WRAMC – The Parks At Walter Reed Mixed-Use Development – Washington - Project Profile

WRAMC – The Parks At Walter Reed Mixed-Use Development – Washington - Project Profile

  • March 2018 •
  • 10 pages •
  • Report ID: 4881885
Synopsis
"WRAMC – The Parks At Walter Reed Mixed-Use Development – Washington - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.

The "WRAMC – The Parks At Walter Reed Mixed-Use Development – Washington - Project Profile" is part of Timetric’s database of 82,000+ construction projects. Our database includes a 10+ year archive of completed projects, full coverage of all global projects with a value greater than $25 million and key contact details for project managers, owners, consultants, contractors and bidders.

Summary
Walter Reed Army Medical Center (WRAMC) is planning to undertake The Parks At Walter Reed mixed-use project in the US.

The project involves the construction of mixed-use complex on 288,000m2 area. It will also feature 8ha of open space.

It includes the construction of 1,560 apartments, 550 condominiums, 96 townhouses, 19,695m2 of retail and 71,257m2 of office space, a 200-room Hyatt hotel, 2,787m2 arts and cultural center, 10,776m2 medical center, schools, parking and other related facilities.

It also include the construction of two charter schools and an ambulatory care center on site.

The first phase includes the construction of 33,445m2 town center building comprising 300 apartment units, 6,968m2 retail space, and two-level parking garage.

Around ninety percent of the existing historic structures will be demolished to undertake the new development.

In January 2012, City Council approved the project, and need to secure approvals from Federal Department of Housing and Urban Development.

In January 2013, the WRAMC issued the request for qualification (RFQ) for the appointment of developers with March 2013 as the submission deadline.

A total of nine companies including Allied Patriot, LLC, Douglas Development Corporation, Forest City Washington, Grid Properties, Inc., Hines-Urban Atlantic joint venture, Republic Properties Corporation, Roadside Development, Walter Reed Associates, LLC and Western Development have registered their interest in the proposed project.

In November 2013, Hines and joint venture partners Urban Atlantic, Triden Development, Weingarten Realty Investors, Transitional Housing Corp. and Hyatt Hotels won the development contract.

The Office of the Deputy Mayor for Planning and Economic Development and the Hines team will negotiate an exclusive rights agreement which will detail the due diligence that the Hines master development team will be required to perform as a condition of, entering into a land disposition agreement with the District.

The project secured final approval on January 24, 2014 marking a start of Environmental Assessment.

In July 2016, The Office of the Deputy Mayor for Planning and Economic Development has finalized its agreement with the U.S. Army that will result in the transfer of 27ha of land.

On November 10, 2016, Hines, Urban Atlantic and Triden Development Group, entered into a ground lease with the District of Columbia for the development.

Toll Brothers, Inc. has been appointed as an associated developer, Torti Gallas + Partners as the architect, NorthStar Contracting Group as demolition contractor, HP Environmental as environmental consultant, Bowman Consultant Group as Civil Engineer and SK&A Structural Engineers as Structural Engineer.

EagleBank has been appointed to provide an acquisition and land development loan for the project.

On April 28, 2017, groundbreaking ceremony held on the project.

WRAMC is planning to commence demolition of hospital complex in early 2018.

On January 30, 2018, WRAMC issued a request of proposal for demolition and abatement contractor.

Construction of the entire project is expected to take 10-15 years to complete.

Scope
The project involves the construction of residential, commercial and office facilities on 288,000m2 area in Washington DC, the US.

The US$550 million project includes the following:
1. Construction of 1,560 apartments
2. Construction of 550 condominiums
3. Construction of 96 townhouses
4. Construction of 19,695m2 of retail
5. Construction of 71,257m2 of office space
6. Construction of a 200-room Hyatt hotel
7. Construction of 2,787m2 arts and cultural center
8. Construction of 10,776m2 medical center
9. Construction of two charter schools
10. Construction of an ambulatory care center
11. Construction of parking and other related facilities

Reasons To Buy
• Gain insight into the project.
• Monitor the latest project developments.
• Identify key project contacts.
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Country=UnitedStates Industry=Construction ParentIndustry=HeavyIndustry Date=201803 Publisher=Timetric Price=1000