Howard University will replace a parking lot on its Washington, D.C., campus with a 525,000-square-foot mixed-use development, the university announced.
The university is teaming with Lowe, FLGA and Davenport Group to develop East Towers on the 1.85-acre site. The planned building would rise 10 stories and feature up to 500 apartments, 27,000 square feet of retail and 246 underground parking spaces.
Located at 2251 Sherman Avenue NW and 2047 Ninth Street NW, the development is adjacent to the university. Approximately 40 units will be designated as affordable housing, with the potential to increase that number to 60 units.
The development will include the creation of a 25-foot-wide public plaza fronting the future extension of W Street that will provide a connection between Howard University and the northern end of the burgeoning Shaw neighborhood, according to the university.
“This project will deliver much-needed housing and retail space that will serve Howard students, faculty, staff and visitors, as well as our neighbors in the community,” Wayne A. I. Frederick, Howard University’s president, said in a prepared statement.
The deal is the latest in a series of property transactions undertaken by Howard University that will add new housing along with a mix of retail, office, hotel and entertainment venues to the upper Shaw neighborhood.
“Through this initiative, we are proud to support the district’s goal of building 36,000 new homes by 2025 to combat rising housing costs,” Frederick said.
JLL represented the Lowe team in securing bridge financing with EagleBank, though no loan terms were disclosed.
Construction is slated to begin in the fall of 2023 and be completed in late 2025.
Keith Loria can be reached at Kloria@commercialobserver.com.