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Near Southeast DC Past News Items: Monument Valley/Half St.
See JDLand's Monument Valley/Half St. Project Page
for Photos, History, and Details
In the Pipeline
25 M
Yards/Parcel I
Chiller Site Condos
Yards/Parcel A
1333 M St.
More Capper Apts.
Yards/DC Water site
New Marine Barracks
Nat'l Community Church
Factory 202/Yards
SC1100
Completed
Thompson Hotel ('20)
West Half ('19)
Novel South Capitol ('19)
Yards/Guild Apts. ('19)
Capper/The Harlow ('19)
New DC Water HQ ('19)
Yards/Bower Condos ('19)
Virginia Ave. Tunnel ('19)
99 M ('18)
Agora ('18)
1221 Van ('18)
District Winery ('17)
Insignia on M ('17)
F1rst/Residence Inn ('17)
One Hill South ('17)
Homewood Suites ('16)
ORE 82 ('16)
The Bixby ('16)
Dock 79 ('16)
Community Center ('16)
The Brig ('16)
Park Chelsea ('16)
Yards/Arris ('16)
Hampton Inn ('15)
Southeast Blvd. ('15)
11th St. Bridges ('15)
Parc Riverside ('14)
Twelve12/Yards ('14)
Lumber Shed ('13)
Boilermaker Shops ('13)
Camden South Cap. ('13)
Canal Park ('12)
Capitol Quarter ('12)
225 Virginia/200 I ('12)
Foundry Lofts ('12)
1015 Half Street ('10)
Yards Park ('10)
Velocity Condos ('09)
Teague Park ('09)
909 New Jersey Ave. ('09)
55 M ('09)
100 M ('08)
Onyx ('08)
70/100 I ('08)
Nationals Park ('08)
Seniors Bldg Demo ('07)
400 M ('07)
Douglass Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Marine Barracks ('04)
 
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186 Blog Posts Since 2003
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Late Night Roundup, and Some Wondering
* Sorry I missed this until now: the Post reported that on Saturday evening "[a] motorcycle was headed west on M Street SE about 6:30 p.m. when a car traveling south on Seventh Street began to turn onto M Street. The car and motorcycle collided, and the motorcyclist was fatally injured, police said."
* The Post's Grounds Crew blog has only now discovered that there's a Five Guys just around the corner from the Navy Yard subway station east entrance (on Second Street north of M, if you haven't discovered it yet, either).
* The PSA 105 mailing list announced yesterday that they are having a "Summer of Safety Ice Cream Social" at Capitol Hill Tower "to show unity with the citizens of Capitol Hill and the Metropolitan Police Department by sharing some nice and cool ice cream while sharing information." The message said that the social is from 2 to 5 pm on June 25. A Wednesday afternoon? I wrote asking for confirmation, but haven't heard back. Anyone out there with the {ahem} scoop?
* Washington City Paper and WBJ both note layoffs at MacFarlane Partners through the prism of how it might affect the drive to put a soccer stadium at Poplar Point; I see the news and wonder about the capital that MacFarlane is supposed to be investing in both The Yards and Monument Realty's Half Street.
* Is the report in the July Southwester that Monument Realty and the Corcoran Gallery have received zoning approval to delay to 2015 (from 2011) their planned redevelopment of the the Randall School site at Half and I SW something to wonder about, too?
* And, while I'm heading off the reservation with all of this wondering, did anyone else read this Post story on fuel prices causing problems for school districts' transportation budgets and ponder whether buses would have to drive farther to and from their daily routes from a parking lot at DC Village as compared to one at Second and M, SE?
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More posts: Canal Park, Capitol Hill Tower, Restaurants/Nightlife, Monument Valley/Half St., The Yards
 

More on Neal/GVA Adventis Deal; Monument Impact?
From today's print edition of the Washington Business Journal (subscribers only): "Since announcing his takeover of GVA Advantis, Monument Realty co-founder Jeffrey Neal has remained mum about his future at Monument, one of the region's largest developers. [...] [P]rivately, several insiders said it is also an indication that Neal is parting ways with Monument, the 50-person company he formed with business partner Michael Darby in 1998. [...] For almost three months, Monument's equity partner in 15 transactions, Lehman Bros., has been seeking to sell its interest in the Monument projects it has backed, according to sources close to the deal. Lehman announced on June 9 it expects to lose $2.8 billion in its second fiscal quarter, its first loss since going public in 1994. Since April, Lehman has shed some $130 billion in assets to raise capital and to reduce its exposure to mortgages and loans used to finance leveraged buyouts, according to The New York Times. Lehman has invested about $620 million in Monument projects, according to Monument's Web site, including The Chase at Bethesda, a failed condo conversion. The Chase partnership's loan was 'transferred to special servicing on Feb. 4, due to maturity default,' according to Fitch Ratings." The article doesn't specifically mention any of Monument's Ballpark District projects.
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More posts: Monument Valley/Half St.
 

