Since January, 2003
            
 Sliding from Before to After

Documents filed today show that Monument Realty, which sunk its teeth whole-heartedly into the Nationals Park-fueled land rush of 2004 and 2005, is exiting Half Street, with the sale of the company's two remaining parcels, best known to baseball fans and residents as the location since 2009 of the big hole in the ground on the east side of the street.
The buyer of the properties is officially Half Street Residential PJV, LLC, which the Washington Business Journal is reporting is a new partnership of MacFarlane Partners and Jair Lynch Development Partners.
WBJ: "MacFarlane already owned a 50 percent stake in the residential portion of Half Street. With local partner Jair Lynch, MacFarlane essentially bought out Monument and Lehman," with an expectation that the "new team will bring this languishing project to life."
The price of the sale is roughly $12.5 million. (UPDATE, 9/17): A follow-up WBJ story on the new owners' plans for the site says that a check was cut for $34 million.
Monument had planned a hotel and 320 units of residential on this site, and went ahead and dug the hole back in 2007 and 2008 as it built the 55 M Street office building at the north end of the block. But the economy tanked, and the "Monument Valley" hole languished (and became quite the urban forest).
This move isn't exactly a surprise: it had looked a few months ago like something was coming, as Lehman had taken back a portion of this stretch of Half Street just as it had with two other Monument properties that quickly ended up being sold: the 50 M site that is soon to be a Homewood Suites, and the lot on the northeast corner of South Capitol and N that JBG is now planning to develop as a residential building.
Monument now is involved in only one property in the neighborhood, the old Domino's site at South Capitol and M that they made initial moves to develop as an office building a few years ago. (But, in what may or may not mean anything, there have been permits issued in recent days for soil borings on that site, which is often a precursor to a sale. I'm not saying--I'm just saying.)
This is the end of quite a chapter in the neighborhood's rise--and the beginning of a new round of toe-tapping about progress on what was once envisioned to be one of the liveliest stretches of street in town. It will be interesting to see how quickly MacFarlane/Lynch move, and what their new plans may be, (And, for that matter, whether Akridge is currently making any moves on its side of Half Street.)
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ZoolanderANDtheBoYz says: (9/11/14 11:14 PM)
We all knew this will happen sooner or later. I am very happy Monument is out though. I would not be surprised if Akridge announces the same deal.

I was hoping the cash kings DC developers like Douglas development and JBG would have already made their offer on Akridge half street development.


202_cyclist says: (9/11/14 11:38 PM)
$12.5M seems like an incredible deal for a property that has already been excavated and that is located both right next to the Nationals stadium (Lets go Nats!!!) and a metro station.


JD says: (9/12/14 8:21 AM)
Since MacFarlane was already a partner in part of the land, I imagine the sale price isn't exactly equal to the value of the land.


JES says: (9/12/14 9:51 AM)
Akridge isn't bankrupt though; aren't they in fairly decent shape financially? Makes much more sense for Monument to exit than it does for Akridge.


smokie says: (9/12/14 10:23 AM)
Thanks for the great reporting, as always, JD!


JD says: (9/12/14 11:16 AM)
I was too harried in trying to get this written last night to go look at the soil boring permit for the Domino's site at South Capitol and M, but here's some of the included text: "THE SOIL BORINGS ARE BEING CONDUCTED AS PART OF A DUE DILIGENCE INVESTIGATION ASSOCIATED WITH A REAL ESTATE TRANSACTION."


Packinblackandred says: (9/12/14 1:58 PM)
@JES

My guess is that Akridge is in pretty good shape financially, but they may be cautious about putting out a ton of cash developing their parcels until they know how the DC United/Buzzard Point deal ends up.

Under the current framework, Akridge would need to pay DC ~$35 million in cash (in addition to ~$21 million in land) to get the Reeves Center. That amount will probably change based on horse trading for the final deal, should it be approved.


