For better or worse, another proud institution of South Boston is being turned over to young professionals.

Gate of Heaven Elementary School, closed by the Archdiocese of Boston in 2009, is targeted for redevelopment by a Boston firm that wants to build 39 apartments and a new rooftop garden. Across the street, the Gate of Heaven gymnasium will be converted into residences by a developer who is also building homes where the parish’s rectory once stood.