Key Takeaways
- • Howard University and a development team led by Lowe, Affinius Capital, FLGA and Davenport Group broke ground on The Hazel, a 525,000-square-foot, 11-story multi-family building in Washington, D.C.'s Shaw district, according to a Business Wire release.
- • The project will deliver 504 residential units, including 40 affordable units, roughly 15,000 square feet of retail space and 246 below-grade parking spaces.
- • Construction is financed by a $214.1 million hybrid facility arranged by Barings and CounterpointeSRE, which includes $90 million of C-PACE financing supported by the DC Green Bank.
- • The Hazel is the centerpiece of the Duke District, a planned redevelopment of Howard-owned parcels at the north end of Shaw, and is anticipated to be completed in the fourth quarter of 2028.
- • The development team has executed a long-term ground lease with Howard University for the 1.85-acre former East Towers parking lot site.
Summary
Howard University and the development team of Lowe, Affinius Capital, FLGA and Davenport Group have broken ground on The Hazel, a 525,000-square-foot, 11-story multi-family building in Washington, D.C.'s Shaw district, according to a Business Wire release. The project comprises 504 residential units, including 40 affordable units, approximately 15,000 square feet of retail space and 246 below-grade parking spaces. It is being built on the former East Towers parking lot at the intersection of 8th, 9th and W Streets NW. The development team has executed a long-term ground lease with Howard University for the 1.85-acre property. The project was originally announced in 2022.
The Hazel is the centerpiece of the Duke District, a planned redevelopment of multiple Howard-owned parcels at the north end of Shaw adjacent to the university's main campus. Howard has advanced several Duke District transactions in recent years to add housing alongside retail, office, hotel and entertainment options. The release describes a 25-foot-wide public plaza spanning the full block of W Street from 8th to 9th Street, and nearby access to Metrorail and bus service.
Financing totals $214.1 million through a hybrid facility arranged by Barings and its affiliated C-PACE provider, CounterpointeSRE, which worked with the DC Green Bank to provide $90 million of C-PACE financing. JLL arranged the construction loan package. HKS is the project architect and Whiting-Turner the general contractor. Completion is anticipated in the fourth quarter of 2028.
The development team has also committed to mission-oriented objectives tied to Howard. Thirty percent of the project budget will go to Certified Business Enterprise firms. The team created CRE Access in 2022, an internship program that has provided 46 internships to Howard students across commercial real estate disciplines. Howard's Chief Real Estate Officer Anthony Freeman said the project furthers the university's investment in the neighborhood, while Lowe Executive Vice President Mark Rivers described The Hazel as a catalytic development for the area. The building is named for pianist and civil rights figure Hazel Scott.
The Hazel is the centerpiece of the Duke District, a planned redevelopment of multiple Howard-owned parcels at the north end of Shaw adjacent to the university's main campus. Howard has advanced several Duke District transactions in recent years to add housing alongside retail, office, hotel and entertainment options. The release describes a 25-foot-wide public plaza spanning the full block of W Street from 8th to 9th Street, and nearby access to Metrorail and bus service.
Financing totals $214.1 million through a hybrid facility arranged by Barings and its affiliated C-PACE provider, CounterpointeSRE, which worked with the DC Green Bank to provide $90 million of C-PACE financing. JLL arranged the construction loan package. HKS is the project architect and Whiting-Turner the general contractor. Completion is anticipated in the fourth quarter of 2028.
The development team has also committed to mission-oriented objectives tied to Howard. Thirty percent of the project budget will go to Certified Business Enterprise firms. The team created CRE Access in 2022, an internship program that has provided 46 internships to Howard students across commercial real estate disciplines. Howard's Chief Real Estate Officer Anthony Freeman said the project furthers the university's investment in the neighborhood, while Lowe Executive Vice President Mark Rivers described The Hazel as a catalytic development for the area. The building is named for pianist and civil rights figure Hazel Scott.
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