Luxury Development Coming to DC’s Parks at Walter Reed
Hines, Urban Atlantic, Triden Development Group and Bridge Investment Group have teamed to develop The Hartley, a 323-unit luxury mixed-use, transit‐oriented, new construction mid‐rise development in Washington, D.C., according to Hines.
The joint venture acquired one-and-a-half acres at The Parks at Walter Reed for the project. The price was not disclosed.
“At 66 acres, The Parks is the largest redevelopment project in Northwest D.C., leveraging the site’s historic legacy‐rich architectural fabric, ample open space, and prime location to create 3.1 million square feet of new mixed‐use projects,” David Coelho, Bridge Investment Group’s chief investment officer, told Commercial Observer.
The property will include 32 affordable units, 58,000 square feet of retail and will be anchored by organic grocer Whole Foods Market. The Hartley will serve as the centerpiece of the vibrant Town Center, 100,000 square feet of dining, shopping, and entertainment around an active plaza fronting Georgia Avenue, which will serve as the anchor of The Parks at Walter Reed.
“The building will offer an expansive building amenity program with access to the campus’ incredible outdoor spaces and history,” Katie Wiacek, Hines’ managing director, told CO. “Our goal with the project is to build on the Hines legacy of creating lasting value through high-quality and sustainable design and strategic site selection — in this case the vibrant mixed-use Parks at Walter Reed campus in Northwest Washington, D.C.”
The Hartley offers unique, dual accessibility to the amenities and employment centers of downtown Washington, D.C. It is a five-block walk to the Takoma Metro Station, eight Metrobus routes, 1.5 miles south of Sowntown Silver Spring, Md., and five miles north of the CBD.
“The creation of the Parks’ campus environment with multifamily, affordable housing, office, retail, medical, and education facilities in the heart of Washington, D.C., was a major factor in our decision to move forward with The Hartley,” Coelho said. “Washington, D.C., has always been an attractive investment market for the firm, but the strong cycle-proof economy is even more appealing in times of uncertainty, such as today.”
Construction is set to begin in May with anticipated completion in early 2022.
Santander Bank N.A. and EagleBank are providing construction financing for the project.