WASHINGTON, D.C. – November 3, 2017 – Today, Howard University announced the selection of a development team composed of FLGA LLC Real Estate Group and ZOM Living to begin due diligence and master planning activities for the redevelopment of its East Campus, located at 1400 Shepherd Street, NE.
FLGA is a prominent, local minority-owned developer, and ZOM Living is a national developer specializing in master-planned and urban community development. The property contains 23.3 acres of largely undeveloped land with three existing structures, two of which will be preserved due to their historic value.
Howard selected its development partners through a competitive solicitation and selection process, involving a panel of representatives from across the University. Over the next six to 12 months, Howard will work with this well-capitalized master developer to conduct due diligence, engage community stakeholders and identify executable development options for the East Campus. The combined FLGA and ZOM team may also be retained to execute an approved development plan.
Until 2015, the East Campus housed Howard’s School of Divinity, one of the University’s foundational and premier academic programs. Howard leadership envisions the return of this program to the campus as well as the creation of a unique living-learning community. The site is zoned for low-density development, and planners anticipate that a mix of market, workforce, affordable and senior housing can be constructed, while respecting the character of nearby communities.
One of Howard’s primary goals is to generate optimal value for the University to reinvest in mission critical programs and facilities. Additionally, Howard aims to connect residents of the new development to the main campus and to preserve historic buildings and open space on the site. The University requires significant minority participation in this project, as it has with previous development projects.
“We look forward to advancing the transformation of the East Campus to a living and learning community,” said President Wayne A. I. Frederick. “Our plans will serve the mission of the Divinity School and also support the immediate and surrounding communities.”
The East Campus redevelopment is part of a larger strategy Howard has embarked on to leverage value from its sizable real estate holdings in the D.C. market. “This is yet another innovative initiative that our real estate team is implementing to advance Howard’s mission of creating a more compelling environment for our stakeholders” added Anthony Freeman, Howard’s real estate executive.
The University already has monetized three former off-campus dormitories, entered into a concession agreement to renovate and operate its largest student residence hall and begun several additional redevelopment negotiations in the Mid-City market.
“The FLGA and ZOM Living team is very excited to partner with Howard University in reimagining and redeveloping the East Campus,” said Fred Greene, III, FLGA’s managing partner. “As a native of the Michigan Park Community, I have a great appreciation for its significance to the University, the Ward 5 community as well as the District as whole. Our team looks forward to working with all stakeholders in bringing this transformative project to life.”
The project has been informed by an Urban Land Institute technical advisory panel conducted in June 2016, which offered a development concept for the site based on extensive community and stakeholder feedback. , Howard and the development team will begin the site due diligence efforts immediately, supported by real estate transaction advisor Alvarez & Marsal.
Andre Francis, 202-806-2509
Leslie Braunstein, 202-656-0542
About Howard University
Founded in 1867, Howard University is a private research University that is comprised of 13 schools and colleges. Students pursue studies in more than 120 areas leading to undergraduate, graduate and professional degrees. The University operates with a commitment to Excellence in Truth and Service and has produced four Rhodes Scholars, nine Truman Scholars, two Marshall Scholars, one Schwarzman Scholar, over 60 Fulbright Scholars and 22 Pickering Fellows. 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, call 202-238-2330, or visit www.howard.edu.
FLGA is a 100% minority-owned, Washington, D.C.-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. Since its founding, FLGA has participated in the development of approximately two million square feet of commercial development across all major asset classes, including multifamily residential, office, retail and hotel, with an additional approximate $100 million of development in its pipeline. For more information on FLGA, visit www.flgallc.com.
About ZOM Living
ZOM Living is one of the most highly regarded multifamily developers in the United States and has joint ventured or directly developed over 17,750 apartment units nationwide, with an aggregate value of nearly $3.3 billion. Throughout its 40-year history, ZOM Living has garnered more than 130 industry awards for project design and development expertise, including the prestigious National Multifamily Development Firm of the Year award. ZOM Living is headquartered in Orlando and has regional development offices in South Florida, Texas, Washington, D.C., and Raleigh. ZOM Living has 5,200 units currently under construction or in design/predevelopment throughout the U.S., with a total capitalization of $1.68 billion. For more information on ZOM Living’s multifamily portfolio, visit www.zomliving.com.