WASHINGTON, DC–Howard University, Urban Investment Partners and Neighborhood Development Corp. are partnering to redevelop two former dormitories into residential apartments. The partnership closed on Carver Hall on August 18th and on Slowe Hall on September 1st. The partnership will convert the two properties into 162 rental units.
Howard University's Real Estate Development and Capital Asset Management team issued a Request for Proposals in early 2017, ultimately selecting UIP/NDC among several local and regional developers. Howard University will maintain fee simple ownership of the property through a long-term capitalized ground lease structure and will participate in the upside generated by the project over the term. The full project cost, including a capitalized ground lease payment and redevelopment, is $50 million.
George Washington Carver Hall is located at 211 Elm St., NW and Lucy Diggs Slowe Hall at 1919 3rd St, NW in the LeDroit Park neighborhood.
They were built in 1942 to accommodate War Department workers, after which they served as student dormitories for more than 60 years. Now they are unoccupied after being slated for closure in the 2012 Campus Master Plan. The University received approval from the DC Zoning Commission to remove Carver and Slowe Halls from its campus plan boundary earlier this year.
The UIP/NDC partnership designed the projects and completed initial construction plans during the transaction negotiations, which allows for the interior demolition to begin immediately and construction slated to begin in early 2018.
Bonstra Haresign is the architect for both projects, UIP General Contracting is the general contractor, and UIP Property Management will manage the communities once they are complete.
Both renovated buildings will retain their current names honoring icons in African American history.
WASHINGTON, DC–Howard University, Urban Investment Partners and Neighborhood Development Corp. are partnering to redevelop two former dormitories into residential apartments. The partnership closed on Carver Hall on August 18th and on Slowe Hall on September 1st. The partnership will convert the two properties into 162 rental units.
Howard University's Real Estate Development and Capital Asset Management team issued a Request for Proposals in early 2017, ultimately selecting UIP/NDC among several local and regional developers. Howard University will maintain fee simple ownership of the property through a long-term capitalized ground lease structure and will participate in the upside generated by the project over the term. The full project cost, including a capitalized ground lease payment and redevelopment, is $50 million.
George Washington Carver Hall is located at 211 Elm St., NW and Lucy Diggs Slowe Hall at 1919 3rd St, NW in the LeDroit Park neighborhood.
They were built in 1942 to accommodate War Department workers, after which they served as student dormitories for more than 60 years. Now they are unoccupied after being slated for closure in the 2012 Campus Master Plan. The University received approval from the DC Zoning Commission to remove Carver and Slowe Halls from its campus plan boundary earlier this year.
The UIP/NDC partnership designed the projects and completed initial construction plans during the transaction negotiations, which allows for the interior demolition to begin immediately and construction slated to begin in early 2018.
Bonstra Haresign is the architect for both projects, UIP General Contracting is the general contractor, and UIP Property Management will manage the communities once they are complete.
Both renovated buildings will retain their current names honoring icons in African American history.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
