Since January, 2003
            
 (a random before-and-after moment)
February 24, 2007
September 30, 2018
1st at N, Looking East-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.)
Comments (14)
   
 
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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 NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/13/18
150 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/12/18
400 B/O M ST SE   THEFT FROM AUTO
Theft Of Motor Vehicle Parts Or Accessories
 11/11/18
700 B/O L ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle) - Convenience Store
 11/11/18
800 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 11/09/18
700 B/O M ST SE   THEFT
Theft First Degree (all Other Larceny)
 11/09/18
1200 B/O 4TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/08/18
400 B/O M ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 11/07/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/07/18
800 B/O L ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 10/31/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/30/18
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 10/29/18
50 B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 10/28/18
100 B/O O ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 10/28/18
1400 B/O M ST SE   ASSAULT WITH A DANGEROUS WEAPON  10/26/18
100 B/O M ST SE   THEFT
Theft 2nd Degree - Felony (all Other Larceny)
 10/23/18
900 B/O M ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 10/23/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/22/18
900 B/O 5TH ST SE   HOMICIDE
Murder I
 10/20/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
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1000 B/O 1ST ST SE   THEFT
Theft 2nd Degree (theft From Building)
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Recent Issued Building Permits Archive  
1100 2ND PL SE   
10/23/18 
null / ANDY MCKELVEY
SP1800044 / CONSTRUCTION
Construct outdoor swimming pool on 10th floor roof of new building
1013 4TH ST SE   
11/05/18 
EVA WALTER / KYLE YOST
SOL1900066 / CONSTRUCTION
5.89kw rooftop solar pv system, less than 4' above roof
   
11/07/18 
EVA WALTER / null
E1901297 / SUPPLEMENTAL
1346 4TH ST SE   
11/01/18 
ALAN OWINGS / ROBERT HENRY
AH1900133 / CONSTRUCTION
After Hours Permit for 11 / 12 / 2018, to perform construction work with the below activities: Interior Operations: 7AM-7PM Exterior Operations: 9AM-7PM
1000 5TH ST SE   
10/31/18 
UNITED STATES OF AMERICA / JOY WILDER
B1901427 / CONSTRUCTION
Non Construction permit to change load for current Child Development Center with 26 children 3 to 6 years old +3 Staff to Child Development Center with 30 Children + 3 Staff.
   
11/16/18 
UNITED STATES OF AMERICA / BRANDON M WILSON
BP1900670 / POST CARD
2 I ST SE   
11/05/18 
CRESCENT CAPITAL VIEW / CASSANDRA MOSLEY
AH1900160 / CONSTRUCTION
Installation of wet utility services to the new building at 4 I Street SE including fire service, domestic service, and storm sewer.
   
11/14/18 
MCDONALDS CORPORATION / JUSTIN BISHOP
SP1800022 / CONSTRUCTION
Construct a 614 sqft in-ground, concrete swimming pool. All MEP, decking, and fencing work to be done under separate permit.
10 I ST SE   
10/24/18 
CAPITOL HILL RACQUET CLUB / BOB BIROONAK; N/A
SG1900026 / CONSTRUCTION
Relocating existing freestanding sign
   
11/14/18 
CAPITOL HILL RACQUET CLUB / BOB BIROONAK; N/A
SG1900075 / CONSTRUCTION
revision to existing approved sign permit SG1900026 Change to the footer only
110 I ST SE   
11/06/18 
null
E1901238 / SUPPLEMENTAL
200 I ST SE 20009   
10/25/18 
DISTRICT OF COLUMBIA / null
M1900267 / SUPPLEMENTAL
200 I ST SE   
11/05/18 
GOVERNMENT OF THE DISTRICT OF COLUMBIA / null
E1901223 / SUPPLEMENTAL
   
10/25/18 
DISTRICT OF COLUMBIA / CLIFFORD DIXON
B1809410 / CONSTRUCTION
DGS OCTO BUILDING...NEW GENERATOR ON THE ROOF WITH ASSOCIATED MECHANICAL
   
