WASHINGTON – A group led by Houston-based Hines has been selected to redevelop the Walter Reed Army Medical Center into a 3-million-sf town center project. The town center will have 2,097 residential units, a hotel, 250,000-sf of retail space and 20-acres of open space. Houston-based Weingarten Realty and the large Toll Brothers home builder firm will partner with Hines on the project, called “The Parks at Walter Reed.”
The original hospital building, where President Eisenhower died, will become a hotel and conference center operated by Hyatt and Crescent Resorts.
George Washington University and MIT will operate a “fab lab” innovation facility at the former hospital, according to the Washington Post, which first reported the story.
Founded in 1957 by Gerald D. Hines, Hines has offices in 70 cities across the United States and 18 international countries, and controlled assets valued at approximately $25.2 billion as of June 30, 2013. Hines is one of the largest real estate organizations in the world.