January 8, 2019 – The Parks at Walter Reed Master Development Team of Urban Atlantic, Hines and Triden Development Group announced today the financial closing and transfer of two parcels of land for 400,000 square feet of new construction at The Parks, a new, mixed-use, mixed-income neighborhood totaling over 3.1 million square feet of new construction and adaptive reuse of existing historic structures. The 66-acre redevelopment is a public-private partnership with The District of Columbia.
The Parks celebrates city living in a park setting and exemplifies advances in energy efficiency and green technology. The largest privately-held historic district in Washington, D.C., the new community is connected by gracious, bucolic open spaces – the “parks” – adjacent to Rock Creek Park, bringing the outdoors within easy reach.
On a 2.25-acre site, Urban Atlantic, Hines and Triden, in partnership with PGIM Real Estate, will build The Vale, a 301-unit apartment building with 18,300 square feet of retail along Georgia Avenue. The transaction, made on behalf of its institutional investors, is the first of an impact-oriented initiative of PGIM Real Estate, the real estate investment management business of Prudential Financial, Inc. (NYSE: PRU). Construction financing of The Vale is provided by Capital One (NYSE: COF).
On an adjoining half-acre site, Urban Atlantic, Hines and Triden will build The Brooks, an 89-unit condo building. Grosvenor Americas provided financing through its Structured Development Finance program, which invests in apartment, condominium, townhome and mixed-use developments, with a focus on vibrant, well-connected locations. EagleBank – a community bank headquartered in Bethesda, MD – provided construction financing.
The Vale and The Brooks are the first ground-up projects to commence at The Parks at Walter Reed. Beautifully landscaped and creatively repurposed, 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, 150,000 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 Medical Center Research and Innovation Campus and the U.S. State Department’s new Foreign Mission Center. All less than five miles from downtown D.C., The Parks is an unexpected close-in destination with uptown charm.
“We are excited to close on the construction financing of the first 400,000 square feet of ground-up development within The Parks, bringing us to 700,000 square feet completed and under construction in just two years. We are proud of our partnership with Hines and Triden, The District of Columbia, and our investment partners – PGIM Real Estate, Capital One, Grosvenor Americas and EagleBank – each of which has demonstrated a deep level of commitment to collaboratively developing one of Washington, D.C.’s best new neighborhoods,” said Vicki Davis, Managing Partner of Urban Atlantic.