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."
, 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."