Howard University has identified its preferred development partner to redevelop the Bond Bread Factory and Washington Railway & Electric Company buildings, located at Georgia Avenue and V Street, Northwest.
WASHINGTON, DC—After initially reviewing more than 20 responses to its Request for Qualifications, Howard University's Board of Trustees has approved plans to enter into exclusive negotiations with EDENS, Fivesquares Development and the Menkiti Group (The Bond Partnership) to reimagine a 2.2-acre project here into a 600,000-square-foot mixed-use development.
Under a capitalized ground lease structure, Howard University will maintain fee simple ownership of the property to preserve and enhance its real estate portfolio—realizing fair market value and capitalization, as well as long-term participation in the project's economic success, the university states.
The project involves the redevelopment of the Bond Bread Factory and Washington Railway & Electric Company buildings, located across from Howard University Hospital, at Georgia Avenue and V Street, Northwest.
The proposed project is intended to bridge the gap between Howard's central campus and the U Street community while addressing the vision outlined in the Duke Small Area Plan. The site will offer multifamily, hotel, and in-line restaurant and retail use, in addition to a marketplace and public park.
“Bond Bread/WRECO presents a unique opportunity for Howard University to energize the revitalization of our community. The Bond Partnership has proposed a compelling destination for students and the greater District of Columbia community that will generate local jobs and offer value for Howard to reinvest in its mission,” says Howard University president Wayne A. I. Frederick.
The development team plans to leverage the site's grade change by locating a marketplace beneath the public park, which will span much of the block. The market and park will be programmed with events to create a vibrant destination and offer new amenities to serve students, faculty, staff and the surrounding community, university officials state.
The project will also offer mission-oriented benefits to Howard stakeholders, including internships for students, a retail incubator for student ventures, and collaboration of the use of spaces for Howard events. The Bond Partnership is dedicated to creating opportunities for minority participation in the project, at both the ownership and service provider levels. At least 20% of project equity will be sourced from minority-owned Menkiti Group, creating a critical wealth generation opportunity.
After receiving more than 20 responses to its Request for Qualifications, Howard University reviewed detailed responses to a Request for Proposals from six down-selected teams. During the 18-month selection process, Howard outlined detailed financial, programmatic, and mission-based criteria for the project, including the desire to create a gateway to the University, instilling a sense of place through the use of high-quality urban design, and including a thoughtful interface with the adjacent campus and hospital. Howard University will now enter into exclusive negotiations with The Bond Partnership to define financial and business terms. If the university is unable to execute an agreement with the preferred development team, Howard will return to then consider the next two highest ranked teams to begin negotiations.
Alvarez & Marsal; Apex Companies; EHT Traceries and Lerch Early & Brewer worked on the selection process with Howard University.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
