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 Weekly Open Thread: Also, that photo in the WBJ article explains what the helicopters are doing flyi...
202_cyclist on Weekly Open Thread: JD-- regarding the link that you Tweeted about, more housing is always welcome b...
JES on Weekly Open Thread: Looks like Circa is still coming, but Open Road is no more. From reading this, i...
UpEarly on Weekly Open Thread: The CSX land behind ORE 82 is under contract to Greystar (national apartment dev...
JD on Weekly Open Thread: Greystar is under contract to buy the huge CSX parcel that runs west from New Je...
JD on Weekly Open Thread: In case you see it elsewhere like it's new, the news of Bluestone Lane coming to...
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 (theft From Building)
 05/22/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 05/21/18
300 B/O M ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 05/19/18
400 B/O M ST SE   THEFT
Shoplifting
 05/16/18
100 B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 05/16/18
400 B/O M ST SE   THEFT
Shoplifting
 05/15/18
900 B/O NEW JERSEY AVE SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/12/18
UNIT B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 05/11/18
100 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/10/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/10/18
1200 B/O VAN ST SE   THEFT
Theft First Degree (all Other Larceny)
 05/10/18
100 B/O M ST SE   THEFT
Theft First Degree (all Other Larceny)
 05/09/18
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/09/18
UNIT B/O M ST SE   BURGLARY
Burglary Two
 05/09/18
1000 B/O HALF ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/08/18
UNIT B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 05/08/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/08/18
700 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/06/18
800 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 05/06/18
400 B/O M ST SE   THEFT
Shoplifting
 05/06/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 04/30/18
900 B/O 5TH ST SE   HOMICIDE
Murder II
 04/30/18
100 B/O L ST SE   ROBBERY  04/30/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 04/27/18
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 04/26/18
1200 B/O SOUTH CAPITOL ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/26/18
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/25/18

Recent Issued Building Permits Archive  
1331 2ND ST SE 20003   
05/01/18 
DC WATER / DAVE LEVINE
AH1800901 / CONSTRUCTION
AFTER HOURS WORK FOR STRUCTURE EXCAVATION AND SUPPORT FOR B1311474 DC WATER. CORMAN CONSTRUCTION 301-34-5417.
907 4TH ST SE   
05/01/18 
RYAN WILLING / null
E1806431 / SUPPLEMENTAL
   
04/30/18 
RYAN M WILLING / KYLE YOST
SOL1800442 / CONSTRUCTION
4.2kw rooftop solar pv system, less than 4' above roof
101 H ST SE   
05/14/18 
SQUARE 737 LLC / DFM DEVELOPMENT SERVICES, LLC
B1808785 / CONSTRUCTION
Revision to Permit TL1800054 to revise the Whole Foods Market permit address from 800 New Jersey SE to 101 H Street SE.
100 H ST SE   
05/14/18 
DISTRICT OF COLUMBIA / null
E1806787 / SUPPLEMENTAL
101 H ST SE   
05/22/18 
SQUARE 737 LLC / null
M1802469 / SUPPLEMENTAL
   
05/23/18 
SQUARE 737 LLC / null
P1806213 / SUPPLEMENTAL
2 I ST SE   
05/22/18 
CRESCENT CAPITOL VIEW / null
E1807051 / SUPPLEMENTAL
   
05/08/18 
CRESENT CAPITOL VIEW MF LLC / COMPOSITION SYSTEMS INC
AH1800928 / CONSTRUCTION
AFTER HOURS PERMIT TO WORK SUNDAY 5 / 13 / 18 FROM 7 AM UNTIL 7 PM UNDER OCCUPANCY PERMIT PA10636830 TO INSTALL A SIGN BAND.
   
