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From WBJ: "D.C. developer Akridge has sold the majority of its Half Street parcel across from Nationals Park to The JBG Cos., which is expected to redevelop the site with two new residential buildings and a large amount of what one executive called "dramatic" retail."
JBG has acquired the southern two-thirds of the block, far better known as the shipper container-ringed location of the Fairgrounds, directly across N Street from Nats Park and also directly across Van Street from JBG's own under-development 1244 South Capitol residential project.
Akridge apparently is maintaining a minority stake in that portion of the site, but JBG will "take over day-to-day development duties." WBJ says Akridge is also apparently "under contract to recapitalize the northern third of Half Street."
After Akridge acquired the site in 2008--which was once home to WMATA's Southeastern Bus Garage--plans were run through the Zoning Fun Factory for two office buildings on the north end of the site and a 280-unit residential building on the south end (along with 55,000 square feet of retail), but WBJ says that JBG's portion of the block is now expected to include two residential buildings, with one office building on the land Akridge still owns along M Street. Plus "dramatic retail."
WBJ pegs the sale price for the JBG portion of the site at $45 million.
This is not unexpected, as news had surfaced back in September that Akridge was looking for a new partner to develop the site.
It also dovetails with the sale of Monument Valley on the east side of Half Street to the MacFarlane/Lynch development team, which is early in the process of bringing residential offerings along its own portion of N Street.
You can look at my Akridge Half Street project page for reminders of what had been planned for the site, though I look at that page (and my Monument Valley page) more as a marvel of the tens of thousands of words I have expended on plans for these sites over the past 10 years.
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JES says: (2/20/15 3:54 PM)
What the eff is "dramatic" retail?


JD says: (2/20/15 3:56 PM)
I guess I'd look at 1244 South Capitol and its two stories of retail at the corner of South Capitol & N for some hint.


JES says: (2/20/15 4:04 PM)
Sweeeeeeeeeeeet.


ZoolanderANDtheBoYz says: (2/20/15 4:30 PM)
I guess they will have a diverse kind of retail instead of just bars and restaurants. I wouldn't be surprised if it turns out to look like a gallery place. OR worst Crystal city.



NMJ says: (2/20/15 5:29 PM)
Does this mean no truckeroo this year?


JD says: (2/20/15 5:31 PM)
Take a deep breath on all Fairgrounds-related questions. No one knows yet.


MJM says: (2/20/15 7:15 PM)
Our long neighborhood nightmare is coming to an end. The squatter is out and the developer is in.


ZoolanderANDtheBoYz says: (2/20/15 9:25 PM)
@NMJ, it is probably going to take 2 to 3 years for a construction to start. So, you will see Fairground for the upcoming summer and possibly for next summer.

By the way, I have a perfect view of 909 from my apartment. I am just hoping the design looks unique instead of boxy square like any other apartment in DC. I don't know why 82 I looks like Park Riverside?


SWag says: (2/20/15 11:28 PM)
OT - There's going to be a lot of dead space between 82 I and Axiom


Section314 says: (2/21/15 9:16 AM)
Now we can hope that Akridge divests the lot across from the new Parc Riverside allowing that lot to be developed. I've never quite figured out what Akridge does but they sure don't seem to develop many properties.


ZoolanderANDtheBoYz says: (2/21/15 9:36 AM)
@section314, they probably will end up selling that lot too. I think they are broke or they have shitty credit.


Kev29 says: (2/22/15 11:44 AM)
"What the eff is "dramatic" retail?"

Eataly, of course. It's a lock! ;-)


JES says: (2/23/15 10:50 AM)
@Zoo, Monument was the broke landowner (and has since shed most of their land holdings down here). Akridge is pretty healthy I believe: link

Though I'm not quite sure what their logic was in snapping up a bunch of land here and just letting it sit for so long.


JD says: (2/23/15 10:53 AM)
If they were healthy, and even putting aside the recession, they would have long ago begun work on one of the most high-profile pieces of land in the entire city.



ZoolanderANDtheBoYz says: (2/23/15 12:08 PM)
I don't think they are healthy. They are just another broke real estate company. You can call JBG healthy because it seems they own half of the city under construction projects.


ZoolanderANDtheBoYz says: (2/23/15 12:10 PM)
It seems Ruben is doing soil testing to one of their planned office lot next to the catholic church on South Capitol SE.


ZoolanderANDtheBoYz says: (2/23/15 12:44 PM)
@JD, I am guessing Jair Lynch won't include a hotel the way monument originally planned it?


JD says: (2/23/15 12:46 PM)
Don't know, but with two hotels on the other half of the block, and one up in the next block at Half and M, that might not be an unwise decision if it happens.


JES says: (2/23/15 1:02 PM)
Eh, in a city with a tourist economy as healthy as ours, more hotels is probably a good thing. We're so close to the Capitol and Smithsonian, it's not like baseball fans are the only people that our hotels are relying on.


Alex B. says: (2/23/15 1:49 PM)
"If they were healthy, and even putting aside the recession, they would have long ago begun work on one of the most high-profile pieces of land in the entire city."

This seems to be an awfully unfounded assumption.


Section314 says: (2/24/15 2:40 PM)
While "healthy" is a qualitative judgement best determined in the eyes of the beholder, the old saying seems to apply here. "Judge them not by their words but by their deeds."

Akridge is a real estate talker, not a real estate developer. Just look at the dearth of active projects on their website. A "healthy" developer builds things, which Akridge does not do.

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