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Capital Business
Posted at 10:50 AM ET, 03/21/2013

Former Walter Reed hospital sparks interest from nine developers interested in building town center

Nine development teams are vying to develop the former Walter Reed Army Medical Center, which D.C. officials are hoping to transform into a town center project featuring 3.1 million square feet of new offices, homes and shopping.

Walter Reed has been closed for more than a year, since the Department of Defense consolidated its operations in Bethesda and elsewhere. Nearly 67 acres of the property is being transferred to the control of the District government, which began seeking private development partners for the property in January.

D.C. Mayor Vincent C. Gray’s economic development team envisions the former site as a town center serving the neighborhoods of Shepherd Park, Brightwood and Takoma, whose residents frequently leave the city for shopping and entertainment. Getting proposals from nine development teams, after receiving only one and two on a pair of other projects recently, could move the project closer to reality.

“We are excited about the level of interest in redeveloping the site and know the public will welcome the news that this large-scale redevelopment effort is moving forward,” Gray said in a press release.

Many of the developers who submitted proposals have deep expertise building in the District and have partnered with the city on other projects. Here are the developers:

• Allied Patriot, LLC

• Douglas Development Corporation. Douglas Jemal’s company, which brought a string of new retailers to Penn Quarter in recent years.

• Forest City Washington, developer of the Yards in Southeast D.C.

• Grid Properties, Inc., builder of the Target-anchored shopping center in Columbia Heights, DC-USA

• Hines-Urban Atlantic joint venture. Hines is the lead developer of CityCenterDC; Urban Atlantic recently completed a retail and apartment project on Rhode Island Avenue.

• Republic Properties Corporation, developer and investor in more than 17 million square feet including major downtown office buildings.

• Roadside Development, developer of a Giant Food-anchored project under construction in Shaw.

• Walter Reed Associates, LLC (The Wilkes Co., Capstone Development LLC, and Quadrangle Development Corporation). Quadrangle and Capstone are partners on the city’s convention center hotel, currently under construction.

• Western Development, co-developer of Gallery Place headed by Herbert S. Miller.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  10:50 AM ET, 03/21/2013

Tags:  Vincent C. Gray, Walter Reed, commercial real estate

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