CBG Begins Construction on Mixed-Use Development at The Parks at Walter Reed
Luxury Multifamily Community to Provide 323 Units and Retail in Master Planned Neighborhood
For immediate release
April 3, 2020
"As the focal point of the Town Center, The Hartley will be critical in transforming The Parks and opening the site to the community," said Chuck Watters, senior managing director at Hines, in a news article.
The Hartley is a mixed-use residential community in The Parks at Walter Reed, a mixed-income neighborhood with a blend of new construction and adaptive reuse of historic buildings. The Parks plans to encompass 3.1 million square feet including 2,100 residential units and 130,000 square feet of retail. The master planned redevelopment is a public-private partnership with the District of Columbia.
"We are excited about the continued progress at The Parks at Walter Reed," said John Falcicchio, D.C.'s acting deputy mayor for planning and economic development in a news article. "And today we mark another big milestone for the development with the closing of the Hartley, the future vibrant Town Center of the community."
CBG helped resolve numerous challenges imposed by The Hartley's large and complicated foundation and adaptive re-use of the existing garage structure during more than two years of preconstruction. Expected to complete in early 2022, the community will offer amenities such as two courtyards, a zen garden, a coworking lounge, a pet spa, and a penthouse roof deck.
"We're thrilled to start construction at The Hartley after a successful preconstruction process with the development and design teams at The Parks of Walter Reed," said Tommy Rumley, vice president at CBG. "It's an honor to be a part of the team in such a large-scale redevelopment that will transform this D.C. neighborhood."
The Hartley is designed to achieve LEED® Silver certification, featuring bioretention planters, stormwater management vaults, a green roof, and EnergyStar® appliances. The team will also use recycled concrete from demolition in the new construction.
About CBG Building Company
Through a relentless pursuit of innovation, a steadfast commitment to quality, and active collaboration with clients, CBG has been delivering award-winning communities from coast to coast for more than 20 years. CBG's professional construction team builds more than 4,000 homes each year, providing high-quality, responsive service backed by a significant bonding capacity and national resources. CBG's experience spans a diverse portfolio of geographic areas and product types, including luxury, mixed-use, and affordable housing apartments, as well as campus housing, military family communities, and senior living facilities. Together, we draw on the knowledge gained through building more than 88,000 housing units since 1999. For more information, visit www.cbgbuildingcompany.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines provides fiduciary investment management services and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm's current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. For more information, visit www.hines.com.
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 neighborhoods. Headquartered in the D.C. Metro area for 20 years, the firm's portfolio includes more than $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. For more information, visit www.urban-atlantic.com.
About Triden Development Group
Triden Development Group was established in 2004 as a local District-based firm and is a master development partner on more than $7 billion of local mixed-use projects. Triden has nearly 80 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. Triden provides development, equity investment, and advisory services related to infrastructure, retail, and community benefits as well as custom, project-specific assignments. Triden is a local equity participant and investment development partner in major projects including three of the largest mixed-use projects in the District of Columbia: CityCenterDC, The Wharf, and The Parks at Walter Reed.
About Torti Gallas + Partners
Founded in 1953, Torti Gallas + Partners has continued to evolve over the firm's 57-year history. Today, Torti Gallas + Partners is a leading proponent of New Urbanism and a powerful force in the creation of environmentally, economically, and socially sustainable communities. Torti Gallas + Partners comprises award-winning architects and master planners, urban designers, sustainability experts, construction administrators and community facilitators. For more information, visit www.tortigallas.com.
About The Office of the Deputy Mayor for Planning and Economic Development
D.C.'s Office of the Deputy Mayor for Planning and Economic Development (DMPED) assists the mayor in the coordination, planning, supervision, and execution of economic development efforts in the District of Columbia with the goal of creating and preserving affordable housing, creating jobs, and increasing tax revenue. DMPED pursues policies and programs that create strong neighborhoods, expand and diversify the local economy, and provide residents with pathways to the middle class. The priorities for the deputy mayor derive from the broad goals of increasing affordable housing, increasing jobs and increasing District revenues. For more information, visit www.dmped.dc.gov.
About Bridge Investment Group
Bridge Investment Group is a privately-held real estate investment management firm with $23.3+ billion in assets under management. Bridge combines its 4,200+ 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 Bridge, investing is an active process. The firm strives to create vibrant communities where its residents and tenants are excited to live and work. The globally-trusted investment firm offers exceptional returns to its investors, pursued with uncompromising principles. For more information, visit www.bridgeig.com.
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For More Information: Joy Lutes 703.362.0150