Monument's Neal Becomes Chairman of GVA Advantis
With interest high in Monument Realty's Half Street developments (and with recent speculation in WBJ as to Monument's financing situation), I'll pass along this portion of a press release I just received:
"GVA Advantis, a full-service real estate services company specializing in development, construction, property management and brokerage needs, announced today that it has completed a recapitalization with a private equity group based in Washington, DC, and controlled by Jeffrey T. Neal. Neal's firm will have controlling interest in GVA Advantis; providing equity, leadership, and strategic vision for the company. [...] Neal's private equity group is comprised of individual investors with specific real estate and other industry experience and expertise that will be instrumental to Advantis's future. The group was assembled to assist senior management with setting the strategic direction and leadership of the company. The most significant change will occur in the culture of delivering a full line of services. GVA Advantis will be able to take advantage of the intellectual capital within the company, as well as Neal's and his investors' diverse expertise, and strengthen its service and leadership to their clients. Immediate steps will be taken to size the company for growth within the markets already served by the company, as well as other markets in the United States. In addition, the headquarters of GVA Advantis will move from Atlanta to Washington, DC."
Neal is now GVA Advantis's newly appointed Chairman; I'm told that he remains a principal at Monument Realty and "intends to remain active" in Monument's business. Will update if there are news stories with additional information.
UPDATE, Minutes Later: WBJ says: "Neal declined to comment on the deal or on his future with Monument. He did say it's unlikely that GVA Advantis will merge into Monument."
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More posts: Monument Valley/Half St.
 

Harry's to Ballpark? And Monument Responds to WBJ
Two articles from today's Washington Business Journal (online for subscribers only at this point):
* Arlington-based Harry's Tap Room has signed a partnership deal with concessionaire Centerplate that could include a plan to put a Harry's in at the ballpark where the Red Porch currently is. There could also eventually be Harry's outlets at FedEx Field and the DC Convention Center, both locations where Centerplate provides the concessions.
* After last week's piece that detailed what WBJ described as the "pinch" that Monument Realty is feeling in the current real estate climate, Monument principal Michael Darby has penned a WBJ Guest Comment, rebutting many of the points made in the original article. As for Monument's Half Street projects, where the southern part of the block has a deep hole where the hotel and residential offerings are planned, Darby writes: "We have not had trouble finding construction financing for the residential building in the first phase at our Half Street project. We could not start construction until we received construction pricing after the building design was completed. We received prices from three prominent Washington contractors last week. These prices will be incorporated into our financing package and sent to lenders. Once we agree to terms and complete the loan documentation, we can begin construction."
(This would be a good place for my mea culpa that I've not yet gotten around to writing a summary of last week's council hearing about the alley closing Monument is requesting for the BP Amoco site at South Capitol and N. I'm trying to pace myself.)
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More posts: Monument Valley/Half St., Retail, Nationals Park
 

Monument Realty's Financing Problems (No Money Yet for Half Street Residential)
From today's print edition of the Washington Business Journal: "With two failed condominium projects seeking apartment investors, incomplete financing at two major D.C. projects and at least one empty office building, Monument Realty is feeling the pinch from today's constricting real estate economy. [...] And, contrary to industry speculation, Monument is not for sale, [Monument co-founder Jeffrey] Neal said. In the coming weeks the company hopes to nail down financing for two ongoing projects -- the residential portion of its Half Street project and The Watergate Hotel -- and finalize negotiations to sell two residential projects, he said."
As for the status of Half Street, where the 55 M Street office building is topped out and a hole is dug awaiting the start of a planned 200-room hotel and 340 residential units: "Monument recently secured $72 million in construction financing for the office portion of Half Street, along with an undisclosed sum for the hotel piece. The development company is still in the hunt for financing for its planned 340 residential units, Neal said. Once that is in place, the residential and hotel portions 'will come out of the ground this summer,' he said."
The article, which has a lot of detail on the difficulties Monument is facing on its other projects, also mentions that the litigation between Monument and WMATA over the sale of the Southeastern Bus Garage "has been put on hold while the parties mediate their dispute."
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More posts: Metro/WMATA, Monument Valley/Half St.
 

