Walter Reed development is forging ahead with strong momentum after nine developers responded to a request for qualifications for overhauling the Bethesda campus, according to the Washington City Paper.
Among the developers interested in Walter Reed developments are: Hines, Roadside Development, Douglas Development, Forest City and Western Development. Allied Patriot, Grid Properties, Republic Properties Corporation, Capston, Quadrangle and Wilkes Company are also very interested in putting their stamp on the property.
This is a massive undertaking that will transform the area. The Walter Reed development project is located on the former campus of Walter Reed Army Medical Center, about 66.57 acres total. Another roughly 44 acres will be transferred to the District to develop it into a mixed-use property. The State Department also wants to put a row of embassies in the Walter Reed Development, similar to those on Connecticut Avenue.
Mayor Vincent Grey was quoted in the Washington City Paper as being “excited about the level of interest” in the Walter Reed development. Like any development, the Walter Reed development project is a slow and tedious process, open to public comment an input. The city is still in the very preliminary phases of securing a developer to meet the District’s vision for revamping the property.
Since Walter Reed closed, many smaller businesses that relied on the campus traffic have suffered and residents have been yearning for more retail and restaurants along Georgia Avenue. These nine developers who bid on Walter Reed development likely know that a project in such high demand would surely be profitable.
The total town square will include 3.1 million square feet, including 550,000 square feet in historic buildings, and about 14 acres of open space. It’s all about a 15-minute walk to the Takoma Metro station. A precise timeline has not been provided, but nearby residents can be that in the years ahead, they’ll be sure to enjoy a large-scale Town Center with the Walter Reed development.
For More Information:
Rock Creek Development: http://www.rcrdc.com/
Washington Post on Walter Reed Development: http://www.washingtonpost.com/blogs/capital-business/post/former-walter-reed-hospital-sparks-interest-from-nine-developers-interested-in-building-town-center/2013/03/21/c46b69c0-91df-11e2-9cfd-36d6c9b5d7ad_blog.htmlWashington City Paper: http://www.washingtoncitypaper.com