Howard University in Washington, D.C., reported a loss of $44 million for fiscal 2014 and has been looking at nontraditional ways to raise money. Earlier, the university announced that it would consider auctioning off the wavelength of WHUT-TV, a public television station the university has been operating for the past 36 years.
Now the university has announced plans to convert a residence hall on 16th Street in Washington into luxury rental apartments. Under the terms of the agreement with Jair Lynch Real Estate Partners, the university has leased the building for 99 years while retaining the underlying lot of property. The developer paid $22 million upfront for rights to the building.
Meridian Hill Hall was built in 1942. The renovation will create 200 new housing units. Under the agreement, at least 8 percent of the apartments will be reserved for middle-income families. Howard University relocated the 650 students who lived in the building to other residence halls.
