Walter Reed Development Team Signs Ground Lease, Allowing Construction To Begin
The 66-acre, 3.1M SF development at the Walter Reed Army Medical Center is all set to begin construction.
The development team of Hines, Urban Atlantic and Triden finalized its ground lease with the DC government on Nov. 10, the Washington Business Journal reports.
With this hurdle cleared, demolition is expected to begin on some of the site's existing buildings next year. The District bought the 66-acre site from the US Army for $22.5M this summer before leasing it out to the development team, which won the bid in 2013.
The Parks at Walter Reed will include 250k SF of retail, roughly 2,000 units of housing, a Hyatt Hotel and conference center, and 185k of office space. Howard University Hospital will also provide a 116k SF ambulatory care unit. [WBJ]
