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The agenda for the Sept. 27 WMATA board meeting is now online, and attached documents reveal that the John Akridge Development Company has been picked (pending board approval) to purchase the Southeastern Bus Garage site at Half and M, having bid $69.25 million for the 97,000-sq-ft site. Akridge's bid was determined to be "the most advantageous to the Authority" in terms of not only the purchase price but also the terms of a "leaseback" rental, which would be required until the buses currently at the garage can be relocated to other sites and which would be funded by the proceeds from the sale above the $60 million needed to fund the construction of a new garage at DC Village. Settlement on the sale would not happen until the DC Village site has been acquired from the District of Columbia and the WMATA board officially approves the Southeastern Bus Garage replacement project.
If this sale goes through, Akridge would control most of the western side of Half Street between M and N, which is the route that stadium-goers would walk to get to the ballpark from the Navy Yard Metro station. Monument Realty owns the rest of the Half Street frontage, and all of the rest of that city block (known as Square 700), except for the Public Space Storage building on South Capitol Street, and had had its eye on the WMATA site for a long time. It will be interesting to see how the development of Square 700 (smack in the center of the Ballpark District) proceeds.
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