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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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1402 1ST ST SE   
11/25/19 
UNITED STATES OF AMERICA / DAVID C POSTLEWAITE
SB1900412 / CONSTRUCTION
Parcel G2:WSP will complete four borings up to the deepest potential subgrade elevation (approx. 32 ft. bgs). The proposed boring locations would be in the four quadrants of Parcel G2 to check for spatial variability in contaminant concentrations. WSP will collect and analyze three soil samples from each boring from depths corresponding to potential subgrade elevations (i.e. 10-12 ft. bgs, 20-22 ...
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Replace governor car #2 - Part #: TBA20641H6 Replace hoist belts #1 and #4 - Part #: SB0003119
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ASANA PARTNERS / DEBRA MARSHALL; THE DONOHOE COMPANIES INC
B2001773 / CONSTRUCTION
ADD EXTERIOR DOOR, ADD INTERIOR DOOR , ANY RELAYED,ELECTRICAL,PLUMBING, RELOCATING UNBUILT APPROVED NON LOAD BEARING FIRE RATED PARTITIONS @ FIRST FLOOR APPROVED UNDER PERMIT #B1711970. ATTACHED
   
12/06/19 
ASANA PARTNERS / S.A. COMUNALE; S.A. COMUNALE
P2001954 / SUPPLEMENTAL
1346 4TH ST SE   
12/06/19 
KAITLYNN MATTEO / W. SAKIE - BHAR; W. SAKIE - BHAR; NA
SG2000117 / CONSTRUCTION
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408 L ST SE   
12/11/19 
JOSEPH LEBLANC / KYLE YOST
SOL2000412 / CONSTRUCTION
rooftop solar pv system, less than 4' above roof
861 NEW JERSEY AVE SE   
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CSX TRANSPORTATION INC / ERICKA CLARK; DGS CONSTRUCTION
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11/26/19 
GREYSTAR GP I I, LLC / KIM MITCHELL; KIM MITCHELL
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TWO BELOW GRADE PRKING LEVELS, CONCRETE FOUNDATION WALLS, SLAB ON GRADE, COLUMNS ELEVATED DECKS UP TO GRADE WITH UNDERGROUND UTILITIES (MECHANICAL, PLUMBING, ELECTRICAL)
   
12/05/19 
MIKE ALLEN / JANE MCCRAY
AH2000244 / CONSTRUCTION
WO# 1611441 - Mike Allen / P. Helgeson. Pepco to install network transformer
1111 NEW JERSEY AVE SE   
11/15/19 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / TANYA HILL; THYSSENKRUPP
ER2000366 / SHOP DRAWING
REPLACE EXISTING 8MM WORN HOIST CABLES WITH LIKE IN KIND ON ELEVATOR #4. WORK TO ALLOW UNIT TO BE RETURNED TO SERVICE.
125 O ST SE   
11/25/19 
DISTRICT OF COLUMBIA / DAVID C POSTLEWAITE
SB1900411 / CONSTRUCTION
WSP will complete three borings up to the deepest potential subgrade elevation (approx. 32 ft. bgs). WSP assumes that borings will not be installed inside the fleet maintenance facility due to access restrictions imposed by DC Water. The proposed boring locations form an ‘L’ shape around the eastern and southern sides of the fleet maintenance facility. WSP will collect and analyze three soil samp...
71 POTOMAC AVE SE   
12/06/19 
MPR REALTY / BOB BIROONAK; BOB BIROONAK; ART DISPLAY CO
SG2000099 / CONSTRUCTION
One building name MAREN Two set of address numbers all signs are non-illuminated
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FC BOILERMAKER LLC / ROBERT S. WATTS; ROBERT S. WATTS
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