Note that the head of Neighborhood Development Corp. is a former LeDroit Park resident. Small world.
Updated: Sep 1, 2017, 3:15pm EDT
Karen Goff Staff Reporter
Washington Business Journal
Howard University has turned to Urban Investment Partners and Neighborhood Development Corp. to develop two former Howard residence halls into apartments.
The two D.C. developers have signed a 99-year lease with the university for Carver Hall, 211 Elm St. NW, and Slowe Hall, 1919 Third St. NW, both unused dorms dating to the 1940s.
The $50 million renovation projects will deliver 162 units market-rate units, and the developers have agreed to offer scholarships and internships to Howard students. The university says it is exempt from providing units to lower-income residents because it is not adding units.
The university put Carver and Slowe halls out for bid earlier this year when it offered seven properties omitted from its campus plan to the development community. With the Shaw and LeDroit Park neighborhoods rapidly developing, obsolete buildings and parking lots are a moneymaking opportunity for the school.
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