Howard University announced on Thursday a collaboration with Rock Creek Property Group to develop a $62 million mixed-use building at the intersection of Georgia Avenue and Fairmont Street, N.W.
The facility will include fully furnished residential units, a lounge area, and deck with views overlooking the Howard campus, and commercial space for the university’s Office of Development and Alumni Relations, Office of University Communications, and other administrative functions. Howard University President Dr. Wayne A.I. Frederick is thrilled about the project.
“We are elated to see this vacant building transformed into a new facility that will improve strategic operations and simultaneously build on the momentum of community development in the Pleasant Plains neighborhood,” said Frederick. “We believe this new development will create opportunities for Howard alumni, students, staff, and visitors of the university to come together and we are excited to work with the highly qualified development team at Rock Creek Property Group to realize this project’s vision.”
The project is expected to break ground this month. University officials said the project will revitalize the Georgia Avenue corridor and is designed to create opportunities for minority businesses. Plus, the university will maintain fee simple ownership of the property to preserve the assets in its real estate portfolio.
Howard University graduate students, recent graduates, and District residents are expected to be occupants of the housing. The project will be built with at least 10% of project equity sourced from minority-owned firms and 35% of the contractors and consultants will be Certified Business Enterprises.