“Hines Closes on Land to Develop Luxury Condos at The Parks at Walter Reed”

via The Parks

From a press release:

“Hines, Urban Atlantic and Triden Development Group announced today they have closed on one acre at The Parks at Walter Reed to develop Kite House, a 109-unit luxury condominium property. Grosvenor Americas provided financing through its Structured Development Finance program. Bank OZK is providing the construction financing. Construction on Kite House is planned to begin in October with completion of the project in early 2023.

Kite House 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. Designed with 109 for-sale units, including nine affordable units, and 11,000 rentable square feet of retail,

Kite House is a critical component of the vibrant Marketplace at The Parks, which will feature 90,000 square feet of dining, shopping and entertainment anchored by natural and organic grocer, Whole Foods Market, around an active plaza fronting Georgia Avenue.

Kite House joins The Hartley, a 323-unit luxury multifamily property with 60,000 square feet of retail (currently underway); The Brooks, an 89-unit elegantly appointed condominium residence; and the Vale, a 301-unit multifamily property with 18,000 square feet of retail. 1155 Dahlia Street, a 60-unit upscale, co-living project with 21,000 square feet of retail, will also commence construction in October.

“Kite House represents a key step forward as we continue to transform The Parks and open the site to the community. This project will deliver much needed for-sale housing with immediate access to high quality amenities and thoughtful green spaces,” said Hines Senior Managing Director Chuck Watters. “We are thrilled Grosvenor has committed to a second project at The Parks.”

“Kite House marks our second deal with Hines, Urban Atlantic and Triden. We deeply value the business relationship that our teams have built together since we began The Brooks at The Parks in 2018,” said Grosvenor Americas’ Senior Vice President of Co-Investment, Alexandra Johns. “The Parks offers the rare opportunity to own a home in the city among wide open spaces with an array of lifestyle amenities. We are so pleased to be part of the story contributing to attainable housing options in the area.”

“Since Mayor Bowser and our team began planning the redevelopment of the Walter Reed site, our focus has always been on how to reimagine this historic space so that it meets the housing needs of the neighborhood and the District as a whole,” said Deputy Mayor for Planning and Economic Development John Falcicchio. “Today, we are celebrating the Kite House, a new 109-unit condominium building that will offer homeownership opportunities for Washingtonians and add to the dynamic transformation of Walter Reed.”

“Kite House is an exciting addition to the Walter Reed site, delivering long-term housing units that will help transform the development into a community,” said Ward 4 DC Councilmember Janeese Lewis George. “Once completed, Kite House will allow more families to find their home in Ward 4 and enjoy the great amenities that The Parks have to offer.”

Hickok Cole is the architect for Kite House with interior design by STUDIOS and landscape design by Lee and Associates. Retail broker CBRE+Streetsense is engaged for The Parks retail leasing. Urban Pace is engaged for the residential sales.”

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