Hines, Urban Atlantic and Triden Development Group, on behalf of the developer TPWR Developer LLC, have broken ground on a new mixed-use neighbourhood in Washington, DC.
The Parks at Walter Reed covers a total area of 288,000 sq m. The first phase of the project includes the start of development on major project components, preservation of historic buildings to be later renovated and restored, the demolition of the 1970’s era hospital which will make way for the development of a Town Center, and development of infrastructure (including a new water main and other utility services) and landscape improvements.
The project will be developed over a 10-15 year period and will feature more than 2,100 rental and for-sale housing units — 432 of which will be affordable.
It will also involve the construction of 13,940 to 23,230 sq m of retail space, 17,190 sq m of office space, a 200-key hotel and conference centre, 2,790 sq m of arts and cultural uses, 10,780 sq m of ambulatory medical care provided by Howard University Hospital and about 20 acres of open space, community parks and plazas.
EagleBank has been appointed to provide an acquisition and land development loan, which will allow TPWR Developer to proceed with the horizontal development of the site.
Mayor Muriel Bowser said: “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.
“This effort has been years in the making, and now the future is bright for Walter Reed, Ward 4, and the entire community.”
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