202_cyclist says: (9/12/14 2:23 PM)
@Packinblackandred:

Unfortunately, it looks like the DC Council and the next mayor could very well find a way to screw up the DC United stadium proposal: link .


dbt says: (9/12/14 2:43 PM)
All the development in the neighborhood over the last decade has been great, but I've long thought that the Monumnet Valley (or Forest?) site is the lynchpin, given its location directly across from the ballpark entrance that almost everyone uses. Once it gets built, I think the perception of the area among denizens of the DMV will change (for the better), and we'll be able to start dreaming of things like hosting the MLB All-Star Game; unitl then, not so much. Hopefully, this sale will bring us closer to that day.


Alex B. says: (9/12/14 3:02 PM)
Akridge is looking for a new capital partner for Half Street, per the WBJ:

link



conngs0 says: (9/12/14 3:02 PM)
dbt, you're absolutely right about the All Star game. It's not happening with that hole in the ground right across from the ballpark. Likewise, development of that site, the Half Street Fairgrounds area and the movie theater are necessary to complete the perception that the neighborhood has graduated from "up and coming" status.

As to the DC United stadium deal at Buzzards Point, I certainly wouldn't put it past the DC Council or any DC Mayor to screw up anything that could be beneficial to the city. However, I think they've already messed up that project by undermining the streetcar plans to get people from the Waterfront and/or Navy Yard Metro Stations to the proposed new stadium.


JD says: (9/12/14 3:06 PM)
@Alex, looks like WBJ eventually got the same tip I already had, hence my sly comment about Akridge's next move. :-)


JES says: (9/12/14 5:43 PM)
MLB is so full of sh*t with the all star game. So our up and coming neighborhood can't have one because we "aren't there yet," but stadiums surrounded by seas of parking lots are perfectly ok? (Coughstlouis). Sure, that makes sense...


KLB says: (9/15/14 12:37 PM)
@JES - I don't think the current development around the stadium has anything to do with the lack of All-Star game in DC. The game alternates between an NL and AL ballpark each year, and currently (after Cincinnati hosts next year) there are still a couple of NL teams with older newer ballparks than the Nats (Philly and San Diego) that haven't hosted the game yet either.


Jaybird says: (9/15/14 7:16 PM)
I'm not so sure that the Half Street situation will be a factor in the choosing of the MLB all-star game. I'm guessing other cities were chosen when the surrounding neighborhoods had issues.

The Commissioner has his hands full with other factors, such as trying to please all the owners who want one, anniversary dates, etc. Pittsburgh got selected twice due to their sagging franchise situation (plus it is a great ballpark).

I'd say the Half Street situation is the least of our worries for trying to get the MLB All-Star team. The cameras will pan to the all good stuff already happening in JDLand, and will be accented during the VIP tour.


ZoolanderANDtheBoYz says: (9/17/14 2:29 PM)
Sorry boys, construction won't start till 2016 link


JD says: (9/17/14 2:36 PM)
From that link:

"The price was roughly $34 million for two residential, ground-level pads and one air rights hotel site. We had originally reported the price as $12.5 million, based on the deeds and information from Monument, but Lynch said the partnership "cut a check for $34 million.""

(I wonder if MacFarlane got a rebate on some of that, though, since it was a partner in the original incarnation.)


JD says: (9/17/14 2:37 PM)
And this: "While the project is expected to remain a mix of residential, retail and hotel, Lynch said he is now considering condos in addition to apartments, tweaking unit sizes, adding green features and amenities and bringing in a "completely different retail mix.""

In other words, it's basically going to be the same (hotel, residential, retail). Especially since the "current" retail mix was *nothing.*

Not like they're suddenly making it into a concert space or something.



JD says: (9/17/14 3:20 PM)
And Monument had condos in their original plans: link The more things change....