11/07/18 
DISTRICT OF COLUMBIA / DANIEL MCGUIRE
P1901098 / SUPPLEMENTAL
300 M ST SE 8TH FL   
10/24/18 
FEDERAL CENTER LP / ALFRED JORDAN 2024375067
E1900838 / SUPPLEMENTAL
300 M ST SE 8TH FLOOR 20003   
10/22/18 
JBG SMITH - MORGAN JOHNSON-MASSEY / null
E1900736 / SUPPLEMENTAL
130 M ST SE   
11/09/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / RICHARD PLUMLEY
P1901176 / SUPPLEMENTAL
250 M ST SE   
11/07/18 
WCSMITH - BRIAN STROTT / GEORGE ARTHUR KING
SB1900025 / CONSTRUCTION
Drill and construct two 2 inch diameter observation wells 42 feet below existing grade utilizing mud rotary drilling methods. All drill spoils will be contained, tested and disposed of per DOEE regulation.
400 M ST SE   
11/02/18 
CAPPER SENIOR 11 LIMITED PARTNERSHIP / null
E1901156 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
10/31/18 
CONSOLIDATED RAIL CORPORATION / BRANDON KNAPP
AH1900131 / CONSTRUCTION
Work in the public ROW with the Virginia Avenue Tunnel Reconstruction Project LOD for utility, demolition, concrete structure, paving, and site restoration construction activities.
   
11/07/18 
CONSOLIDATED RAIL CORPORATION / RPS INC
SB1900023 / CONSTRUCTION
Per Work Plan, Geotechnical Investigation, dated October 18, 2018 (see attached), the work involves drilling 12 soil borings using a HSA rig for the purpose of collecting soil samples for geotechnical subsurface exploration. Boring depths range from 80 to 150 ft. Borings will be properly backfilled after completion.
1100 NEW JERSEY AVE SE   
11/16/18 
SQUARE 742 LLC / IAN AND LEON COMMUN-ET LLC
B1901037 / CONSTRUCTION
EXISTING CONDITIONS TO BE DEMOLISHED AND NEW OFFICE SPACE BUILT TO TENANTS STANDARDS. OFFICE CONSISTS OF OPEN OFFICE AND PRIVATE OFFICES WITH SUPPORT AREAS. SUPPORT AREAS INCLUDE BREAK ROOM / PRODUCTION ROOM COMBINATION, SERVER ROOM WITH DEDICATED A / C, MOTHERS / WELLNESS ROOM AND CONFERENCING.
1111 NEW JERSEY AVE SE   
10/23/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / MICHAEL PISA; PISA
SG1800505 / CONSTRUCTION
Install 2 sets of wall mounted illuminated channel letters
   
10/25/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
E1900860 / SUPPLEMENTAL
   
11/05/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / MICHAEL B. BELL
E1901199 / SUPPLEMENTAL
125 O ST SE   
11/14/18 
DISTRICT OF COLUMBIA / CARL LAVENDT 2408821268
E1901525 / SUPPLEMENTAL
300 TINGEY ST SE STE# 140   
11/13/18 
FC BOILERMAKER LLC / ANTHONY DIRENZO
E1901464 / SUPPLEMENTAL
227 TINGEY ST SE   
11/01/18 
JOHN MORIARTY & ASSOCIATES / DFM DEVELOPMENT SERVICES, LLC
AH1900141 / CONSTRUCTION
Yards Parcel L-2. Afterhours permit for the purpose of installing precast concrete fa├žade panels. Work to take place 7PM to 7AM, 11 / 5 through 12 / 5.
300 TINGEY ST SE   
11/05/18 
FC BOILERMAKER LLC / DREW PEISHEL; JOHN RANOUS
B1813340 / CONSTRUCTION
Minor interior tenant improvment including building one non-load bearing partitiion wall adding millwork fixtures including cash desk, fitting rooms. No Structural work. Some electrical updates. **LEVEL 2 ALTERATION
   
11/08/18 
FC BOILERMAKER LLC / STEPHEN ADAMS 2403042373
E1901337 / SUPPLEMENTAL
   
11/16/18 
FC BOILERMAKER LLC / ANTHONY L HARRISON
E1901597 / 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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55 M ('09)
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