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WBJ reports today that three developers have submitted proposals to WMATA for projects on what's known as the Navy Yard Chiller Plant site, on the southwest corner of Half and L, SE.
Sayeth Michael Neibauer: "Akridge wants to build office there. Trammell Crow has bid to construct a residential building, as has a joint venture of MRP Realty and CAS Riegler. All three buildings feature ground floor retail."
Apparently the next step will be public forums "to gauge community interest" in the proposals, and WBJ says that Metro is looking to make selections as soon as mid-summer.
This is not the first time that WMATA has looked to redevelop this 14,000-sq-ft parcel, but a two-year negotiation with Donatelli broke off in 2010 when the developer pulled the plug on a planned 84-unit condo building, saying that the neighborhood was "getting saturated" with residential and that "it didn't look like condominiums were a viable alternative."
WMATA has been looking to get this lot developed since 2006, and you can relive all the twists and turns through my many posts on the subject.
Most likely any developer chosen would buy the 7,700-sq-ft lot with the two-story building next door (which has a big For Sale sign draped on its western side) to expand the site. (That building has quite a history, for those who weren't around for my post on it back in 2010.)
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ValveetaChz says: (3/25/14 6:53 PM)
Seriously? Akridge? How about they finish the Half Street Project first before they take on anything new in Navy Yard???


dbt says: (3/26/14 1:25 PM)
I had exactly the same thought about Akridge. You would think that turning a low-revenue property (Half Street) into a high-revenue one by building something would trump buying more property to sit on, but it seems you'd be wrong in their case.


SWag says: (3/26/14 1:41 PM)
With all the visitors that come up and down half street every home game, and the 1,000 or so new residents the city is adding every month - you would think the Half St residential parcels would have no problem leasing/selling out! Navy Yard is hot! Helloooo? What exactly is the hold up? I don't know the history of Half St. development. I suppose I easily just snoop around on the site, but anyone have a quick history?

Also, I can see the logic in developing an office building on the chiller site, and not the mega project.


ZoolanderANDtheBoYz says: (3/26/14 2:38 PM)
It is a mystery. I think it has to do with Lehman brothers.
Lehman brothers was the financier for both Monument and Akridge on the half street project. I am not sure what kind of legal dispute Akridge have on the half street project. Unless JD is keeping the story to herself - All we can do is speculate and come up with our conspiracy theory.


JD says: (3/26/14 2:49 PM)
I don't think that's right about Lehman being involved in the Akridge side of Half Street--I don't ever remember Lehman being mentioned in concert with Akridge, only with Monument. And as far as I know there's no legal issue right now with Akridge's development. (Briefly there was a lawsuit by Monument when Akridge was awarded the Southeastern Bus Garage site, but that's been long over with.)

Monument got dealt a blow with both the economic collapse and the concurrent collapse of their money folks, Lehman. There's been some disentangling going on between those companies, though I think that's done now.

Both Monument and Akridge also bought their land at the very height of the market.

There were rumors at one time that Akridge was/is holding out for building the entire site at once, and since they aren't getting the office space leased, they can't move forward.

Beyond that, I don't really know what the deal is. Maybe someone more on the inside of CRE has some insight.


JD says: (3/26/14 2:53 PM)
I should also say, though, that I do hear through the grapevine that some financing types do look at the neighborhood and feel that it is perhaps getting a bit bubbly for residential. Might not be quite so easy to get financing when the banks see all the units currently under construction....



MJM says: (3/26/14 3:17 PM)
They are missing out if they don't build residential. As mentioned above the new people have to live somewhere. Condos have no problem going up elsewhere in the city. Akridge is probably the worst choice to build there. I can't think of another company in Dc that owns so many vacant plots of land. They are probably eyeing that spot as an extension of the Fairgrounds for the next five years until they can get financing to build.


JES says: (3/28/14 11:38 AM)
Bullish on residential?

link


JES says: (3/28/14 11:39 AM)
*Bubblish, excuse me

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Recent Issued Building Permits Archive  
1300 4TH ST SE RU-1   
05/14/20 
AP BOWER RETAIL LLC / null
P2006042 / SUPPLEMENTAL
1300 4TH ST SE   
05/08/20 
null / ;
P2005886 / SUPPLEMENTAL
   
05/15/20 
null / ;
P2006066 / SUPPLEMENTAL
929 5TH ST SE   
05/18/20 
CHRISTOPHER D FRENCH / CHRIS FRENCH; HERCULES FENCE OF MARYLAND, LLC HERCULES FENCE OF
F2000461 / CONSTRUCTION
1. Removal and replacement of front metal fence and gate in kind.  2. Removal and partial relocation of existing 6' tall wood fence in rear patio. The fence is currently approx. 30" inside the rear property line, and we intend to move the fence to our rear property line. The work includes removal of existing wood gate that opens from neighbor's property to our property along shared property line ...
300 M ST SE   
05/14/20 
AMENTUM / null
E2007609 / SUPPLEMENTAL
   
06/02/20 
FEDERAL CENTER LP / null
P2006421 / SUPPLEMENTAL
   
06/02/20 
FEDERAL CENTER LP / null
M2002616 / SUPPLEMENTAL
111 N ST SE   
05/07/20 
BROOKFIELD PROPERTIES / MAHMOUD KHACHAN; NA
SB2000288 / CONSTRUCTION
Drill temporary eight soil borings to a depth of 80 each at the existing parking lot at 111 N Street SE, Washington DC. The diameter of the borings is 6 inches. The borings will be grouted upon completion in accordance with DCRA requirements as indicated in the work plan.
1111 NEW JERSEY AVE SE   
05/12/20 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
E2007563 / SUPPLEMENTAL
1275 NEW JERSEY AVE SE   
05/19/20 
UNITED STATES OF AMERICA / null
M2002480 / SUPPLEMENTAL
   
05/19/20 
UNITED STATES OF AMERICA / null
P2006118 / SUPPLEMENTAL
   
06/02/20 
UNITED STATES OF AMERICA / ;
P2006429 / SUPPLEMENTAL
79 POTOMAC AVE SE APT 838   
05/29/20 
null / NA NA NA
EHOP20936871 / HOME OCCUPATION
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

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