August 4, 2011
Retailers Tour Walter Reed
National Retailers Briefed Preliminary Plans and Proposed Mix of Uses
WASHINGTON, Aug. 4, 2011 /PRNewswire-USNewswire/ -- Today, the Washington, DC Economic Partnership and Office of the Deputy Mayor for Planning and Economic Development (DMPED) hosted a tour of the Walter Reed Campus for a dozen interested national retailers and their brokers to keep them abreast with the most recent plans for the 113 acre site on upper Georgia Avenue, NW, Washington, DC. The tour was scheduled in response to the resounding interest of the site at the Las Vegas ICSC conference this past May.
Nearly 67.5 acres of the 113-acre Walter Reed campus is expected to come under the District of Columbia's control due to the BRAC process. The site will include all of the campus along Georgia Avenue, including the northeast corner which could offer as much as 20 acres for redevelopment, with 1,200 existing parking spaces below grade. The opportunity allows for more than 3 million sq. ft. of mixed use new construction and renovations of existing buildings as well as 40 acres of green space.
Due to the timely BRAC process, DMPED estimates that it will be roughly two years before Phase 1 construction can begin. However DMPED anticipates selecting a master developer for phase 1 in Spring of 2012 to partner with interested retailers.
Deputy Mayor for Planning and Economic Development Victor L. Hoskins said, "The transformation of Walter Reed in the coming years will attract, jobs and businesses to DC in great numbers. We are beginning our outreach now, very early in the process, to be sure that national retailers are aware of this project and that they understand the opportunity this project presents."
It is the mission of the Washington, DC Economic Partnership, a 501(c)(3) nonprofit organization to promote business opportunities throughout the District of Columbia and to contribute to business retention and attraction activities
SOURCE Washington, DC Economic Partnership