Wednesday, May 7, 2014

Myself, I think this is turning into another CityCenterDC -- full of high-end condos and apartments mislabeled "middle and low income". But.............

The District of Columbia has received preliminary federal approval to go ahead and negotiate with the U.S. Army to get its 66.57 acres of Walter Reed.

Hines Archstone, Urban Atlantic, and Trident Development Group are the private developers the city is working with. Their redevelopment plan is titled "The Parks at Walter Reed".

The plan is to build 2,000 residential units (the mix of apartment and condo is not clear yet), 250,000 square feet of retail, a Hyatt Hotels conference center and hotel, and an "Innovation Core" research park that will have space for George Washington University, the Massachusetts Institute of Technology, and Biotrial. About 20 acres of the project will be city parkland.

The U.S. Dept. of Housing and Urban Development (HUD) signed off on the city's redevelopment plan, saying it met federal regulations for the correct mix of high-, middle-, and low-income housing.

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