Howard University is converting two former dorms into apartments in LeDroit Park.
Howard University President Wayne A. I. Frederick is currently leading a team that’s turning the college’s real estate portfolio into profits. In this $50 million dorm renovation project, the university will maintain ownership of the property and receive revenue over time.
Both originally built in 1942, the renovated George Washington Carver Hall and Lucy Diggs Slowe Hall will offer 162 rental units that range from studios to two bedrooms. Carver will include 15 loft apartments with 16-foot ceilings, interior feature stairs, and sleeping lofts, and both buildings will feature a fitness center, resident lounge, and outdoor spaces.
Current rentals in LeDroit Park list for about $1,700 for a one bedroom and $2,500 for a two-bedroom unit.
Since its founding in 1867, Howard University has been known for being a prestigious university that graduates record numbers of black students. But recently, the school has faced financial troubles.
[caption id="attachment_3761" align="aligncenter" width="260"] Lucy Diggs Slowe Hall, at 1919 3rd St. NW, is one of two buildings that will be converted into apartments.[/caption]Among other properties, the college owns a commercial strip that’s home to an 8,000-square-foot incubator space (2301 Georgia Ave. NW), positioned just across the block from Howard's campus and nestled among the shops and businesses that line the street. The university also signed a deal last year to turn a former dorm next to Meridian Hill Park into luxury rentals.
The strategy to diversify and improve university revenue streams is being furthered by innovative transactions such as these,” said Frederick, in the release, adding that capital from the apartments will help fund other modernization projects such as a new undergraduate library, renovated program space for the nursing school, and a new communications school building.
The dorm agreement also provides scholarships and internship opportunities for students.
George Washington Carver Hall and Lucy Diggs Slowe Hall have been vacant since 2012. The historically black college is partnering with Urban Investment Partners and Neighborhood Development Corporation on the project, closing the deal to begin renovations on Carver on August 18 and Slowe on September 1.
As with other buildings in the Shaw and U Street areas, the structures will retain their current names to honor African American history.