Since January, 2003
            
 Sliding from Before to After

Word is hitting the streets this morning that Akridge has now sold its remaining holdings on the west side of Half Street just north of Nats Park, ending an ownership that began in 2008 but that saw the Fairgrounds as its only development.
Back in February, Akridge sold the southern two-thirds of the block-long lot to JBG, and at the time it was said that the company was also "under contract to recapitalize the northern third of Half Street." It turns out that that "recapitalization" was a sale to an affiliate of Brandywine Realty Trust for $20 million, according to WBJ.
Akridge's arrival on this lot began back in 2007 when the company won a WMATA bidding process for what was then the Southeastern Bus Garage site. But Monument Realty, expecting to have the rights to develop the site, was quite unhappy, and sued, which resulted in the settlement that awarded the bus garage site to Akridge for $46.5 million and the adjacent Metro parking lot across Van to Monument for $22.6 million. Monument then sold its holdings on the south end of the bus garage block to Akridge for $9.66 million.
The company got zoning approvals in early 2009 for its Half Street plans, as a 700,000-square-foot mix of two office buildings, one residential building, and 56,000 square feet of retail. But, of course, none of that ever happened, and in the meantime Akridge provided the space for first The Bullpen, then Das Bullpen, then the block-long Fairgrounds site.
Now we wait to see what the plans for the north end will be, now that JBG has said it will be building two residential offerings on its portion near the ballpark.
(And I know the web site response is atrocious this morning. Guess I'm going to have to stop just wishing it will get better, though the support people tell me that a lot of this is supposedly now the fault of another site on the same server, which has two more days to clean up its act or else it'll be shut down. We Shall See.)
Comments (14)
   
 
 More About West Half St.

JDLand.com Home

Comments

ZoolanderANDtheBoYz says: (4/13/15 11:10 AM)
"Monument first acquired the lots in Square 700 between Half and Van streets in 2005, three years before Nationals Park opened to fans, for a combined $6.96 million. In August 2008, Monument sold those lots to Akridge for $9.66 million. And now, seven years after acquiring them, Akridge has dispatched those parcels to JBG and Brandywine, in separate deals, for a total of $65 million.
It amounts to an 834 percent increase in value over the course of a decade, reflecting the meteoric growth of the Capitol Riverfront community, between South Capitol Street and the Navy Yard. The blocks immediately surrounding Nats Park are simply exploding with development, and much more is to come in short order."

I know you corrected the permit guy from Washington Business Journal on twitter. But, he still has not corrected it.


ZoolanderANDtheBoYz says: (4/13/15 11:11 AM)
21 million in profit is a healthy and lucrative return for Akridge.


JD says: (4/13/15 11:30 AM)
WBJ's story is corrected now.


ZoolanderANDtheBoYz says: (4/13/15 12:25 PM)
*Correction - Akridge profit is roughly around 9 million not 21 million. Still that is a good return.


Andrew in DC says: (4/13/15 7:36 PM)
@ZoolanderANDtheBoYz 9 million on $56 million invested in 2009 is not a good return. It's not even 20%.

By comparison, you could have put all $56 million in the S&P 500 on the day they closed the deal on Sept 3rd, 2008 and made 63.13% - a return of a cool 32M ... and that was before the market crashed from Oct-March.

Akridge is just happy to get away from this deal with its head intact. This is a huge loss for them. Their investors should be pissed.


ZoolanderANDtheBoYz says: (4/13/15 9:12 PM)
@Andrew, I didn't know Akridge is publicly traded company.


Andrew in DC says: (4/13/15 9:46 PM)
@Zoo they aren't - but that doesn't mean they don't have investors:

link


Scott says: (4/14/15 4:33 PM)
How much do you normalize finance with debt in a commercial deal? I doubt any of these properties are purchased with all cash, so the return of $9 million is not on $56 million, but on whatever you had invested. That's the power of leverage.

So if it was financed 20% with cash in 2008 - or $11.2 million - and you returned $9 million in 2015, that's higher than what you would have made investing the same $9 million in the S&P 500 at the same point in time.

Of course, we probably have no idea what their actual numbers are, either how much they financed in cash, nor their expenses over time that would lead to a real ROI.


Scott says: (4/14/15 4:34 PM)
*normally*


202_cyclist says: (4/15/15 11:10 AM)
Was part of Akridge's motivation in selling the Half St property to get more funding to finance its massive and ambitious Burnham Pl development ( link


ZoolanderANDtheBoYz says: (4/15/15 11:15 AM)
Damn @202, I was about to ask the same question with the same link. 8.5 billion for the next 20 years is a big bet.


