Howard University Expands Partnership with Corvias
- Feb 05, 2019
Developer Corvias has expanded its public-private partnership with Howard University to renovate Howard Center, a former hotel/restaurant venue with ground floor retail space. The announcement brings the total scope of the partnership to 3,009 beds, $144 million in capital raised, a $1.7 billion total economic impact and $39.5 debt
Corvias will manage the property and has tapped Gilbane Building Company to renovate Howard Center, located at 2225 Georgia Ave. NW. The redeveloped 90,157-square-foot building will comprise a mix of 176 studios, one- and two-bedroom units, two floors of amenities for residents, a meeting and event space for residents and students, and two floors of retail for a Starbucks location and Howard University Bookstore.
Howard University collaborated with the District of Columbia and a number of financial and development partners to invest $33 million of tax-exempt capital in the initiative. The project is expected to be completed and available for occupancy in August.
A Long-Lasting Partnership
Corvias and Howard University first began their public-private partnership agreement in 2016. Under this 40-year agreement, Corvias will also finance, renovate, manage, operate and maintain four residential facilities on the central campus of Howard, including the East and West Towers, Charles R. Drew Hall and George W. Cook Hall.
“With our initial work in 2016, we agreed to enact an ‘operational close’ to the program, allowing us to take over the operations, management, and maintenance of housing and residence life functions, before finalizing the partnership agreements or completing the financing, which would have funded development and construction,” said John Picerne, founder of Corvias, in prepared remarks. “This new, expanded effort demonstrates our ability to continue to evaluate and expand on the partnership to provide a more vibrant, physical community where students can comfortably live, learn and socialize during their collegiate years at Howard.”
Last summer, CIM Group acquired Trellis House, a 319-unit mixed-use property in Washington, D.C.’s Shaw/U Street corridor, built on the site of a former Howard University warehouse.
Image courtesy of Corvias