Howard University has purchased the Wonder Plaza property
at 2301 Georgia Ave.. N.W. for $18.3 million from Douglas
Jemal and related parties. Included in the transaction
were contiguous properties at 2218 sixth St., NW and
2260 Sixth St., NW.
The Wonder Plaza is the former site of the Wonder Bread
bakery and the other two properties were part of the
bakery operation. Jemal purchased Wonder Plaza in 1990,
and since then has spent more than $10 million in renovations
on the properties.
In the three-story Wonder Plaza building, the first
floor is rented to retail outlets; however, there is
approximately 67,000 square feet of space on the second
and third floors which are vacant. The two other buildings
are also vacant and have approximately 18,000 square
feet.
The university plans to continue the current leases
in the Plaza building and tentatively plans to move
its computer center operations, its bookstore and campus
store, and the offices of the university's student newspaper,
The Hilltop, to the building. Plans are currently being
finalized for the university's use of all other space
in the properties, including a possible site for the
International Affairs Center and the student health
service.
Financing for the purchase is being provided by NationsBank.
Howard President Dr. Franklyn G. Jenifer says, "This
purchase represents a major component in the continuing
investment by the university in providing first-class
facilities for its students, faculty and administrative
functions. We are very pleased to have this property
as a part of the full range of facilities that the university
offers its students, faculty, staff and the community."
James A. Fletcher II, vice president for business and
fiscal affairs/treasurer of the university, stated,
"This is, in my view, an excellent strategic acquisition
for the university, and it also has significant potential
for enhancing the university's role in community economic
development and our students' understanding of the role
of entrepreneurial business enterprise, especially in
the retailing sector."
Additionally, he noted that the purchase of the Wonder
Plaza would not impact the operating budget of the university.
"We have received excellent financing terms from
NationsBank, and by making wise and prudent use of the
building through current leaseholders and the addition
of appropriate university operations, the property will
eventually pay for itself."
Earlier this year, Dr.Jenifer announced that the university
was undertaking a $40-million capital improvements program
that included a series of renovation projects upgrading
dormitories, academic buildings and administrative offices.
The acquisition of this property is expected to make
a major contribution to the facilities' improvement
program.
Dr. Jenifer indicates that, by Placing the university's
campus store and bookstore at the Wonder Plaza, the
university will be able to provide better service not
only to the students, but also to alumni and other visitors
to the campus. The relocation of the computer center
to the building would centralize the university's computer
operations, thereby upgrading the level of computational
support provided to students and faculty for research
and administrative support.