JD says: (4/15/15 12:23 PM)
Not really on this subject, but I saw a Michael Stevens quote somewhere recently that talked about the neighborhood now being at the halfway point of its build-out. It kind of startled me that that's about right. And once you get all this Half Street/South Capitol/1st Street stuff underway, it's really just the later phases of The Yards, Florida Rock, and a smattering of potential projects north of M/west of 3rd left to go.

(I know that doesn't make it sound like there's that little left to go, but in comparison to what's been done....)


202_cyclist says: (4/15/15 2:22 PM)
"Not really on this subject, but I saw a Michael Stevens quote somewhere recently that talked about the neighborhood now being at the halfway point of its build-out. It kind of startled me that that's about right. And once you get all this Half Street/South Capitol/1st Street stuff underway, it's really just the later phases of The Yards, Florida Rock, and a smattering of potential projects north of M/west of 3rd left to go."

Maybe CSX will sell some of the huge amount of land it owns next to 70 and 100 I Street after the VA Ave tunnel construction. Residential would be difficult here b/c it is right next the highway but I don't see any reason additional office buildings can't be constructed there. There is also the lot immediately north of McDonalds, as well as the McDonald's property. Additionally, as mentioned in my comment for the marine barrack's post, almost all of the lower 8th Street corridor is still undeveloped-- I don't know if that is considred Navy Yard/Capitol Riverfront, however.


JD says: (4/15/15 7:13 PM)
Lower 8th is within the BID boundaries, although at one of the 2010 barracks meetings Michael Stevens said that if the Marines take any of the private land over there, he will advise the BID board to shrink the boundaries to not include any new Marine facility. Probably spoken in the heat of the moment, but still an indicator of the feeling that any new installation along 8th would perhaps not be considered a net positive from a business standpoint.

Add a Comment:

Comments are closed for this post.

JDLand Comments RSS Feed


 More News


See All Current News Items | Full Blog Archive

 

JDLand.com's Official Unofficial Guide, Updated for 2018!
 Recent Posts

202_cyclist on Ramen Coming: I posted without seeing the report of the injuries (the earlier MPD tweet didn’t...
JD on Ramen Coming: (I updated the comment/tidbit with the report from MPD.)
202_cyclist on Ramen Coming: Unfortunately, my wife heard it. Hopefully there weren’t any injuries or fatali...
JD on Ramen Coming: There was a shooting last night/early Saturday morning outside the Capper Commun...
dude on Ramen Coming: It’s hard to believe that the Virginia Avenue Tunnel project is coming to an end...
JD on Ramen Coming: Thanks for that, 202--I was going to head to 8th Street and eastward to take pic...
Get JDLand Updates In Your Inbox!



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  
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/19/18
200 B/O I ST SE   ROBBERY  07/17/18
1200 B/O 1ST ST SE   THEFT
Theft First Degree (all Other Larceny)
 07/15/18
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (all Other Larceny)
 07/15/18
1200 B/O 4TH ST SE   ASSAULT WITH A DANGEROUS WEAPON  07/14/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/13/18
900 B/O POTOMAC AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/13/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/11/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/11/18
UNIT B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/10/18
100 B/O I ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/09/18
700 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 07/06/18
900 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/04/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/02/18
400 B/O M ST SE   THEFT
Shoplifting
 07/02/18
200 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/28/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/28/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 06/28/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/28/18
900 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/27/18
1000 B/O 1ST ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 06/25/18
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 06/24/18

Recent Issued Building Permits Archive  
1100 1ST ST SE   
07/19/18 
ONYX ACQUISITION LLC / BAKER DC LLC
TC1800039 / CONSTRUCTION
Permit to erect tower crane on private property
1346 4TH ST SE   
07/02/18 
PC 1346 LLC / INSPECTOR STEVENS
B1811126 / CONSTRUCTION
For elevator review ONLY in reference to permit # B 1711594
   
07/11/18 
FC1346 LLC / ASHLY SALISBURY; KONE
EN1802014 / SHOP DRAWING
Installation of 4 KONE Mono500 Elevators
2 I ST SE   
07/02/18 
FORIDA ROCK PROPERTIES INC / DANIEL P. THOMPSON
P1807204 / SUPPLEMENTAL
   
