(WASHINGTON DC) – Hines, the global real estate firm, along with Urban Atlantic and Triden Development Group, announce the first retail tenants at The Parks at Walter Reed, the growing, vibrant 66-acre mixed-use community in Washington D.C.
The Marketplace, the community hub of the development, is anchored by Whole Foods Market and comprised of three buildings surrounding a vibrant plaza fronting Georgia Avenue – The Hartley – a 323-unit multifamily building, Kite House, and 1155 Dahlia Street. Mezeh, a fast-casual restaurant specializing in Mediterranean-inspired food, has agreed to lease in Kite House, a 109-unit luxury condominium property that is now selling. nailsaloon, Washington D.C.’s first 5-free+, non-toxic, luxury nail salon, and The Charmery, a hand-crafted ice cream shop, have also entered into leases at Kite House. Additionally, a national bank signed a lease at 1155 Dahlia, the 60-unit upscale co-living project. The project is also in negotiation with a variety of other retailers, including full-service restaurants, fitness, and pet care.
“This project is creating a new trade area in a submarket that has been historically underserved by retail,” said Chuck Watters, senior managing director at Hines. “We have always envisioned delivering retail that our residents and community will enjoy, with a focus on pedestrian access and well-programmed outdoor public spaces. We’re seeing immense interest from prospective tenants due to our location, the project’s design, and the area’s strong demographics.”
"During her administration, Mayor Bowser has focused on bringing shopping, dining, and entertainment to all eight wards and supporting significant redevelopment projects, such as this one in the historic Walter Reed Army Medical Center site in Ward 4," said Deputy Mayor John Falcicchio. "With the first tenants at The Parks, we're producing stores, creating jobs, and developing vibrant communities where people want to live, work, and play."
CBRE, Inc. represented the landlord on all the deals. Renauld Consulting represented Mezeh, CBRE, Inc. represented nailsaloon, and Taylor Properties represented The Charmery.
Once complete, the 66-acre redevelopment of The Parks at Walter Reed will include over 3.1 million square feet of new construction and adaptive reuse of existing historic structures. This once closed-off Upper Northwest historic military medical campus will be transformed into an innovative and inspiring new destination featuring a broad mix of open green parks, recreation, arts, hospitality, 130,000 square feet of grocery-anchored retail, over 2,200 units of townhomes, condos and apartments (including 432 affordable units), office, ambulatory care by Howard University, and two foreign language immersion charter schools (DCI and LAMB). The Parks is immediately adjacent to both the new Children’s National Research and Innovation Campus and the U.S. State Department’s new Foreign Mission Center, flanked by commuter corridors and public transportation. All less than five miles from downtown D.C., The Parks is a convenient destination with uptown charm. For more information and to learn about leasing or buying at the Parks, visit www.theparksdc.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in inclusive, large-scale, mixed-income TOD communities exceeding 10,000 residential units and three million square-feet of commercial. Headquartered in the Washington metro area, the firm’s portfolio includes over $2 billion in completed real estate developments. Additionally, Urban Atlantic’s third-party investments have leveraged an additional over $2 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.
About Triden Development Group
Triden Development Group is a local District-based firm serving as a master development partner on more than $7 billion of local mixed-use projects. The Triden team has many years of combined experience at the forefront of public-private collaborations addressing economic development challenges in the District of Columbia and major urban centers throughout the nation. The firm provides development, equity investment, and construction management services. With considerable relevant experience Triden also provides strategic advisory services related to infrastructure, retail, multi-family housing, as well as community engagement and benefits. As a local equity participant and investment development partner, Triden has a long tenure developing iconic projects including three of the largest mixed-use projects in the District of Columbia: CityCenterDC, The Wharf and The Parks at Walter Reed.