Howard University announced that the school has entered a $144 million partnership with Corvias — a pioneer in sustainable, long-term partnership solutions — that will benefit the students of today and leaders of tomorrow.
Liz Crumpacker, on the behalf of Corvias, told HBCU Buzz that Corvias will renovate, maintain, and manage four of the largest housing facilities on Howard’s campus in Washington, D.C. Crumpacker stated that while partnerships like these have grown in popularity within the higher education industry, this is a unique announcement because:
- 100% of annual residual cash flow from the project will be distributed to the University (estimated $3 million/year – enough to cover 70 full-ride scholarships);
- Howard will retain full decision-making authority;
- Corvias will support residential life services in the renovated facilities;
- Students and community members have been involved in the planning process; and more.
Howard University President Dr. Wayne A.I. Frederick said in a statement that “This partnership is an innovative solution to leveraging our assets while improving the facilities for students so they are competitive in the higher education marketplace.”
He added, “We have to find ways to solve complicated problems, invest in the University’s infrastructure and make our entire campus environment better and more attractive.”
This is an important especially during a time when students and their families are struggling to afford a college education, Crumpacker told HBCU Buzz.
“This partnership reinforces Howard’s position as a top institution and will keep a college education affordable and campus life safe for students,” CEO of Corvias John Picerne said in a statement. “Corvias greatly respects Howard University’s mission to develop students into outstanding citizens. The strong sense of community and purpose shared by its graduates align with our values as a company, providing a strong foundation for this 40-year commitment to the community.”
According to the university, the renovated West Tower will be completed by August 2017, and the East Tower will be completed in August 2018.