Metro Board Talking About Monument Suit Again; Chiller Site May Get Developer in June
Just like last month, the agenda for the WMATA board of directors meetings this Thursday includes an executive session, and in that executive session is the agenda item "Legal Issues - Monument vs. WMATA." For those of you just joining us, this lawsuit is a result of the bidding process for the Southeastern Bus Garage at Half and M that awarded the site to Akridge for $69 million--Monument argued that they were supposed to have first dibs on the site after being named "master developer" by the city. A judge awarded a preliminary injunction on the sale in February, saying that Monument has "demonstrated a likelihood of success on the merits of their claim that they were substantially prejudiced when WMATA considered Akridge's nonresponsive bid and participated in improper ex parte discussions with Akridge." I never heard about anything coming out of last month's board executive session when this was supposed to be discussed; perhaps there will be some action needing to be taken this time outside of executive session to give us a hint.
There's nothing else of Near Southeast-interest in the other WMATA board meetings on Thursday, but the Subsequent Agenda for the Planning, Development and Real Estate Committee says that its June 26 meeting will include an action item for approving the term sheet on the Navy Yard Chiller Site at Half and L. A joint development solicitation for this 14,100-sq-ft site was released back in September of 2006. A "developer selection" was supposed to be on the board's agenda back in January, but then disappeared; we'll see if this June item actually holds. The 2006 solicitation described WMATA as "looking for innovative plans . . . that will yield quality developments for the local communities, increase transit ridership, enhance the local tax base and provide a stream of revenue to WMATA for capital needs." Proposals were also supposed to follow the principles of "transit-oriented development" -- "providing safe, walkable, mixed-use communities that emphasize transit connections and reduce auto dependency." While doing all that, the site's developer would still have to replace the chiller operations either on site or somewhere close to the Navy Yard station.
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More posts: West Half St., Chiller Site/WMATA, Development News, Metro/WMATA, Monument Valley/Half St., square 698
 

New Photos from On Top of 20 M
Since it's such a rotten day, I'll go back to when the sun was shining (Tuesday), and give you my first-ever photos from the roof of 20 M Street. (I've taken a few photos from inside the 10th floor going back to April of last year, but from the roof I don't have deal with the pesky glass reflections.) Here are these new photos matched with the oldest ones from the same angle, so you can compare 13 months' worth of changes easily; you can also look at all the photos if you want to watch the progression of changes. There's views to the north (above), showing the digging now underway at 1015 Half Street along with the construction progress at 70/100 I, 909 New Jersey, and Velocity (plus the site-clearing at 23 I). To the south is the increasingly-shiny 55 M, as well as the ballpark, of course. I also tossed in some photos toward the west, showing the skyline of Southwest.
 

