(WASHINGTON, D.C.) — Hines, Urban Atlantic, and Triden Development Group along with joint venture partner, Bridge Investment Group, announced today they have closed on one and a half acres at The Parks at Walter Reed to develop The Hartley, a 323-unit luxury, multifamily property, anchored by natural and organic grocer Whole Foods Market. Santander Bank N.A. and EagleBank are providing the construction financing.
Construction on The Hartley is expected to begin in May 2020 with completion of the project in early 2022.
The Hartley will be the third new construction phase to commence on site with The Brooks, 89 elegantly appointed condominium residences (www.thebrooksdc.com), and the Vale, 301 apartments and 18,000 square feet of retail, currently underway. Designed with 323 rental units, including 32 affordable units, and 58,000 square feet of retail, The Hartley is the centerpiece of the vibrant Town Center, which will feature 100,000 square feet of dining, shopping, and entertainment around an active plaza fronting Georgia Avenue.
“Bridge Investment Group is excited to be involved in this iconic project as part of the master plan for the former Walter Reed complex just north of downtown Washington, D.C. This represents a major milestone for us to provide quality residential units within a historic landmark alongside our partners Hines, Triden and Urban Atlantic,” said Bridge Investment Group’s Chief Investment Officer, David Coelho.
“As the focal point of the Town Center, The Hartley will be critical in transforming The Parks and opening the site to the community. We are excited to work with Bridge on this project given their depth of experience in multifamily development,” said Hines Senior Managing Director Chuck Watters.
“We are excited about the continued progress at the Parks at Walter Reed, and today we mark another big milestone for the development with the closing of the Hartley – the future vibrant town center of the community,” said Acting Deputy Mayor for Planning and Economic Development John Falcicchio. “What Mayor Bowser started as a Councilmember, now Councilmember Todd will deliver — housing, Whole Foods Market, retail and dining are all coming as we continue the transformation of the historic Walter Reed campus.”
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 engaged for the Parks retail leasing.
About The Parks at Walter Reed
Once complete, 66-acre redevelopment of The Parks at Walter Reed will include over 3.1 million square feet of new construction and adaptive reuse of existing historic structures. This once closed-off Upper Northwest historic military medical campus will be transformed into an innovative and inspiring new destination featuring a broad mix of open green parks, recreation, arts, hospitality, 130,000 square feet of grocery-anchored retail, over 2,100 units of townhomes, condos and apartments (including 432 affordable units), office, ambulatory care by Howard University, and two foreign language immersion charter schools (DCI and LAMB). The Parks is immediately adjacent to both the new Children’s National Research and Innovation Campus and the U.S. State Department’s new Foreign Mission Center, flanked by commuter corridors and public transportation. All less than five miles from downtown D.C., The Parks is a convenient destination with uptown charm. For more information, visit www.theparksdc.com
About Bridge Investment Group
Bridge Investment Group is a privately-held real estate investment management firm with $20.1 billion in assets under management. Bridge combines its 3,600+ person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies. For more information, visit www.bridgeig.com
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as an investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Urban Atlantic
Urban Atlantic develops and invests in commercial real estate projects that serve as catalysts for vibrant, inclusive neighborhood development. . Headquartered in the Washington metro area since 1998, the firm’s portfolio includes over $3 billion in completed and under development mixed-use and mixed-income projects, creating over 10,000 residential units and 1 million square feet of commercial space. Urban Atlantic’s third-party investments have leveraged an additional nearly $3 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.
About Triden Development Group
Triden Development Group was established in 2004 as a local District-based firm and is a master development partner on more than $7 billion of local mixed- use projects. The Triden team has nearly 80 years of combined experience at the forefront of public-private collaborations addressing economic development challenges in the District of Columbia and major urban centers throughout the nation. Triden provides development, equity investment and advisory services related to infrastructure, retail and community benefits, as well as custom, project-specific assignments. Triden is a local equity participant and investment development partner in major projects including three of the largest mixed-use projects in the District of Columbia: CityCenterDC, The Wharf and The Parks at Walter Reed.