The Washington Center Builds New Residence Facility

Orginial Article : Washington Business Journal - by Tierney Plumb Staff Reporter

The Washington Center for Internships and Academic Seminars announced plans to build a 95-unit housing facility at the north end of Capitol Hill.

The $38 million, 140,000-square-foot project at 1001 3rd St. NE is slated for occupancy in August 2010 and will function as a mini-campus for students participating in the D.C.-based nonprofit’s internship programs.

Since its inception in 1975, The Washington Center has “thought about providing a centralized place to house our students,” said Jennifer Clinton, chief operating officer. “Realistically, it wasn’t feasible -- mostly for financial reasons.”

The school instead decided to rent different apartment buildings in the area and the suburbs of D.C. for decades to house its students.

“Students come from all over the country and world and for many it’s one of their first opportunities to live, work and socialize with such a diverse population of students,” said Clinton, citing the need for a central housing unit. “It’s extending learning beyond the classroom to live and learn communally. Having a more urban D.C. experience will be really important to them.”

Its students are typically juniors and seniors in college.

The 345-bed facility will house 80 percent of The Washington Center’s students each semester, or about 1,200 annually, and will include community space in the lower level. Each student residence will include a kitchen, washer and dryer and high-speed Internet access.

The developer is Paradigm Development Co., which has built such area housing projects as Carlyle Place Apartments in Alexandria and Kenyon Square Condominiums in D.C.

Since a lot of its students work on Capitol Hill, the site was picked for proximity and walking distance to the Metro.

“We recognized it wasn’t possible for us to buy a building on Connecticut Avenue or Woodley Park,” Clinton said. “We were looking at emerging neighborhoods. NoMa seemed like an attractive investment.”

She said now was the right time to pounce, with interest rates at 10-year lows. Operational changes, a growing student base, and partnerships with the federal government also put the school in a stronger position to afford the project.

The center and its 70-member staff recently moved to a new headquarters at 1333 16th St. NW.

“We had success purchasing and renovating our headquarters building,” Clinton said. “We had gone through the whole taxes and bonds financing process.”

The Washington Center has developed a strong relationship with its bank, BB&T, over the past few years as a result.

“Looking at the cash flow position on this project, it was a strong investment,” Clinton said.

The Washington Center for Internships and Academic Seminars serves hundreds of colleges and universities around the world by letting students work and learn in D.C. for academic credit.

.Orginial Article : Washington Business Journal - by Tierney Plumb Staff Reporter

ABOUT THE WASHINGTON CENTER
 
Established in 1975, The Washington Center for Internships and Academic Seminars (TWC) is an independent, nonprofit organization that serves hundreds of colleges and universities in the United States and other countries by providing students challenging opportunities to work and learn in Washington, D.C. for academic credit. The Washington Center has more than 40,000 alumni who have become leaders in numerous professions and nations around the world.

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Early Deadlines begin for Summer 2011 Term, Quarter and Postgraduate Programs on September 27, 2010.

Regular Deadline for Spring 2011 D.C. Semester & Postgraduate Programs is November 12, 2010.

Regular Deadline for Spring 2011 D.C. Quarter Program is January 15, 2011.

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