At the cost of $22 million, 66 acres of the 110-acre Walter Reed Army Medical Center now belong to Washington, D.C. The remaining acreage will be set aside for the State Department.

With this land, the District will construct over 3 million square feet of residential, office, and retail space and bring nearly 5,000 jobs. Plans include constructing 2,100 residential units with 400 of those being designated for affordable housing. A Hyatt hotel and charter school are also planned along with 20 acres of green space and an innovation center by George Washington Center, as reported by DCist. There are also plans for permanent supportive housing for homeless veterans.

At the signing ceremony on Wednesday, Congresswoman Eleanor Holmes Norton said that the District’s main competitors for the U.S. Army-owned land were federal agencies.

Last year, the District broke ground on Engine Company 22, the first major development to begin at the Walter Reed campus. This fire station is planned to be state-of-the-art with a cost of $12 million.

Last month, the District and the U.S. Army also agreed to a license agreement that will expedite construction of the District of Columbia International School at the campus. Plans are for the facility to open by the 2017 school year for 775 students.

Construction for the first phase of the Walter Reed redevelopment is expected to begin next year.