Since January, 2003
            
 (a random before-and-after moment)
June 28, 2007
June 3, 2019
2nd (East) at L, Looking Southeast (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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400 B/O M ST SE   THEFT
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 09/19/19
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 09/15/19
1100 B/O NEW JERSEY AVE SE   THEFT
Shoplifting
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300 B/O M ST SE   MOTOR VEHICLE THEFT
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 09/13/19
400 B/O L ST SE   THEFT
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 09/11/19
400 B/O M ST SE   THEFT
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400 B/O M ST SE   THEFT
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54 M ST SE   BURGLARY
Burglary Two
 09/07/19
400 B/O M ST SE   THEFT
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 09/05/19
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1100 B/O NEW JERSEY AVE SE   THEFT
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 08/28/19
500 B/O M ST SE   THEFT FROM AUTO
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800 B/O VIRGINIA AVE SE   THEFT FROM AUTO
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 08/28/19
400 B/O M ST SE   THEFT
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 08/28/19
500 B/O L ST SE   ROBBERY  08/26/19
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 08/25/19
400 B/O M ST SE   THEFT
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Recent Issued Building Permits Archive  
1346 4TH ST SE   
09/11/19 
FC 1346 HOLDCO I LLC / null
E1911472 / SUPPLEMENTAL
900 5TH ST SE   
08/30/19 
CAPPER CARROLLSBURG VENTURES, LLC / DFM DEVELOPMENT SERVICES, LLC
B1906215 / CONSTRUCTION
Reconstruction of 4-story residential building, the Arthur Capper Senior Center, damaged by fire.
200 I ST SE   
09/04/19 
DISTRICT OF COLUMBIA / ROGER L PEACE
BP1904525 / POST CARD
   
09/04/19 
DISTRICT OF COLUMBIA / ROGER L PEACE
BP1904526 / POST CARD
   
09/04/19 
DISTRICT OF COLUMBIA / ROGER L PEACE
BP1904529 / POST CARD
100 M ST SE 9TH FLOOR   
09/05/19 
SQUARE 743 INC / DAVID FLEMING; DAVID FLEMING
P1909280 / SUPPLEMENTAL
100 M ST SE   
09/05/19 
SQUARE 743 INC / FREDERICK S. DONHAM; FREDERICK S. DONHAM
P1909275 / SUPPLEMENTAL
ONE OPEN SITE DRAIN
250 M ST SE   
08/26/19 
null / ;
P1908962 / SUPPLEMENTAL
   
08/27/19 
SQUARE 769 LLC / STEVEN CHEN
AH1901196 / CONSTRUCTION
After hours permit is respectfully requested from 3am to 7am daily.
   
09/04/19 
SQUARE 769 LLC / JEFFREY D WOLF
AH1901226 / CONSTRUCTION
After hours permit respectfully requested from 3 am to 7 am daily.
410 M ST SE   
09/16/19 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / MICHAEL B. BELL; MICHAEL B. BELL
E1911625 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
08/26/19 
CSX TRANSPORTATION, INC / ; N/A; TBD
R1900100 / CONSTRUCTION
RAZE 1 STORY WOOD FRAMED STRUCTURE
1275 NEW JERSEY AVE SE   
09/03/19 
UNITED STATES OF AMERICA / PARKER HARRELL; PARKER HARRELL
SB1900287 / CONSTRUCTION
We propose to furnish and install fifteen (15) gravel packed wells, fourteen (14) around the perimeter, and one (1) at the elevator pit. We will also be installing 3 monitoring wells and potentially 5 contingency wells. We will only pump from up to 15 wells at a time. All wells will be located in a mutually agreed layout. The wells will be installed by advancing up to a 10.25 I.D. hollow stem auge...
125 O ST SE   
09/13/19 
DISTRICT OF COLUMBIA / FRED T FALCONE; JOSEPH SCRIBELLITO
SB1900423 / CONSTRUCTION
Soil borings to collect samples and installed a grouted in place vibrating wire piezometer approximately 30 feet below grade. Two geotechnical soil borings to 75 feet below grade, and 3 soil borings to 20 feet below grade with 5 feet of coring though buried foundations.
301 TINGEY ST SE C-1   
09/03/19 
SEFC 160, LLC / JEFF NOLD
AH1901221 / CONSTRUCTION
Work will occur on 3rd Street SE between Tingey St SE & Water St SE. We will be assessing and providing a CCTV inspection of a sewer line.
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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