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Apartment Building to Generate Revenue for Elementary School

WASHINGTON, DC-A public/private development partnership between LCOR and the District of Columbia Public Schools resulted in the construction of the James F. Oyster Bilingual Elementary School. A nonprofit here facilitated the partnership.

By Amy Vaughn | Updated on June 14, 2001

WASHINGTON, DC-The 21st Century School Fund, a nonprofit based here, facilitated a partnership between the District of Columbia Public Schools and LCOR Inc., a national real estate firm. The public/private partnership resulted in the construction of the first new public school in this city in the last two decades. The revenue for the school will be generated by a privately owned apartment building.

LCOR acquired land that was originally part of the school site through trade. The company got the land and with the revenue that will be generated from rent in the $29-million, 211-unit building, will repay the DCPS. An $11-million, 35-year tax-exempt bond package issued by the District paid for the school construction costs and LCOR will repay it in its entirety.

The 47,158 sf school is a state-of-the-art dual language (Spanish/English) immersion facility. Located at Calvert and 29th Streets, NW in the Woodley Park neighborhood, it features a computer lab, library, gym, classrooms and offices for after-school programs.

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