07/03/18 
MCDONALDS CORPORATION / BOB BIROONAK; X
SG1800364 / CONSTRUCTION
one illuminated ID sign
150 I ST SE   
07/18/18 
null / JOHN H THOMSON 301-864-5080
E1808693 / SUPPLEMENTAL
417 I ST SE   
06/28/18 
DALE E OWEN / TIMOTHY P. CROPP 703-698-8855
M1802925 / SUPPLEMENTAL
200 K ST SE   
07/19/18 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / XIOMARA A VARGAS APONTE
TN1800154 / CONSTRUCTION
The International Colombian Festival at Canal Park. We are placing 8x8 fences (560 feet total). 2 tents 20 x20, 1 tent 10x30 20x16x3 plus a catwalk 8x8 65 KW
300 M ST SE   
07/02/18 
FEDERAL CENTER LP / null
E1808201 / SUPPLEMENTAL
400 M ST SE   
07/09/18 
null / DONNA G GRAHAM
AH1801113 / CONSTRUCTION
WR #3476633-VAETH / BRUNO-PEPCO CREWS WORKING THE 300-400 BLK OF M ST SE SPLICING CABLES - FROM TUESDAY NIGHT (7 / 10 / 18) THROUGH SATURDAY NIGJT (7 / 14 / 18) FROM 9PM TIL 9AM
861 NEW JERSEY AVE SE   
06/28/18 
CONSOLIDATED RAIL CORPORATION / NA CSX TRANSPORTATION, INC.
AH1801055 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Tunnel Reconstruction Project LOD for utility, demolition, and concrete structure construction activities. TO EXCLUDE LEGAL HOLIDAYS***
   
07/12/18 
CONSOLIDATED RAIL CORPORATION / RPS INC
SB1800373 / CONSTRUCTION
PER WORK PLAN, ENVIRONMENTAL INVESTIGATION, DATED JUNE 25, 2018 (SEE ATTACHED), THE WORK INVOLVES DRILLING 10 SOIL BORINGS USING A GEOPROBE RIG FOR THE PURPOSE OF COLLECTING SOIL SAMPLES FOR THE ENVIRONMENTAL SUBSURFACE EXPLORATION. BORING DEPTHS RANGE FROM 20 TO 50 FT. BORINGS WILL BE PROPERLY BACKFILLED AFTER COMPLETION.
1200 NEW JERSEY AVE SE 1ST FL 20590   
07/06/18 
JBG/FEDERAL CENTER LLC / DAVID T. MORALES
P1807299 / SUPPLEMENTAL
1299 NEW JERSEY AVE SE   
07/12/18 
UNITED STATES OF AMERICA / GARRETT MILLS
TN1800142 / CONSTRUCTION
Event: Play Ball Park DC Location: The Yards, Parcel A (Corner of First Street and M Street); Play Ball Park is a Fan event sponsor zone that features BaseBall clinics, Sponsor Areas, Food and Beverage, and Entertainment.
   
06/29/18 
UNITED STATES OF AMERICA / SHANNON BURKE
SB1800332 / CONSTRUCTION
Site is being investigated before construction in accordance with Consent Order between GSA and EPA. Temporary soil borings will be installed for soil and groundwater sampling.
71 POTOMAC AVE SE   
06/27/18 
FORIDA ROCK PROPERTIES INC / BARR CONCRETE
TC1800036 / CONSTRUCTION
towercrane for jobsite use
   
07/02/18 
FORIDA ROCK PROPERTIES INC / DANIEL P. THOMPSON
P1807202 / SUPPLEMENTAL
79 POTOMAC AVE SE   
07/13/18 
RIVERFRONT HOLDINGS I LLC / CARLOS H. LOPEZ
P1807478 / SUPPLEMENTAL
221 TINGEY ST SE   
06/27/18 
GONE YARD HOTEL OWNER, LLC / STEPHEN J. EXELBERT
P1807049 / SUPPLEMENTAL
(1) Gas generator (1) Gas Meter (1) Eye washer (12) Backwater Valve
227 TINGEY ST SE   
07/09/18 
UNITED STATES OF AMERICA / DFM DEVELOPMENT SERVICES, LLC
AH1801111 / CONSTRUCTION
Afterhours Permit to allow for work under Permit B1801871 (Yards Parcel L2) to occur from 5am to 7am on July 12 through July 17. ANC approval provided.
   
07/12/18 
UNITED STATES OF AMERICA / DFM DEVELOPMENT SERVICES, LLC
B1806775 / CONSTRUCTION
Parcel L1 - Revision to Permit FD1700126 to incorporate changes requested and approved by DC Water.
355 WATER ST SE   
07/12/18 
UNITED STATES OF AMERICA / null
E1808509 / 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
99 M ('18)
Agora ('18)
1221 Van ('18)
District Winery ('17)
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)


Overviews
Capper/Carrollsburg
Anacostia Riverwalk
New Jersey Avenue
M Street
South Capitol Street
The Yards
Lower 8th Street
East M Street
Boathouse Row





                  © Copyright 2018 JD.