Hines acquires land to build luxury condominium property in US

WCN Editorial Team 2 Sep 2021 NORTH AMERICA BUILDINGS

Real estate firm Hines, Urban Atlantic and Triden Development Group have completed the acquisition of one-acre land at The Parks at Walter Reed in Washington, the US, to construct a luxury condominium property.

The new property, named Kite House, will include 109 for-sale units. These include nine affordable units, and 11,000ft2 of rentable retail space.

It will offer contemporary and stylish one-, two-, and three-bedroom homes with concierge service, a modern fitness centre, an indoor-outdoor lounge and coworking space.

Hickok Cole is working as the architect and STUDIOS as the interior designer for Kite House, while Lee and Associates is providing landscape design.

The Parks at Walter Reed will include 90,000ft of dining, shopping and entertainment; 190,000ft2 of retail; 325,000ft2 of office, medical and educational; 20,000ft2 of creative and cultural uses as well as a hotel/conference centre.

Kite House joins The Hartley, a 323-unit luxury multifamily property; the Vale, a 301-unit multifamily property with 18,000ft2 of retail space and The Brooks, an 89-unit condominium residence.

Through the Structured Development Finance programme, Grosvenor Americas provided funding for the project.

Bank OZK is providing funding for the construction of the project, which will commence in October with completion planned in early 2023.

Hines Senior managing director Chuck Watters said: “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.”

The company stated that the construction work on 1155 Dahlia Street, a 60-unit upscale, co-living project with 21,000ft2 of retail will also begin in October.

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Rendering of the Kite House at The Parks at Walter Reed in Washington. Credit: Hines.

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