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Corvias Expands Student Housing Project at Howard University
East Greenwich, RI-based Corvias expanded the public-private partnership (P3) with Washington, D.C.’s Howard University to provide student housing renovations to Howard Center, a former hotel/restaurant venue, most recently used as administrative offices, with ground floor retail. This brings the total scope of the partnership to 3,009 beds, $144 million in capital raised, $1.7 billion in total economic impact, and $39.5 million in debt defeasance.
Corvias’ John Picerne says, “With our initial work in 2016, we agreed to enact an ‘operational close’ to the program, allowing us to take over the operations, management, and maintenance of housing and residence life functions, before finalizing the partnership agreements or completing the financing, which would have funded development and construction.”
Work encompasses renovating the 90,157-square-foot Howard Center at 2225 Georgia Avenue, N.W. into a mix of retail, resident amenities, housing, as well as meeting and event space across nine floors. The project is expected to be ready for occupancy in August 2019.
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