Ground Lease Signed for 3M-SF Parks at Walter Reed

Hines, Urban Atlantic and Triden Development Group entered into a ground lease with the District of Columbia to develop 66 acres of the former Walter Reed Army Medical Center campus in northwest Washington D.C. The resulting project, the Parks at Walter Reed, will be a 3.1-million-square-foot mixed-use development, consisting of new construction and adaptive reuse of existing historic structures. The development team also includes Weingarten Realty Trust and Toll Brothers.

Initial infrastructure work and demolition of the 2.6-million-square-foot hospital is scheduled to begin next year. Build-out will take approximately 10-15 years and will include 2,100 rental and for-sale housing units; close to 250,000-square-feet of grocery-anchored retail, 185,000 square feet of office space, a 200-key hotel and conference center, and 20 acres of green space.

For comments, questions or concerns, please contact Amy Sorter