(WASHINGTON, D.C.) – Hines, Urban Atlantic and Triden Development Group hosted a groundbreaking today celebrating the start of land acquisition and development of The Parks at Walter Reed, a new, mixed-use neighborhood totaling over 3.1 million square feet of new construction and adaptive reuse of existing historic structures, in recognition of historic preservation goals established by the District of Columbia. The project’s first phase includes the start of development on major project components; preservation of historic buildings to be later renovated and restored; demolition of the 1970’s era hospital which makes way for the development of a Town Center; and development of infrastructure (including a new water main and other utility services) and landscape improvements.
Dignitaries presiding at the ceremony included Mayor Muriel M. Bowser, Ward 4 Councilmember Brandon Todd and representatives from Hines, Urban Atlantic and Triden on behalf of the developer, TPWR Developer LLC.
The Parks at Walter Reed will be phased over a 10-15 year period and are planned to include:
• More than 2,100 units of rental and for-sale housing, including 432 affordable units serving low-income, workforce, veterans, seniors and families;
• 150,000 – 250,000 square feet of grocery-anchored retail;
• 185,000 square feet of office space;
• A 200-key hotel and conference center;
• 30,000 square feet of arts and cultural uses;
• 116,000 square feet of ambulatory medical care provided by Howard University Hospital;
• Two top-rated language immersion charter schools, the District of Columbia International School (middle-high school) and the Latin American Montessori Bilingual School (elementary school); and,
• Nearly 20 acres of open space, community parks and plazas.
Mayor Muriel Browser stated, “In Washington, DC, we value inclusive prosperity, and through transformative development projects like this one, we can bring jobs, affordable housing, and economic opportunity to thousands of District residents,” said Mayor Bowser. “This effort has been years in the making, and now the future is bright for Walter Reed, Ward 4, and the entire community.”
Deputy Mayor for Planning and Economic Development Brian Kenner added, “We are excited to break ground on Walter Reed because it means more local job opportunities and amenities at this catalytic development. Walter Reed is another positive signal of our growing economy and our emergence as a national leader in affordable housing, retail, hospitality and tourism.”
“Walter Reed represents the single greatest economic development opportunity that Ward 4 and the District of Columbia will see for generations,” said Councilmember Brandon T. Todd (D-Ward 4). “Today’s groundbreaking represents a critical step forward in the redevelopment of Walter Reed, which will bring significant investment, jobs, and opportunity to Upper Northwest DC and the District as a whole.”
Ward 5 Councilmember Kenyan McDuffie, Chair of the Council’s Business and Economic Development Committee, stated, “The groundbreaking of The Parks at Walter Reed is an exciting day for residents across the District of Columbia. The jobs, affordable housing, retail, nearly 20 acres of parks, and other community amenities that will accompany the project will enhance residents' qualities of life and strengthen our local economy. As chairperson of the Committee on Business and Economic Development, this project supports the goal of making District neighborhoods thriving areas for residents to live, work, and play."
Chuck Watters, senior managing director of Hines stated, “Standing here today, looking forward to the ten or more years of work ahead is daunting, to say the least. But when I take a moment to look back at how far we’ve come, I don’t see the time or hard work. Instead, I see the many strong relationships that have n formed, all working towards a single goal – the success of The Parks at Walter Reed. Relationships with our District partners and agencies; with our financing partner; with our design and construction professionals; and, most importantly, with the residents and businesses of the Ward 4 community.” Watters added, “I’m thankful for everyone that has contributed to our reaching this significant milestone, and look forward to building even more relationships as we move ahead.”
Vicki Davis, managing partner of Urban Atlantic commented, ”Over the past 4 years we have worked collaboratively with our surrounding community organizations, multiple city agencies, and many stakeholders in Ward 4 to make the community plans and dreams a reality. We will reconnect this amazing, 66 acre Walter Reed site to its community, celebrate the extensive parks and green areas, create place for art, and work together to create a wonderful place to live, work, shop and play.
Michael Jones, managing principal of Triden Development Group added, “Triden Development Group is privileged to be an equity partner in several iconic real estate development projects in the District of Columbia. The Parks at Walter Reed represents our most important undertaking to date and is a real opportunity for us to impact the quality of life here. Our local firm is personally invested in, as well as connected and dedicated to, helping create meaningful economic development in Ward 4. We accept this challenge, intent on restoring this site in coordination with local stakeholders, while preserving the unique history and fabric of this vibrant community.”
EagleBank was selected to provide an acquisition and land development loan, enabling TPWR Developer to move forward with the “horizontal development” of the site: the miles and miles of infrastructure that must be put in place before the individual components of the project can be designed and built.
The D.C. International School, a non-profit organization selected by the District to occupy space at the project – a requirement of the Base Realignment and Closure Act by which the city gained control of the property – has already begun renovating one of the historic buildings for their new school. DCI is scheduled to be open for the 2017 – 2018 school year.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in transformational, large-scale, urban communities. Urban Atlantic focuses on creating vibrant, mixed-use, mixed-income, TOD neighborhoods. Headquartered in the Washington Metro Area, the firm’s portfolio includes over $2 billion in completed real estate developments, creating over 8,800 residential units and 1 million square feet of commercial space. Urban Atlantic is a nationally-recognized expert in large-scale, public-private urban development and finance, with projects spanning the entire East Coast, and deep roots in the District of Columbia where it has been active for nearly 20 years.
About Triden Development
Triden Development Group was established in 2004 as a District based, Certified Business Enterprise (“CBE”) and is a master development partner on more than $7 billion of local mixed-use projects. The Triden team has nearly 80 years of combined experience at the forefront of public-private collaborations addressing the economic development challenges of in the District of Columbia and major urban centers throughout the nation. Triden provides development, equity investment and advisory services related to infrastructure, retail and community benefits, as well as custom, project-specific assignments. As a local, equity participant and investment development partner in projects valued at $4 billion, including three of the largest mixed-use projects underway in the District of Columbia, CityCenterDC, The Wharf and now The Parks at Walter Reed, Triden is committed to long-term projects with transformative impact.