Mayor Muriel Bowser signed a deal with the U.S. Army Wednesday for the District to take over 66 acres of the Walter Reed Army Medical Center.
The deal is expected to bring about 5,000 jobs to D.C. as the government plans to completely redevelop the Northwest campus into three million square feet of residential, office and retail space.
"The Walter Reed Campus is one of the most important development projects in the District--it will bring jobs, affordable housing, economic opportunity and pathways to the middle class for thousands of residents," Bowser said.
The District is paying about $22 million for the property.
Some of the first projects to open at the campus include the District of Columbia International School (DCI), which is expected to open for 775 students by the 2017 school year, and a $12 million fire station.
Bowser has also promised more than 400 units of affordable housing.
"It presents an incredible opportunity for Ward 4 and our city. It will enhance the quality of life for our residents and businesses and provide growth opportunities for our most northern neighborhoods," said Ward 4 Councilmember Brandon Todd.
D.C. has been working to acquire and develop the campus since 2009. Earlier this year, Bowser signed the Walter Reed Development Omnibus Act of 2015, which authorized the District to acquire 66 acres of the 110-acre property.
Wednesday's ceremony formalized and acknowledged the transfer, allowing the District to move forward with the redevelopment of the old military campus.
To see the redevelopments plans, visit the Walter Reed Campus website.