Howard University officials, a pair of private developers and Washington Wizards owner Ted Leonsis are in talks to build a publicly financed Wizards practice facility as part of a mixed-use development on the school’s campus north of U Street in Northwest D.C.
Under the deal, which is in the early stages of discussion, Howard would provide as much as two acres of land located between Georgia Avenue and Eighth Street NW, north of W Street. Monumental Sports & Entertainment, the company led by Leonsis that owns the Wizards and Mystics, would manage the facility, which the company views as critical to attracting top-flight NBA talent.
The D.C. government would be asked to float bonds to pay for construction of the facility, which could cost between $25 million and $35 million.
Wayne A.I. Frederick, who was named Howard’s new president last July, is working to put the school on better financial footing after a member of the board of trustees raised concerns that fiscal and management problems were threatening the school’s long-term viability. Howard also recently announced it was cutting 84 staff positions.
Frederick said that although the discussions were in the early stages, he was interested in using the school’s real estate to help revitalize Georgia Avenue, bring the school revenue and add amenities that would benefit both students and the surrounding communities, such as a health and wellness center, a grocery store or new housing.
“We’ve been talking to lots of people about different types of things,” Frederick said. “One of my goals at the university is to diversify our revenue streams and looking at real estate assets is a part of that.”
Frederick, a medical doctor, said one of the priorities for the university was building a health and wellness center that would provide a gym, yoga studios, workout facilities and space for nutrition classes. He said the development could also include new venues for the school’s teams, such as a new home arena for Howard’s basketball teams. Read Full at Washington Post
