D.C. Mayor Bowser Joins Development Team to Celebrate Groundbreaking of Newest Condos and Co-Living Residences at The Parks at Walter Reed
Two Landmark Residential Buildings Flank Retail Marketplace Plaza
The Parks at Walter Reed, 1155 Dahlia Street and Marketplace Plaza
The Parks at Walter Reed, Kite House
(Washington, D.C. – October 21, 2021) D.C. Mayor Muriel Bowser today joined community leaders and the development team in celebrating the construction start of Kite House condominiums and 1155 Dahlia Street, a co-living community at The Parks at Walter Reed. Developed by Hines, Urban Atlantic and Triden Development Group, with structured finance partner Grosvenor Americas (Kite House) and investor partner Bridge Investment Group (1155 Dahlia), these two residential communities represent a significant milestone in the redevelopment of the 66-acre former Walter Reed Army Medical Center campus in Northwest Washington.
“When it’s finished, Walter Reed will truly have it all – including retail,” said Mayor Bowser. “The Whole Foods isn’t just a big deal for Walter Reed, but the entire surrounding community. What we’re doing here is once again proving DC’s ability to use federal land to deliver the Kite House, the development’s second condominium building, and The Parks’ first co-living residential development at 1155 Dahlia Street flank a spacious plaza fronting Georgia Avenue that will welcome the community into the Parks Marketplace. A third residential project, The Hartley, also adjoins the Marketplace and its 90,000 square feet of dining, shopping and entertainment anchored by natural and organic grocer Whole Foods Market.
“We are thrilled to introduce additional housing and retail to this vibrant and growing community. Together with the Hartley, Kite House and 1155 Dahlia Street will form the active hub of this mixed-use destination project – the Parks Marketplace,” said Katie Wiacek, Managing Director at Hines.
Situated on one acre at The Parks, Kite House, designed by Hickok Cole, will offer contemporary and stylish one-, two-, and three-bedroom homes elevated by concierge service, convenient coworking space, a modern fitness center, and an inspiring indoor-outdoor lounge. Upon completion expected in early 2023, the property will include 109 for-sale units, including nine affordable units, and 11,000 rentable square feet of retail.
The co-living residences at 1155 Dahlia Street, designed by Torti Gallas Urban, will be comprised of 60 upscale units designed to help diversify and amplify available housing in Ward 4 and provide more residential options to District residents. The property encompasses 248 fully furnished co-living bedrooms, with 38 designated as affordable. Residents choose from two-, three-, four-, and five-bedroom units, and enjoy a full-service gym, club room, coworking space, and two outdoor terraces. Completion is expected in early 2023.
Other completed residential assets at The Parks include 89 elegantly appointed condominium residences at The Brooks and 301 apartments and 18,000 square feet of retail at The Vale as well as Abrams Hall, veterans senior housing.
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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 Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in transformational, large-scale, urban communities. Urban Atlantic focuses on creating vibrant, mixed-use, mixed-income, TOD neighborhoods. Urban Atlantic is a leader in sustainability and inclusiveness in all of its communities. Headquartered in the Washington metro area for 20 years, the firm’s portfolio includes over $2 billion in completed real estate developments, creating nearly 9,000 residential units and 1 million square feet of commercial space. Urban Atlantic’s third-party investments have leveraged an additional $2 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 is a local District-based firm serving as a master development partner on more than $7 billion of local mixed-use projects. The Triden team has many 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. The firm provides development, equity investment, and construction management services. With considerable relevant experience Triden also provides strategic advisory services related to infrastructure, retail, multi-family housing, as well as community engagement and benefits. As a local equity participant and investment development partner, Triden has a long tenure developing iconic projects including three of the largest mixed-use projects in the District of Columbia: CityCenterDC, The Wharf and The Parks at Walter Reed.
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
About Grosvenor Americas
Grosvenor Americas is an active developer, investor and co-investor across Canada and the USA. Its strategy is to invest in vibrant urban locations where it can add value and address some of the challenges that face its markets, including housing affordability supply. Its active development pipeline includes 875 California Street in San Francisco and The Pacific in downtown Vancouver, as well as the second phase of Grosvenor Ambleside in West Vancouver. Grosvenor’s Structured Development Finance program invests in apartment, condominium, townhome and mixed-use developments across its active markets, with a focus on vibrant, well-connected locations, and its Investment program adds value to residential, retail and commercial assets in high-quality places. Grosvenor Americas is part of the Grosvenor Group, one of the world’s largest privately owned property companies which develops, manages and invests in property in more than 60 cities around the world. As of 31 December 2017, Grosvenor Americas had assets under management of US$3.8 bn. www.grosvenor.com