A partnership between Hines, Urban Atlantic and Triden Development Group have closed on the land for its latest community that will be a part of its 66-acre mixed-use development in Washington, D.C., dubbed The Parks at Walter Reed.
The companies will use the 1-acre site to develop Kite House, a 109-unit community. According to Hines, Grosvenor Americas provided financing for the project, while Bank OZK provided construction financing.
Construction on Kite House is planned to start in October to meet an expected completion in early 2023. The developers are planning to build the luxury condominium project with studio, one-, two- and three-bedroom units, which include nine affordable units at 80 percent AMI, Hines told Multi-Housing News. Kite House will also be built with a coworking space, fitness center, indoor-outdoor lounge, concierge service and 11,000 rentable square feet of retail.
The developers tapped Hickok Cole as the architect for Kite House, while STUDIOS designed the interiors and Lee and Associates were tasked with landscape design. The developers also tapped CBRE + Streetsense for the retail leasing of the project and Urban Pace for the residential sales of Kite House.
CONVERTING MILITARY TO MULTIFAMILY
According to Hines, Kite House will serve as a critical component of Marketplace at The Parks, a 90,000-square-foot section of the mixed-use development that will be anchored by Whole Foods Market and include dining, shopping and entertainment. The joint venture broke ground on the overall project, The Parks at Walter Reed, in 2017 and has since made major steps towards building out the campus. The project focuses on redeveloping 66 acres of a historic military medical campus into a mixed-use development that includes more than 3.1 million square feet of new construction and adaptive reuse of existing historic structures.
In May 2020, the partnership also started work on The Hartley, a 323-unit luxury multifamily project that’s part of The Parks at Walter Reed. Grosvenor also committed financing to The Brooks, an 89-unit condominium project within the mixed-use development, in 2018, Alexandra Johns, senior vice president of co-investment at Grosvenor Americas said in prepared remarks. More recently, CIM Group acquired the newly constructed 301-unit The Vale at The Parks that was the first new construction multifamily rental of the campus.
