Army hospital in Washington DC may be redeveloped through a public-private partnership
The District of Columbia’s city council, USA, is mulling the redevelopment of a closed Army hospital in northwestern Washington, D.C. through the PPP model.
To be more specific, the council plans to approve Bill 21-474 to be able to acquire the parcel of land of the Walter Reed Army National Medical Center campus, which closed on August 27, 2011, and provide funds to carry out a redevelopment PPP project. The new bill is scheduled to be voted by March.
The acquisition could be closed for a total consideration of US$22 million to be paid to the Army. Once the deal is completed, TPWR Developer, LLC would pay the city US$25 million for a 30-year ground lease to prepare the site for the project. After that, TPWR would sell individual parcels to developers.
The redevelopment PPP project would comprise the construction of, among others, 2,000 residential units, a town center, a hotel/conference center, and office spaces. Several historic building will be preserved but the old hospital building would be demolished.
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