Hines JV to Begin Construction on Washington, DC Mixed-Use Project
- Apr 16, 2020
Construction on The Hartley, a 323-unit luxury multifamily property anchored by a Whole Foods Market as part of The Parks at Walter Reed mixed-use redevelopment project in Washington, D.C., is scheduled to begin in May and conclude in early 2022. Santander Bank N.A. and EagleBank are providing construction financing.
The Hartley is being developed as part of a joint venture with Hines, Urban Atlantic, Triden Development Group and Bridge Investment Group. The joint venture announced this week they closed on a 1.5-acre site for the project at The Parks at Walter Reed, a $1 billion mixed-use neighborhood with 3.1 million square feet of newly built space along with adaptive reuse of historic structures on the former Walter Reed military medical complex.
The Hartley will be the third new construction phase at the site along with The Brooks, 89 luxury condominium residences, and The Vale, 301 apartments and 18,000 square feet of retail, that are under construction. Thirty-two of the 323 rental units at The Hartley will be affordable. The project will also include 58,000 square feet of retail and be the centerpiece of the Town Center, which will feature 100,000 square feet of dining, shopping and entertainment around a plaza on Georgia Avenue.
Hines Senior Managing Director Chuck Watters said in a prepared statement The Hartley will be a focal point of the Town Center and be critical in transforming The Parks at Walter Reed and opening it up to the community. He cited Bridge, a new JV partner, and the firm’s experience in multifamily development.
Torti Gallas Urban is the architect for The Hartley with interior design by Hickok Cole Lifestyle and landscape design by Oehme van Sweden. Retail broker CBRE+Streetsense is handling retail leasing for The Parks development.
The Parks Plan
Hines, Urban Atlantic and Triden broke ground on The Vale apartments and The Brooks condominiums in April 2019. The Parks is a public-private partnership with the District of Columbia and the largest master-planned community underway in Northwest D.C. TPWR Developer LLC—the joint venture of Hines, Urban Atlantic and Triden—was chosen as the master developer in 2013.
The District of Columbia had purchased the 66-acre site from the U.S. Army in 2016 and executed a nearly 30-year ground lease with TPWR. The master plan calls for more than 20 acres of open space, parks and plazas, 190,000 square feet of retail, 325,000 square feet of office and medical and 20,000 square feet of creative and cultural uses and a hotel/conference center.
The development will include more than 2,000 condos, townhomes and apartments, including 432 affordable residences. In May 2018, construction began on the 77-unit Abrams Hall Senior Apartments for homeless veterans. Nearly 50 percent of The Parks development is expected to be complete by the end of this year.