Howard University unveils $144 million deal for new residence halls

Washington Business Journal 

Howard University has entered a $144 million partnership with Rhode Island-based real estate group Corvias in a deal that will pay for the renovations of two of the Northwest D.C. university’s largest residence halls.

Corvias raised funds from investors that will go toward the renovation of Howard’s Plaza Towers, as well as the ongoing maintenance of Drew and Cook residence halls. The funding will also cover some of Howard’s debt and transaction costs and create a reserve for future capital expenses, officials said.

The west tower, which is closed, will reopened in fall 2017 with 825 renovated beds. The renovated east tower, with 928 beds, will reopen in fall 2018. The spaces will include “live, learn and gather spaces,” Howard officials said. Click here to read more.