(WASHINGTON, D.C.) – The Parks at Walter Reed Master Development Team of Urban Atlantic, Hines and Triden Development Group announced today the financial closing and transfer of two parcels of land for 400,000 square feet of new construction at The Parks, a new, mixed-use, mixed-income neighborhood totaling over 3.1 million square feet of new construction and adaptive reuse of existing historic structures. The 66-acre redevelopment is a public-private partnership with The District of Columbia.
The Parks celebrates city living in a park setting and exemplifies advances in energy efficiency and green technology. The largest privately-held historic district in Washington, D.C., the new community is connected by gracious, bucolic open spaces – the “parks” – adjacent to Rock Creek Park, bringing the outdoors within easy reach.
On a 2.25-acre site, Urban Atlantic, Hines and Triden, in partnership with PGIM Real Estate, will build The Vale, a 301-unit apartment building with 18,300 square feet of retail along Georgia Avenue. The transaction, made on behalf of its institutional investors, is the first of an impact-oriented initiative of PGIM Real Estate, the real estate investment management business of Prudential Financial, Inc. (NYSE: PRU). Construction financing of The Vale is provided by Capital One (NYSE: COF).
On an adjoining half-acre site, Urban Atlantic, Hines and Triden will build The Brooks, an 89-unit condo building. Grosvenor Americas provided financing through its Structured Development Finance program, which invests in apartment, condominium, townhome and mixed-use developments, with a focus on vibrant, well-connected locations. EagleBank – a community bank headquartered in Bethesda, MD – provided construction financing.
The Vale and The Brooks are the first ground-up projects to commence at The Parks at Walter Reed. Beautifully landscaped and creatively repurposed, 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, 150,000 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 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 close-in destination with uptown charm.
“We are excited to close on the construction financing of the first 400,000 square feet of ground-up development within The Parks, bringing us to 700,000 square feet completed and under construction in just two years. We are proud of our partnership with Hines and Triden, The District of Columbia, and our investment partners – PGIM Real Estate, Capital One, Grosvenor Americas and EagleBank – each of which has demonstrated a deep level of commitment to collaboratively developing one of Washington, D.C.’s best new neighborhoods,” said Vicki Davis, Managing Partner of Urban Atlantic.
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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 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.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and 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 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 economic development challenges 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 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.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $70.9 billion ($50.4 billion net) as of Sept. 30, 2018. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. In support of its impact-oriented initiatives, PGIM Real Estate is collaborating with Prudential’s Impact Investments group, which has invested more than $2.5 billion across a variety of asset classes since its founding more than 40 years ago. For more information, visit www.pgimrealestate.com.
About Grosvenor Americas
Grosvenor Americas is an active developer, investor and co-investor across Canada and the USA. Its strategy is to invest in vibrant urban locations where it can add value and address some of the challenges that face its markets, including housing affordability supply. Its active development pipeline includes 875 California Street in San Francisco and The Pacific in downtown Vancouver, as well as the second phase of Grosvenor Ambleside in West Vancouver. Grosvenor’s Structured Development Finance program invests in apartment, condominium, townhome and mixed-use developments across its active markets, with a focus on vibrant, well-connected locations, and its Investment program adds value to residential, retail and commercial assets in high-quality places. Grosvenor Americas is part of the Grosvenor Group, one of the world’s largest privately owned property companies which develops, manages and invests in property in more than 60 cities around the world. As at 31 December 2017, Grosvenor Americas had assets under management of US$3.8 bn. www.grosvenor.com.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $247.2 billion in deposits and $362.9 billion in total assets as of September 30, 2018. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
About Eagle Bank With over $8.1 billion in assets and over 20 offices, EagleBank is the largest community bank in the Washington, DC Area. With a solid reputation for superior service and quick response from local management, the bank is focused on serving the business community and creating loyal customer relationships that are based on trust, and a shared sense of pride and dedication to the growth and wellbeing of our community.