(WASHINGTON, D.C.) — Hines, Urban Atlantic, and Triden Development Group, along with joint venture partner Bridge Investment Group, joined Mayor Bowser and the City today in announcing they have closed on just under an acre of land at The Parks at Walter Reed to develop 1155 Dahlia Street, a 60-unit upscale co-living project with 21,000 square feet of retail. Santander Bank N.A. and Tristate Capital Bank, Inc. are providing the construction financing.
Featuring 248 fully furnished co-living bedrooms, including 38 designated affordable co-living bedrooms, throughout a mix of two, three, four, and five-bedroom units, as well as a full-service gym, club room, co-working space, and two outdoor terraces, 1155 Dahlia Street is one of three buildings that comprise the vibrant Parks Market Place, which will feature natural and organic grocer, Whole Foods Market, plus 60,000 square feet of dining, shopping and entertainment around an active plaza fronting Georgia Avenue. Common has been selected to manage the property.
“We are thrilled to be launching our first co-living building at 1155 Dahlia Street. Co-living allows us to deliver the same high-quality residential development at a more accessible price point to tenants whilst simultaneously offering convenience not seen in conventional multifamily. We are excited to work with Bridge on this project following our ongoing success at The Hartley,” said Hines Senior Managing Director Chuck Watters.
1155 Dahlia Street will be the next new construction phase to commence on-site with The Brooks, which includes 89 elegantly appointed condominium residences and The Vale, that consists of 301 apartments and 18,000 square feet of retail recently completed; and the Hartley, comprised of 323 units and 60,000 square feet of retail—currently underway. Kite House, a 109-unit condo project with 11,000 square feet of retail, will commence construction in October.
“Bridge Investment Group is excited to expand its footprint in this iconic project as part of the master plan for the former Walter Reed complex just north of Washington, D.C. This represents another major milestone for us to provide quality Co-living units within a historic landmark alongside our partners Hines, Triden and Urban Atlantic,” said Bridge Investment Group’s Chief Investment Officer, David Coelho.
“When we go to the drawing board for projects like this, we start by asking ourselves how we can be innovative and ensure that future residents have what they need to be able to live, work and play,” said Deputy Mayor for Planning and Economic Development John Falcicchio. “Today, we are celebrating 1155 Dahlia, which introduces a brand new, distinct co-living concept for residents, the first on the dynamic Walter Reed campus and in the District. It will also get us closer to achieving Mayor Bowser’s bold goal of creating 36,000 new housing units, 12,000 of them affordable, by 2025.”
“1155 Dahlia Street will help diversify the housing stock in Ward 4, drawing new residents, providing more options to existing residents, and easing the scarcity of housing that drives up costs for all community members,” said Ward 4 Councilmember Janeese Lewis George. “Paired with additional housing, dining options, and retail, this project will add to the vibrancy of our community."
Torti Gallas Urban is the architect for 1155 Dahlia Street with interior design by Ink + Oro and landscape design by Studio39. Retail broker CBRE+Streetsense is engaged for the Parks retail leasing. Construction on 1155 Dahlia Street is also expected to begin in October with completion of the project in early 2023.
About The Parks at Walter Reed
Once complete, 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 2,100 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, visit www.theparksdc.com.
About Bridge Investment Group
Bridge Investment Group is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes with approximately $28.7 billion in assets under management as of June 30, 2021. Bridge combines its nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals: multifamily, office, seniors housing, affordable housing, opportunity zones, logistics net lease, logistics properties, debt strategies and agency mortgage backed securities. For more information, visit www.bridgeig.com
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 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 June 30, 2021.
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.