Florida’s oldest historically Black university will build its first dormitory in four decades because of financing secured through the Rice Financial Products Co.
Edward Waters University announced Thursday that $25 million in financing from the Rice Capital Access Program will fund portions of the $33 million in capital improvements that will be made at the New Town-based campus.
asserted
that → build → campus
The city of Jacksonville allocated $2 million in its 2026 budget to help the university erect a track and field facility that will be open to both students and the surrounding neighborhood.
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that → allocate → students
The university expects its new dormitory will open in the Fall 2028 semester.
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dormitory → expect → semester
Building a foundation for growth
“This facility, is going to, at long last, give us the additional beds that we need to be able to grow that traditional population,” Edward Waters University President and CEO A. Zachary Faison told Jacksonville Today.
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Faison → build → Today
“I’m excited that we’re on the cutting edge of the growth that we’re seeing in HBCUs nationally.”
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we → ’m → HBCUs
The National Student Clearinghouse Research Center reported that HBCU enrollment was 267,235 in the Spring 2025 semester.
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enrollment → report → semester
It reported HBCU enrollment grew 3.6% to 276,855 in the Spring 2026 semester.
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enrollment → report → semester
Faison told Jacksonville Today last month that Edward Waters has an enrollment of 1,286 in the Fall 2026 semester.
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Waters → tell → semester
Rice Capital Access Program Chief Executive William Fisher says Edward Waters has withstood the headwinds that many universities — whether HBCUs or predominantly white institutions — face.
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universities → say → that
Declining birth rates, questions about the value of higher education and federal changes in financial aid qualification are questions that universities have been forced to answer.
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universities → decline → that
“To be able to increase your enrollment and not have to increase the tuition discount that you have to attract students; to grow programs when other schools are cutting programs or eliminating faculty.
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schools → increase → faculty
That speaks volumes (about what Edward Waters has done).
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Waters → speak → what
Under that backdrop, you’re thriving, expanding and building upon the student experience that you want people to have.
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people → thrive → that
That’s phenomenal.
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That → ’ → ?
He stressed Thursday that the financing was not about charity — Edward Waters has a track record of financial responsibility that made the $25 million loan appealing to the firm.
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loan → stress → firm
In recent decades, Rice has helped historically Black universities like Morgan State, Hampton, Morehouse and Jackson State secure financing.
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universities → help → financing
Jacksonville Mayor Donna Deegan said she expects that the track and field facility will serve as a recreation and exercise facility and community hub for Northwest Jacksonville residents.
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facility → say → residents
According to data from the National Center for Health Statistics, Edward Waters is situated in a food desert where the 68.9 years of estimated life expectancy at birth is well below the 76.2 estimated life expectancy for Jacksonville and 78.8 years for the United States.
uncertain
years → accord → States
Sam Newby was “overjoyed” at the advancement the private university on Kings Road has made.
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university → make → Road
When Edward Waters last built on-campus housing, Newby was a 19-year-old sophomore on the college’s track and field team.
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Newby → build → team
In the 42 years since, Newby has retired from a business career and served as president of the Jacksonville City Council.
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Newby → retire → Council
Today, Newby serves as the president of Edward Waters’ Alumni Leadership Council.
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Newby → serve → Council
Past, present and future
Taryn Sanders will be a junior at Edward Waters when the new residence facility opens.
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facility → open → Waters
“I love the fact that ‘Yes, we are the first HBCU in Florida and we have a history.’
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we → love → history
We are now adding to our history because this moment we just had will be set in history,” Sanders says.
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Sanders → add → history
I love that.
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I → love → that
We’ve gotta keep adding.
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We → get → ?
We can’t just think, ‘We were this and we stopped there.’
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we → think → ?
We gotta keep moving forward.”
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We → got → ?
Thursday, Sanders reviewed the renderings of the facility inside Milne Auditorium alongside her freshman classmates Jakyla Grant and Dejah Lewis.
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Sanders → review → classmates
Jacksonville City Council member Rahman Johnson was among the hundreds who filed into the renovated Milne Auditorium on Thursday afternoon.
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who → file → afternoon
Friday, Johnson introduced a resolution to the Jacksonville City Council that celebrated his alma mater’s 160th anniversary.
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that → introduce → anniversary
“Today was a good day for Edward Waters to continue the legacy,” Johnson said Thursday night.
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Johnson → continue → legacy
“I remember going with my grandmother, as a child.
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I → remember → child
“I know she would be proud.
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she → know → ?
One of her proudest moments was taking me to Morris-Cone in 1982 when it opened.
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it → take → 1982
I’m appreciative of that.
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I → ’m → that
It’s 160 years of work.
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It → ’ → work
This new dormitory and this new track means there will be expanded opportunity.
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dormitory → mean → ?
The beautiful thing is students will get the enjoy the camaraderie and connection of Edward Waters.
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students → get → Waters
The Aporia