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Recent Crime Incidents Archive  
900 B/O 5TH ST SE   HOMICIDE
Murder I
 10/20/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/20/18
1000 B/O 1ST ST SE   THEFT
Theft 2nd Degree (theft From Building)
 10/19/18
400 B/O M ST SE   THEFT
Shoplifting
 10/17/18
100 B/O N ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/17/18
700 B/O L ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 10/10/18
50 M ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 10/08/18
1100 B/O 10TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/07/18
100 B/O M ST SE   ROBBERY  10/05/18
700 B/O L ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 10/04/18
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 09/28/18
1100 B/O 1ST ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 09/27/18
100 B/O L ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 09/26/18
100 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 09/26/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 09/26/18
1100 B/O 5TH ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 09/24/18
150 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 09/22/18
700 B/O L ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 09/22/18

Recent Issued Building Permits Archive  
1100 2ND PL SE   
10/12/18 
null / DONNA G GRAHAM
AH1900071 / CONSTRUCTION
WR #3585809 - M.ALLEN / A.PRICE - 1100 2ND PLACE SE - PEPCO CREWS WILL BE SPLICING CABLES AT NIGHT STARTING 10 / 15 / 18 UNTIL 11 / 2 / 18 FROM 10:00 PM TIL 7:00AM MONDAY THROUGH SUNDAYS
1346 4TH ST SE   
09/28/18 
ALAN OWINGS / ROBERT HENRY
AH1801345 / CONSTRUCTION
After Hours Permit for 10 / 08 / 2018 to perform construction work with the below activities: Interior Operations: 7AM - 7PM - ADVANCED NOTICE TO RESIDENTS, OPERATION CONTACT PERSON ON SITE TO ADDRESS ANY UNEXPECTED NOISE ISSUES BEFORE 9:00AM WITH CONTACT NAME AND TELEPHONE. Exterior Operations: 9AM-7PM - NO EXTERIOR ACTIVITY, TRAFFIC, NOISE GENERATION BEFORE 9am WITH ON SITE OBSERVANCE. ...
   
10/09/18 
FC 1346, LLC / null
E1900300 / SUPPLEMENTAL
   
10/18/18 
FC 1346, LLC / DFM DEVELOPMENT SERVICES, LLC
B1809670 / CONSTRUCTION
Parcel O-2 at the Yards. Revision to Permit B1610576 for installation of flood wall on 5th Street, SE, the reduction of roadway width, and widening of sidewalk to provide adequate pedestrian clear space between flood wall and edge of tree pit. TPR
2 I ST SE   
09/25/18 
MCDONALDS CORPORATION / TAMIKA STATON; OTIS
EN1802612 / SHOP DRAWING
Install 1 New G2S Elevator - 4000LBS @ 350FPM
   
09/25/18 
MCDONALDS CORPORATION / TAMIKA STATON; OTIS
EN1802611 / SHOP DRAWING
Install 3 new G2S Elevators - 3500LBS @ 350FPM
   
09/26/18 
MCDONALDS CORPORATION / null
E1811060 / SUPPLEMENTAL
   
10/09/18 
CRESECENT CAPTIAL VIEW / null
P1900223 / SUPPLEMENTAL
   
10/17/18 
MCDONALDS CORPORATION / DONNA G GRAHAM
AH1900080 / CONSTRUCTION
WR #3573836 - M.ALLEN / BRUNO - WARD 6 - 20003 - PEPCO CREWS WILL BE WORKING #2 I ST SE - MAY NEED TO BLOCK "I" STREET ON OCCASION TO INSTALL NETWORK TRANSFORMERS AND INSTALL AND SPLICE CABLES - CREW WILL BE WORKING AT NIGHTS DURING THE WEEK (MONDAY-FRIDAYS) FROM 9PM TIL 7AM - PEPCO CREWS WILL ALSO BE WORKING SATURDAY AND SUNDAYS FROM 6AM TIL 6PM - WORK IS ONGOING
4 I ST SE   
10/09/18 
CRESCENT COMMUNITIES / null
P1900221 / SUPPLEMENTAL
328 K ST SE   
09/27/18 
MARK BARRETT / null
E1811075 / SUPPLEMENTAL
   
