(WASHINGTON, D.C.) – On November 10, 2016, a partnership comprised of Hines, Urban Atlantic and Triden Development Group, entered into a ground lease with the District of Columbia for the development of 66 acres of the former Walter Reed Army Medical Center campus in northwest Washington, D.C. The project, The Parks at Walter Reed, will be a mixed-use destination 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. The development team also includes component developers Weingarten Realty Trust (NYSE: WRI) and Toll Brothers (NYSE: Toll), national leaders in retail and residential development, respectively.
The Hines/Urban Atlantic/Triden partnership was selected by the District of Columbia as master developer in November 2013 following a competitive bid process. With the execution of the ground lease, the partnership is now embarking on the development of the iconic site – the largest land development in northwest D.C. The site was acquired by the District of Columbia as a result of the Base Realignment and Closure Act (BRAC) of 2005 which led to the U.S. Army vacating the Walter Reed Army Medical Center and relocating its services to the former National Naval Medical Center in Bethesda, Maryland. The new center, Walter Reed National Military Medical Center in Bethesda, serves the medical needs of both former facilities.
The Parks at Walter Reed will be phased over a 10-15 year period and will include:
- More than 2,100 units of rental and for-sale housing, including 432 affordable units serving low-income, workforce, veterans, seniors and families;
- 230,000-250,000 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.
The award of the project was much-anticipated in the community. “The Walter Reed Campus is one of the most transformative development projects in the entire region,” said Deputy Mayor Brian T. Kenner. “It is also a clear example of the District’s commitment to moving major projects forward in the nation’s capital. Working together, The Parks at Walter Reed will meet the expectations of the community, bringing jobs, affordable housing, economic opportunity and pathways to the middle class for thousands of DC residents.
“This master development team combines best-in-class retail, residential and mixed-use experience at national and local levels to bring The Parks at Walter Reed vision to life. We have deep roots in Washington, D.C. and are committed to honoring the legacy of Walter Reed,” stated Hines Senior Managing Director Chuck Watters.
Vicki Davis, managing partner of Urban Atlantic commented, “We are pleased to partner with Hines and Triden on this development, the plan which reflects the history and natural beauty of the campus, preserving significant historic buildings and roughly 20 acres of green space, while making it a center for culture and the arts through creative mixed-use elements and programming in the historic structures.”
Michael Jones, managing principal of Triden Development Group added, “The Parks at Walter Reed will be a major economic engine for the District of Columbia and, in particular, for the vibrant communities in Ward 4. The project will provide much-needed amenities and substantive economic development opportunities to the communities generating thousands of new jobs and significant additional revenues for the City.”
Initial infrastructure work and demolition of the existing 2.6 million-square-foot hospital is scheduled to begin in 2017.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 192 cities in 20 countries. Hines has $93.2 billion of assets under management, including $47.9 billion for which Hines provides fiduciary investment management services, and $45.3 billion for which Hines provides third-party property-level services. Hines has 105 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,180 properties, totaling over 379 million square feet. The firm’s current property and asset management portfolio includes 483 properties, representing over 199 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 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 Group
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.