(WASHINGTON, D.C.) — Hines, Urban Atlantic and Triden Development Group announced today they have closed on one acre at The Parks at Walter Reed to develop Kite House, a 109-unit luxury condominium property. Grosvenor Americas provided financing through its Structured Development Finance program. Bank OZK is providing the construction financing. Construction on Kite House is planned to begin in October with completion of the project in early 2023.
Kite House will offer contemporary and stylish one-, two-, and three-bedroom homes elevated by concierge service, convenient coworking space, a modern fitness center, and an inspiring indoor-outdoor lounge. Designed with 109 for-sale units, including nine affordable units, and 11,000 rentable square feet of retail, Kite House is a critical component of the vibrant Marketplace at The Parks, which will feature 90,000 square feet of dining, shopping and entertainment anchored by natural and organic grocer, Whole Foods Market, around an active plaza fronting Georgia Avenue.
Kite House joins The Hartley, a 323-unit luxury multifamily property with 60,000 square feet of retail (currently underway); The Brooks, an 89-unit elegantly appointed condominium residence; and the Vale, a 301-unit multifamily property with 18,000 square feet of retail. 1155 Dahlia Street, a 60-unit upscale, co-living project with 21,000 square feet of retail, will also commence construction in October.
“Kite House represents a key step forward as we continue to transform The Parks and open the site to the community. This project will deliver much needed for-sale housing with immediate access to high quality amenities and thoughtful green spaces,” said Hines Senior Managing Director Chuck Watters. “We are thrilled Grosvenor has committed to a second project at The Parks.”
“Kite House marks our second deal with Hines, Urban Atlantic and Triden. We deeply value the business relationship that our teams have built together since we began The Brooks at The Parks in 2018,” said Grosvenor Americas’ Senior Vice President of Co-Investment, Alexandra Johns. “The Parks offers the rare opportunity to own a home in the city among wide open spaces with an array of lifestyle amenities. We are so pleased to be part of the story contributing to attainable housing options in the area.”
“Since Mayor Bowser and our team began planning the redevelopment of the Walter Reed site, our focus has always been on how to reimagine this historic space so that it meets the housing needs of the neighborhood and the District as a whole,” said Deputy Mayor for Planning and Economic Development John Falcicchio. “Today, we are celebrating the Kite House, a new 109-unit condominium building that will offer homeownership opportunities for Washingtonians and add to the dynamic transformation of Walter Reed.”
“Kite House is an exciting addition to the Walter Reed site, delivering long-term housing units that will help transform the development into a community,” said Ward 4 DC Councilmember Janeese Lewis George. “Once completed, Kite House will allow more families to find their home in Ward 4 and enjoy the great amenities that The Parks have to offer.”
Hickok Cole is the architect for Kite House with interior design by STUDIOS and landscape design by Lee and Associates. Retail broker CBRE+Streetsense is engaged for The Parks retail leasing. Urban Pace is engaged for the residential sales.
About The Parks at Walter Reed
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 retail anchored by Whole Foods Market, over 2,200 units of townhomes, condos and apartments (including more than 430 affordable units), office, ambulatory care by Howard University, and DC International School, a foreign language immersion charter school. The Parks is immediately adjacent to both the new Children’s National Medical Center Research and Innovation Campus and the U.S. State Department’s new Foreign Mission Center. All less than five miles from downtown D.C., The Parks is an unexpected destination with uptown charm. For more information, visit www.theparksdc.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering 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, 2020.
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. Urban Atlantic is a leader in sustainability and inclusiveness in all of its communities. Headquartered in the Washington metro area for 20 years, the firm’s portfolio includes over $2 billion in completed real estate developments, creating nearly 9,000 residential units and 1 million square feet of commercial space. Urban Atlantic’s third-party investments have leveraged an additional $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.
About Grosvenor Americas
Grosvenor Americas has been an active developer and investor in several high-quality cities across the U.S. and Canada for 69 years. Our strategy is to invest in vibrant urban areas where our activities can make a positive contribution to neighborhoods and communities, which we deliver through our Living Cities approach. Since 2004, we have helped supply 12,300 quality homes and have transacted $4.6bn in investment property in the high-growth markets where we operate.
As one of the first North American signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment, our business is guided by ESG principles and underpinned by a promise to achieve net zero operations by 2030.
We are active in the high-growth transit-oriented and/or amenity-rich neighborhoods of Seattle, Vancouver, the San Francisco Bay Area and Washington, D.C. Our Development Program focuses on residential mixed-use projects; most developments in our USD $2.7bn pipeline will deliver to LEED Gold standards. We also add value to residential, commercial and retail assets, actively managing a portfolio of 59 stable properties in our Investment Program. Additionally, we run a Structured Development Finance business that provides funds to leading residential developers who provide much-needed housing.
As of December 31, 2020, Grosvenor Americas had assets under management of USD $3.6bn.
We are part of Grosvenor Group, one of the world's largest privately-owned international property companies and active in Britain & Ireland, Europe, Asia Pacific and North America. With $15.2bn of assets under management and a track record of 344 years, Grosvenor develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
To read more about Living Cities please click here.
ABOUT BANK OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG focuses on senior secured commercial real estate construction financing for a variety of property types including multifamily housing, condominiums, office, hotels, mixed use, life sciences, industrial and retail. RESG is considered a preeminent, market-leading construction lender changing skylines across the United States. During the five years ended December 31, 2020, RESG originated $35 billion in new commercial real estate construction loans. For more information visit www.ozk.com