This project – along with the other projects Howard is delivering with its development partners in the vicinity – fulfills and expands on the vision for the Howard Town Center Area Sub-District outlined in the District of Columbia’s DUKE Framework, a plan to restore this historic community as a cultural destination. Howard is currently referring to this area as the Duke District, a nod to the framework and this neighborhood’s past as the heart of an important economic, cultural, social and institutional center of a proud and accomplished African American community, many of which were affiliated with Howard University and Howard University Hospital. This project will build on Howard’s reintegration of the historic street grid by featuring a public plaza along the future extension of W Street.
“This project is another example of Howard’s strategy to utilize long-term ground lease structures that preserve the institution’s real estate portfolio while allowing it to reinvest in its academic facilities,” said Anthony Freeman, real estate executive and head of Real Estate Development and Capital Asset Management (REDCAM) at Howard. “In accordance with the Howard Forward strategic plan, the institution is planning to deliver over 3 million square feet of development in the Duke District. This project will help to realize the Duke District by creating a vibrant, connected neighborhood and building on the momentum of our projects at The Reverb with MRP; at the Bond Bread/WRECO Garage site with Menkiti Group, Fivesquares, and EDENS; and at Lot 3 with Quadrangle, Capstone, and EDENS.”
The transaction is part of a strategic initiative by Howard University to maximize the value of the University’s real estate portfolio. Howard has assembled a dedicated team of industry leaders in real estate, finance and law to further this initiative, that includes Hayat Brown and Lerch Early & Brewer.
The Lowe-led team is undertaking the development in collaboration with USAA Real Estate, with which Lowe also developed the recently completed Park + Ford apartment and office property and the National Science Foundation, both in Alexandria, Virginia. JLL represented the development team in securing bridge financing for the land transaction from Eagle Bank. Construction is anticipated to commence in Fall 2023.
About Howard University
Founded in 1867, Howard University is a private, research university that is comprised of 14 schools and colleges. Students pursue more than 140 programs of study leading to undergraduate, graduate and professional degrees. The University operates with a commitment to Excellence in Truth and Service and has produced one Schwarzman Scholar, three Marshall Scholars, four Rhodes Scholars, 12 Truman Scholars, 25 Pickering Fellows and more than 165 Fulbright recipients. Howard also produces more on-campus African American Ph.D. recipients than any other university in the United States. For more information on Howard University, visit www.howard.edu.
Los Angeles-based Lowe, formerly known as Lowe Enterprises, is a leading national real estate investment, development and management firm. Over the past 50 years, it has developed, acquired or managed more than $32 billion of real estate assets nationwide as it pursued its mission to build value in real estate by creating innovative, lasting environments and meaningful experiences that connect people and place. Lowe currently has more than $2.5 billion in commercial real estate projects in the pipeline or under development. In addition to its Los Angeles headquarters, Lowe maintains regional offices in Southern California, Northern California, Charleston, Denver, Seattle, and Washington, D.C. For more information visit www.Lowe-RE.com
FLGA is a 100% Minority-owned, Washington DC-based real estate development and investment company with a unique blend of public and private sector experiences and successes in the areas of mixed-use and urban lifestyle development. The Company was established in 1995 by Fred L. Greene after serving as the Director of Planning for the District of Columbia from 1984 to 1992. The professionals that make up FLGA have developed and/or participated in the development of approximately 2 million square feet of commercial development across all major asset classes including multifamily residential, office, retail and hotel. Presently, FLGA has more than $900 Million in commercial real estate projects in the pipeline or under development. For more information, visit www.flgallc.com.
Formed in 2020, Davenport is a boutique real estate and investment advisory firm focused on acquiring value-add and opportunistic real estate in and around the DC Metro area without limitation in multi-family, retail, office and industrial asset classes. For more information, visit davenportdc.com.
About USAA Real Estate
Along with its affiliate companies, USAA Real Estate invests across the risk spectrum for a global client base, managing over $36 billion in net assets under management within a diversified portfolio across North America and Europe. USAA Real Estate provides strategic equity and debt capital, including to capitalize on the accelerating demand for technology-driven real estate assets, to meet the critical need for housing solutions, and for other market and capital structure opportunities exhibiting compelling risk-return characteristics. For more information, visit usrealco.com.
Media Contact: Misha Cornelius, firstname.lastname@example.org