JV Breaks Ground on 2 DC Communities
- Apr 10, 2019
Developers Urban Atlantic, Hines and Triden Development Group have broken ground on The Vale apartments and The Brooks condominiums, which will offer a total of 390 residences within The Parks at Walter Reed, a $1 billion mixed-use neighborhood underway in Washington, D.C.
The Parks, a 3.1 million-square-foot project that will include newly built space along with adaptive reuse of historic structures, began construction in April 2017.
The Vale sits on a 2.3-acre parcel along Georgia Avenue and will offer 301 units and 18,300 square feet of retail. The trio of developers will also build The Brooks, an 89-unit condo building, on an adjoining half-acre site. Sales of those units will commence in May.
PGIM Real Estate, the real estate investment management arm of Prudential Financial Inc., is backing The Vale on behalf of its institutional investors, while construction financing is provided by Capital One. Grosvenor Americas provided financing for The Brooks through its Structured Development Finance program and EagleBank supplied construction financing.
Urban redevelopment moves forward
The Parks, a public-private partnership with the District of Columbia, is the largest master-planned community underway in Northwest D.C. TPWR Developer LLC—a joint venture of Hines, Urban Atlantic and Triden—was chosen as the master developer for the project in 2013.
The District of Columbia purchased the 66-acre site from the U.S. Army in late 2016 and simultaneously executed a nearly 30-year ground lease with TPWR. Since the development team took over, more than $300 million has been invested across the campus. The demolition of the 1970s-vintage hospital, a 2.5-million-square-foot hulking concrete structure, is nearly complete.
Plans call 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 also feature more than 2,000 condos, townhomes and apartments, including 432 affordable dwellings.
Nearly 50 percent of the development pipeline is slated to be complete or under construction by the end of 2020. More than 150 affordable veterans and seniors’ units are scheduled to deliver at Abrams Hall Senior Apartments this summer.