Mixed-Use Development Coming to Howard University
By Keith Loria September 21, 2022 1:32 pm
reprints
Howard University will replace a parking lot on its Washington, D.C., campus with a 525,000-square-foot mixed-use development, the university announced.
The university is teaming with Lowe, FLGA and Davenport Group to develop East Towers on the 1.85-acre site. The planned building would rise 10 stories and feature up to 500 apartments, 27,000 square feet of retail and 246 underground parking spaces.
Located at 2251 Sherman Avenue NW and 2047 Ninth Street NW, the development is adjacent to the university. Roughly 40 units will be for affordable housing, though there’s potential to increase that number to 60 units, according to a statement.
The development will include the creation of a 25-foot-wide public plaza that will help connect Howard University with the northern side of the Shaw neighborhood, according to the university.
“This project will deliver much-needed housing and retail space that will serve Howard students, faculty, staff and visitors, as well as our neighbors in the community,” Wayne A. I. Frederick, Howard University’s president, said in a prepared statement.
The deal follows a slew of Howard University’s property transactions to add new housing, retail, office, hotel and entertainment venues to the upper Shaw neighborhood, per the statement.
“Through this initiative, we are proud to support the district’s goal of building 36,000 new homes by 2025 to combat rising housing costs,” Frederick said.
JLL (JLL) represented the Lowe team in securing bridge financing with EagleBank, though no loan terms were disclosed.
Construction is slated to begin in the fall of 2023 and be completed in late 2025.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
