George Washington University, The

Washington, DC

Faculty Housing Market Analysis and Faculty Housing Property Redevelopment Feasibility Study

The George Washington University retained B&D in 2005 to complete a detailed market study testing the potential of providing affordable university-sponsored, for-sale housing options for its faculty.  Because of its location in one of the nation’s most expensive housing markets, the university anticipated difficulty in attracting and retaining high caliber faculty.  A number of properties near its main campus were already owned by the school, and all these factors taken together drove the need for a feasibility study.  We were tasked with:  defining the target market for on-campus workforce housing, evaluating the potential demand, and providing a recommendation for market-supported types and quantities of housing. We completed an economic analysis of the local market, a demand study, and a study of the local supply.  Our conclusion was that the university should pursue owning the new housing, which would consist of a mix of multi-family units.  B&D was retained by the university again in 2006, this time to analyze the feasibility of adapting one of its owned residence halls into affordable housing for faculty.  We assessed the property’s condition and evaluated its adaptive reuse potential from architectural, market, and financial/economic perspectives.

In the News 

HOVA Houses GradsThe Hall on Virginia Avenue, a former freshman dorm, will temporarily house graduate students this year while the University considers the best long-term use of the building.

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