is a peninsula bordered by 38th Street on the south, and surrounded on three sides by the Lafayette River. It is a relatively racially mixed area that includes mostly single family homes and a few apartment buildings. Many large homes front the water and Mayflower Road arches around the shore of the river.