10/04/18 
MARK BARRETT / BJORN FALK
SOL1800999 / CONSTRUCTION
Installation of a 5.559kW solar PV system. Roof mounted, 17 panels with integrated microinverters.
401 L ST SE   
10/11/18 
MICHAEL R BRICKMAN / FLOYD H. FURR
P1900299 / SUPPLEMENTAL
   
10/11/18 
MICHAEL R BRICKMAN / DARIUS LYVERS 703-491-1234
M1900108 / SUPPLEMENTAL
300 M ST SE   
09/25/18 
FEDERAL CENTER LP / null
E1811000 / SUPPLEMENTAL
   
09/25/18 
FEDERAL CENTER LP / null
E1811001 / SUPPLEMENTAL
   
09/25/18 
FEDERAL CENTER LP / null
E1810999 / SUPPLEMENTAL
400 M ST SE   
10/18/18 
CAPPER SENIOR 11 LIMITED PARTNERSHIP / null
E1900650 / SUPPLEMENTAL
1111 NEW JERSEY AVE SE   
10/17/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
E1900581 / SUPPLEMENTAL
79 POTOMAC AVE SE 1ST FL   
10/03/18 
RIVERFRONT HOLDINGS I LLC / null
P1900101 / SUPPLEMENTAL
71 POTOMAC AVE SE   
09/28/18 
FORIDA ROCK PROPERTIES INC / BARR CONCRETE
AH1801325 / CONSTRUCTION
After hours to pour concrete with pump truck 9 / 28 / 2018 to 10 / 28 / 22018 from 11pm to 7am
   
10/04/18 
FORIDA ROCK PROPERTIES INC / BARR CONCRETE
AH1900029 / CONSTRUCTION
Afterhours to pour concrete with pump truck saturday 10 / 06 / 2018 from 12am to 7am
79 POTOMAC AVE SE   
10/04/18 
RIVERFRONT HOLDINGS I LLC / null
M1900054 / SUPPLEMENTAL
201 TINGEY ST SE   
10/09/18 
JBG/SEFC 170 LLC / DONNA G GRAHAM
AH1900051 / CONSTRUCTION
WR #3566756 - M.ALLEN / BRUNO - 201 TINGEY ST SE - PEPCO CREWS WILL BE INSTALLING NETWORK TRANSFORMERS AND INSTALLING CABLES - PEPCO WILL HAVE TO SHUT DOWN 3RD ST BETWEEN WATER ST & TINGEY ST SE TO SET TRANSFORMERS ONLY - WORK WILL BEGIN 10 / 12 / 18 THROUGH 11 / 30 / 18 - MONDAY THRU FRIDAYS FROM 10PM TIL 8AM AND SATURDAYS AND SUNDAYS FROM 6AM TIL 6PM
227 TINGEY ST SE   
10/09/18 
FOREST CITY WASHINGTON / DFM DEVELOPMENT SERVICES, LLC
AH1900056 / CONSTRUCTION
Yards Parcel L-2. Afterhours permit for follow-up test run of the precast concrete façade panel installation. Work to take place 7pm on 10 / 10 to 7am on 10 / 11.
   
10/15/18 
GONE YARD HOTEL OWNER LLC / MICHAEL ERIC CAMPBELL 703-631-2711
FB1900011 / SUPPLEMENTAL
NO. TO BE INSTALLED (2) GROSS RATING: 999999 BTU / HR NATURAL GAS STEAM PRESSURE 160 PSI OUTPUT: 960,000 BTU / HR
   
10/15/18 
GONE YARD HOTEL OWNER LLC / MICHAEL ERIC CAMPBELL
UP1900012 / SUPPLEMENTAL
   
10/17/18 
UNITED STATES OF AMERICA / DFM DEVELOPMENT SERVICES, LLC
AH1900079 / CONSTRUCTION
Yards Parcel L-2. Afterhours permit for the purpose of installing precast concrete façade panels. Work to take place 7PM to 7AM, 10 / 22 through 11 / 3.
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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Camden South Cap. ('13)
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225 Virginia/200 I ('12)
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1015 Half Street ('10)
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55 M ('09)
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