05/23/18 
CRESCENT CAPITAL VIEW, LLC / ERICKA CLARK
TC1800034 / CONSTRUCTION
Renewal of tower crane permit #TC1700022 EXTENSION WILL EXPIRE ON 11 / 23 / 2018
10 I ST SE   
05/02/18 
CAPITOL HILL RACQUET CLUB / JOHN WYCKOFF
SB1800290 / CONSTRUCTION
Install 4 soil borings to less than 50 feet using dual tube geoprobe DPT tooling. Collect soil samples and install 1-inch diameter sch 40 PVC temp monitoring wells in 2 of 4 borings. Wells and borings will be abandoned with 24 hours of sampling using a bentonite grout mixture with bentonite / water ratio of 2 to 1. All IDW will be contained in drums.
150 I ST SE   
05/17/18 
SQUARE 737 LLC / JAMES WOLF
P1806078 / SUPPLEMENTAL
421 L ST SE   
05/16/18 
DORAN BUTUCHE / DORAN BUTUCHE
F1800255 / CONSTRUCTION
To install a fence and gate to the front yard. The construction, placement, style and color will be similar to fencing already in place at adjoining homes. Entire fence is in public space.
202 M ST SE   
05/18/18 
NURI EROL / PAT SNYDER
B1804587 / CONSTRUCTION
EXISTING PIZZA RESTAURANT - NEW OWNER, NEW EQUIPMENT + NEW GELATO & COFFEE SERVICE. MINOR HVAC, PLUMBING & ELECTRIC
800 NEW JERSEY AVE SE 1ST FL   
05/14/18 
SQUARE 737 LLC / JOHN SONNER 4438727277
E1806780 / SUPPLEMENTAL
800 NEW JERSEY AVE SE   
05/09/18 
WHOLE FOODS MARKET / MELISSA DIAZ
TL1800054 / CONSTRUCTION
THE PROJECT IS A TENANT FIT-OUT OF AN EXISTING SPACE IN A MIXED USE PROJECT BEING DEVELOPED UNDER A SEPARATE PERMIT. THE PROJECT IS A WHOLE FOODS MARKET OCCUPYING THE GROUND FLOOR AND A MEZZANINE WITHIN THE BUILDING. - TPR
   
05/11/18 
SQUARE 737 LLC / null
P1805955 / SUPPLEMENTAL
   
05/24/18 
SQUARE 737 LLC / null
P1806243 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
05/11/18 
CONSOLIDATED RAIL CORPORATION / RPS INC
SB1800309 / CONSTRUCTION
Per " Work Plan, Geotechnical Investigation, dated May 2, 2018 (see attached), the work involves drilling 6 soil borings using a hollow stem auger rig and a mud rotary drill rig for the purpose of collecting soil samples for geotechnical subsurface exploration. Boring depths range from 75 to 150 ft.
   
05/23/18 
CONSOLIDATED RAIL CORPORATION / NA CSX TRANSPORTATION INC.
AH1800974 / 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**
1100 NEW JERSEY AVE SE 2ND FL   
05/10/18 
SQUARE 742 LLC / null
P1805902 / SUPPLEMENTAL
1115 NEW JERSEY AVE SE   
05/22/18 
DONOHOE REAL ESTATE SERVICES / null
M1802478 / SUPPLEMENTAL
71 POTOMAC AVE SE   
05/11/18 
MRP REALTY / ELIZABETH DE SMET
SB1800270 / CONSTRUCTION
Installation of 124 wellpoints to assist in the construction of mixed use structure at Potomac Avenue.
   
05/18/18 
FORIDA ROCK PROPERTIES INC / ANKIT K SINGH
UT1800039 / CONSTRUCTION
Removal of an Underground Storage Tank (UST) 7 feet in diameter and approximately 9 feet long (approximately 2000 gallons). Suspected Fuel Tank. Tank is filled with 8 inches of unknown content. Tank will be removed and disposed off as per the appropriate standards and requirements.
221 TINGEY ST SE   
04/30/18 
GONE YARD HOTEL OWNER, LLC / DFM DEVELOPMENT SERVICES, LLC
B1808252 / CONSTRUCTION
Yards Parcel L-1 : Permit Revision for B1801074 to update owner information to Gone Yard Hotel Owner, LLC and permit address to new address: 221 Tingey Street SE.
300 TINGEY ST SE   
05/09/18 
FC BOILERMAKER LLC / FAY A KENNEDY
E1806640 / 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
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.