Since January, 2003
            
 (a random before-and-after moment)
July 17, 2008
October 22, 2017
4th at Water St., Looking East (see more)

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.)
Comments (19)
   
 
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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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City Government Data for Near Southeast Records added or updated recently displayed here; click the "archive" links to see additional detail and older records. All data from DC Government databases and RSS feeds. JDLand takes no responsibility for errors, omissions, etc. (read CapStat disclaimer). Data is retrieved daily.

Recent Crime Incidents Archive  
70 B/O I ST SE   BURGLARY
Burglary Two
 11/16/17
1200 HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/15/17
1100 B/O 1ST ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 11/14/17
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 11/13/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 11/12/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/12/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/09/17
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 11/06/17
1200 SOUTH CAPITOL ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/05/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/05/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 11/01/17
100 B/O K ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 10/30/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 10/29/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/27/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/25/17
100 B/O K ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/21/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/19/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 10/19/17

Recent Issued Building Permits Archive  
1100 2ND PL SE   
10/26/17 
null / KENNETH J. LEMERE
E1800879 / SUPPLEMENTAL
   
11/02/17 
BAKER DC / CHRISTINE LONG
AH1800167 / CONSTRUCTION
An after hours permit is respectfully requested from 5AM to 8PM daily
1331 2ND ST SE 20003   
10/30/17 
DC WATER / DAVE LEVINE
AH1800128 / CONSTRUCTION
After Hours work for structure excavation and support for B1311474 DC Water, Corman Construction 301-343-5417.
1331 4TH ST SE CU   
11/02/17 
FC 1331 LLC / null
E1801120 / SUPPLEMENTAL
1023 4TH ST SE   
11/06/17 
MATTHEW E WEINER
BP1800535 / POST CARD
1331 4TH ST SE   
11/14/17 
FC 1331 LLC / PAUL E WARREN
E1801475 / SUPPLEMENTAL
1346 4TH ST SE   
11/07/17 
ALAN OWINGS / ROBERT HENRY
AH1800169 / CONSTRUCTION
After Hours Permit for 11 / 10 / 17 from 7am to 7pm to perform concrete operations.
1015 HALF ST SE 7TH FL   
10/31/17 
HALF STREET SE LLC / null
P1800798 / SUPPLEMENTAL
1015 HALF ST SE   
10/23/17 
HALF STREET SE LLC / null
E1800739 / SUPPLEMENTAL
   
10/23/17 
HALF STREET SE LLC / null
M1800233 / SUPPLEMENTAL
   
10/23/17 
HALF STREET SE LLC / null
P1800599 / SUPPLEMENTAL
303 K ST SE   
10/22/17 
JONATHAN HERSHEY / null
P1800573 / SUPPLEMENTAL
555 L ST SE   
10/31/17 
UNITED STATES OF AMERICA / EDUARDO L. LOPEZ
E1801004 / SUPPLEMENTAL
   
11/08/17 
UNITED STATES OF AMERICA / null
P1801050 / SUPPLEMENTAL
   
11/08/17 
UNITED STATES OF AMERICA / null
M1800409 / SUPPLEMENTAL
80 M ST SE #110 20003   
11/03/17 
WELLS REIT II 80 M STREET LLC / null
P1800898 / SUPPLEMENTAL
300 M ST SE 402   
10/30/17 
FEDERAL CENTER LP / null
E1800973 / SUPPLEMENTAL
300 M ST SE STE# 402   
11/01/17 
FEDERAL CENTER LP / BERNARD CHAPPELL
E1801037 / SUPPLEMENTAL
110 M ST SE   
11/10/17 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / JIM RILEY
BP1800623 / POST CARD
922 M ST SE   
10/27/17 
MAIFEDI EQUITY LLC / FRED LATIMORE
E1800926 / SUPPLEMENTAL
1333 M ST SE   
11/03/17 
1333 M STREET SE LLC / JUSTIN BELLOW
B1801393 / CONSTRUCTION
Installation of duct bank and light pole on private property
800 NEW JERSEY AVE SE   
11/13/17 
SQUARE 737 LLC / N/A; BOB BIROONAK
SG1800066 / CONSTRUCTION
one apartment id sign illuminated
861 NEW JERSEY AVE SE   
10/30/17 
CSX TRANSPORTATION, INC. / NA CSX TRANSPORTATION, INC.
AH1800132 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Reconstruction Project LOD for utility, demolition, and concrete structure construction activities.
1000 NEW JERSEY AVE SE   
10/26/17 
null / NA NA NA
EHOP17919268 / HOME OCCUPATION
1100 NEW JERSEY AVE SE   
11/03/17 
SQUARE 742 LLC / null
E1801147 / SUPPLEMENTAL
   
11/08/17 
SQUARE 742 LLC / null
E1801323 / SUPPLEMENTAL
1244 SOUTH CAPITOL ST SE 20003   
11/02/17 
THE JBG COMPANIES / CODY LANG
AH1800140 / CONSTRUCTION
The location for the project is at the corner of South Capitol Street, SE and N Street, SE, to the North of Parking Lot B for the Washington Nationals Stadium. The permit numbers to reference are B1600228, PA10464330, PA115172-R2, and PA202883. These permits are attached for reference. In order to maintain our contractual requirements and progress with critical path interior finishes, rooftop bu...
1244 SOUTH CAPITOL ST SE   
10/31/17 
THE JBG COMPANIES / GLENNWOOD ROGERS
FB1800009 / SUPPLEMENTAL
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;

Real Property Sales Archive  
No commercial transaction records added or modified in the past two weeks.


Project Directory
Completed
Insignia on M ('17)
F1rst/Residence Inn ('17)
One Hill South ('17)
Homewood Suites ('16)
ORE 82 ('16)
The Bixby ('16)
Dock 79 ('16)
Community Center ('16)
The Brig ('16)
Park Chelsea ('16)
Yards/Arris ('16)
Hampton Inn ('15)
Southeast Blvd. ('15)
11th St. Bridges ('15)
Parc Riverside ('14)
Twelve12/Yards ('14)
Lumber Shed ('13)
Boilermaker Shops ('13)
Camden South Cap. ('13)
Canal Park ('12)
Capitol Quarter ('12)
225 Virginia/200 I ('12)
Foundry Lofts ('12)
1015 Half Street ('10)
Yards Park ('10)
Velocity Condos ('09)
Teague Park ('09)
909 New Jersey Ave. ('09)
55 M ('09)
100 M ('08)
Onyx ('08)
70/100 I ('08)
Nationals Park ('08)
Seniors Bldg Demo ('07)
400 M ('07)
Douglass Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Marine Barracks ('04)


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