Since January, 2003
            
 (a random before-and-after moment)
September 9, 2006
September 30, 2018
1st at K, Looking North-Northeast (see more)

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.)
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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.

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Recent Crime Incidents Archive  
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
1000 5TH ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle) - Street / Unknown
 09/16/18
800 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 09/16/18
1000 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 09/15/18
1000 B/O 3RD ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 09/15/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 09/13/18
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 09/13/18
1000 B/O HALF ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 09/11/18

Recent Issued Building Permits Archive  
1015 4TH ST SE   
09/17/18 
GASTON CHAN / KYLE YOST
SOL1800945 / CONSTRUCTION
5.89kw rooftop solar pv system, less than 4' above roof
   
09/19/18 
GASTON CHAN / null
E1810828 / SUPPLEMENTAL
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. ...
2 EYE ST SE   
09/18/18 
null
M1803959 / SUPPLEMENTAL
   
09/18/18 
null
P1809280 / SUPPLEMENTAL
4 I ST SE   
09/18/18 
JOHN MORIARTY / null
M1803958 / SUPPLEMENTAL
2 I ST SE   
09/19/18 
MCDONALDS CORPORATION / DONNA G GRAHAM
AH1801319 / CONSTRUCTION
WR #3573836 - VAETH / BRUNO - WARD 6 - 20003 - PEPCO CREWS WILL BE WORKING #2 I ST SE - MAY NEED TO BLOCK "I" ST ON OCCASION TO INSTALL NETWORK TRANSFORMERS AND INSTALL CABLES - CREW WILL BE WORKING AT NIGHTS DURING THE WEEK (MONDAY THRU FRIDAYS) FROM 9PM TO 7 AM - PEPCO CREWS WILL ALSO BE WORKING WEEKENDS (SATURDAY AND SUNDAYS) FROM 6AM TIL 6PM - WORK IS ONGOING
   
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
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.
418 L ST SE   
09/14/18 
null / NA NA NA
EHOP18998072 / HOME OCCUPATION
300 M ST SE 1ST 20024   
09/21/18 
ELLEN OPDYKE / null
P1809360 / SUPPLEMENTAL
300 M ST SE 3   
09/21/18 
FEDERAL CENTER LP / null
P1809359 / SUPPLEMENTAL
300 M ST SE 8 20024   
09/24/18 
BARBARA D HAMLETT / null
P1809404 / 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
1111 NEW JERSEY AVE SE 1ST FL   
09/18/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
P1809276 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE 3RD FLOOR   
09/17/18 
SQUARE 742 LLC / null
P1809222 / SUPPLEMENTAL
1111 NEW JERSEY AVE SE   
09/12/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
E1810553 / SUPPLEMENTAL
   
09/20/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
E1810877 / SUPPLEMENTAL
   
09/21/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
P1809362 / 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   
09/13/18 
RIVERFRONT HOLDINGS I LLC / JOHN HOMICK 301-390-4800
E1810571 / SUPPLEMENTAL
   
10/04/18 
RIVERFRONT HOLDINGS I LLC / null
M1900054 / 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;

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