Now, About that Retail..... (A Space Survey)
With the ballpark now humming along like it's been here forever (Tom Boswell has a litany of good things to say in today's Post) , interest is starting to turn toward what sort of retail/restaurant options are going to come to the neighborhood, and when. For your Friday time-killing pleasure, I've tossed together a quick a survey of what's either available now or will be coming within the next two years. (I'm not including already existing retail; I'm just looking at where new stuff could arrive.) As of now, I've seen no announcements of tenants for any of these spaces, but maybe if residents, workers, and ballpark fans clap their hands and wish real hard....
* 20 M - Completed in March of 2007, its 11,000 sq-ft of ground-floor retail space would seem to be an enticing location (just across the street from the Navy Yard subway station's ballpark exit), but so far there's been no takers. "Coming soon" signs that were in the windows last year for Wachovia and Kinko's are now gone.
* Capitol Hill Tower - A 7,000-sq-ft restaurant space in the ground floor of this co-op building has been advertised ever since the building opened in 2006, but no takers so far.
* 100 M - The 240,000-square-foot office building at First and M is scheduled to be completed later this year, and they're offering 8,500 sq ft of "corner restaurant/retail space" with "great ceiling heights, storefront and outdoor seating." (There's no ground-floor retail planned for Onyx on First in the same block.)
* 55 M - The first part of Monument's Half Street project is this 275,000-sq-ft office building now under construction at Half and M (it's the building on top of the subway station entrance). It has over 10,000 sq ft of retail spaces on Half, M, and Cushing, and should be completed by mid-2009. (See retail spaces 1 through 4 on this page at the official web site.)
* 909 New Jersey - For the folks who choose to walk from the Capitol South Metro station, the under-construction residential building at New Jersey and K is going to have 6,000 sq ft of ground-floor retail space when it's completed in summer 2009.
* Velocity - The ground floor of this 200-unit condo building at First and L will have retail (I can't find how much), and will be finished by late 2009.
* The Yards - By the end of 2009, the renovation of the old Boilermaker Shop at Third and Tingey into a 46,000-sq-ft retail space should be completed, and there is also 10,000 square feet of ground-floor retail space planned for the Pattern Shop Lofts building on the south side of Tingey, which should have its conversion into a rental building completed by the end of next year as well. Both of these are situated on the route that most Nats Express users walk along to get from the shuttle stop at 300 M to the ballpark. (But will the Nats Express run after this year?)
* Half Street Part 2 - The southern part of the east side of Half Street north of the ballpark is going to be a combination of a 200-room hotel and two residential buildings totaling 340 units, with about 40,000-sq-ft of ground floor retail to entice the throngs that walk along Half Street before and after games. (See retail spaces 5 through 8 on this page at the official web site.)
* 1015 Half - Opus East hasn't yet committed to whether there will be ground-floor retail in this 410,000-sq-ft office building at Half and L, though about 10,000 sq ft of space will be there.
* 23 I - If this 420-unit apartment building does indeed begin construction in September of this year, there could be 15,000 sq ft of retail available at Half and I by the end of 2010.
That's about 200,000 square feet of space to be filled within the next few years--and this doesn't include the retail spaces in the ground floor of the baseball stadium along First Street (who knows when those will be occupied). It's possible other buildings slated to have ground-floor retail could pop up between now and the end of 2010--1111 New Jersey and 250 M are the main candidates.
And there will also could be more offerings at the Yards by 2011 (including that grocery store planned for 401 M as well as the Lumber Storage Shed and other to-be-built pavilions at the Waterfront Park). And maybe the first building at Florida Rock, across from the ballpark's grand staircase, could be done by the end of 2011. But this is getting a little too far down the road....
 

Monument Realty's Plans for 50 M Street
The northeast corner of Half and M is home to Nats Lot J these days, with the Sunoco station that used to be there having closed in 2006 (taking with it my first Gas Prices in the Hood location). The land was purchased in 2007 by Monument Realty for $14.3 million, and they're currently marketing the site as 50 M Street, a 135,000-square-foot build-to-suit office building, targeting associations in the area as possible tenants. Monument was nice enough to pass along this early conceptual rendering of the building (bigger version here). Waiting for a tenant means that this building probably won't get started anytime soon.
The project's M Street location means it will have to go through a Capitol Gateway Overlay Zoning Review, which includes the requirement that all the building's non-entrance frontage along M Street be devoted to retail space, and that no less than 35 percent of the entire first floor be retail. (See page 15 for more of the overlay's M Street requirements.)
As for the one-story red brick building behind the 50 M lot, that's a warehouse owned by the Feds, which as of now doesn't seem to be going anywhere. But that little spot is getting kind of valuable, isn't it?
And, since I don't have much else to show you these days, take a few minutes to "drive" M Street, first heading east then back west, to see the changes since 2003. Remember to click on the Click to see all available photos of this location. icon for any location where you'd like to see the photos between the before and the after....
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More posts: Homewood Suites, Monument Valley/Half St., M Street
 

Thursday Meeting Preview (WMATA, Yards, Five Guys)
A somewhat busy Thursday (April 24) is on the boards:
* We might be getting some news on the state of Monument Realty's lawsuit against WMATA over the sale of the Southeastern Bus Garage to Akridge--the WMATA Board of Directors is meeting at 11 am, and the agenda for their executive session includes "Legal Issues - Monument vs. WMATA." I know nothing beyond that.
* Forest City's plans for the office/residential/retail project at 401 M Street will be getting a Southeast Federal Center Overlay District Review in front of the Zoning Commission at 6:30 pm at Suite 220 South, 441 4th St., NW; you can also catch it via live webcast, if it's working. Read more about this from my ANC 6D wrapup last week and an earlier entry on the project.
* And, if you want to make your voice heard about the public space application by Five Guys for a sidewalk seating area, the Public Space Committee will be bringing it up at its monthly meeting, at 941 North Capitol Street, NE, 7th Floor, starting at 10 am. This is the application that ANC6D refused to support last week because of the lack of a community benefits package for the "loss of public space."
 
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