Since January, 2003
            
 (a random before-and-after moment)
July 16, 2009
March 29, 2015
4th at Tingey, Looking 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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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  
100 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 11/19/17
70 B/O I ST SE   BURGLARY
Burglary Two
 11/16/17
1200 HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/15/17
1100 B/O 1ST ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 11/14/17
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 11/13/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 11/12/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/12/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/09/17
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 11/06/17
1200 SOUTH CAPITOL ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/05/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/05/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 11/01/17
100 B/O K ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 10/30/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 10/29/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/27/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/25/17

Recent Issued Building Permits Archive  
1100 2ND PL SE   
10/26/17 
null / KENNETH J. LEMERE
E1800879 / SUPPLEMENTAL
   
11/02/17 
BAKER DC / CHRISTINE LONG
AH1800167 / CONSTRUCTION
An after hours permit is respectfully requested from 5AM to 8PM daily
1331 2ND ST SE 20003   
10/30/17 
DC WATER / DAVE LEVINE
AH1800128 / CONSTRUCTION
After Hours work for structure excavation and support for B1311474 DC Water, Corman Construction 301-343-5417.
1331 4TH ST SE CU   
11/02/17 
FC 1331 LLC / null
E1801120 / SUPPLEMENTAL
1023 4TH ST SE   
11/06/17 
MATTHEW E WEINER
BP1800535 / POST CARD
1331 4TH ST SE   
11/14/17 
FC 1331 LLC / PAUL E WARREN
E1801475 / SUPPLEMENTAL
1346 4TH ST SE   
11/07/17 
ALAN OWINGS / ROBERT HENRY
AH1800169 / CONSTRUCTION
After Hours Permit for 11 / 10 / 17 from 7am to 7pm to perform concrete operations.
1015 HALF ST SE 7TH FL   
10/31/17 
HALF STREET SE LLC / null
P1800798 / SUPPLEMENTAL
555 L ST SE   
10/31/17 
UNITED STATES OF AMERICA / EDUARDO L. LOPEZ
E1801004 / SUPPLEMENTAL
   
11/08/17 
UNITED STATES OF AMERICA / null
P1801050 / SUPPLEMENTAL
   
11/08/17 
UNITED STATES OF AMERICA / null
M1800409 / SUPPLEMENTAL
80 M ST SE #110 20003   
11/03/17 
WELLS REIT II 80 M STREET LLC / null
P1800898 / SUPPLEMENTAL
300 M ST SE 402   
10/30/17 
FEDERAL CENTER LP / null
E1800973 / SUPPLEMENTAL
300 M ST SE STE# 402   
11/01/17 
FEDERAL CENTER LP / BERNARD CHAPPELL
E1801037 / SUPPLEMENTAL
110 M ST SE   
11/10/17 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / JIM RILEY
BP1800623 / POST CARD
410 M ST SE   
11/20/17 
DC HOUSING / COLLINS ELEVATOR SERVICES INC.; COLLINS ELEVATOR SERVICES INC.
ER1800511 / SHOP DRAWING
BODY OF WORK: 1. Remove old piston. Replace & install jack on car # 1.
922 M ST SE   
10/27/17 
MAIFEDI EQUITY LLC / FRED LATIMORE
E1800926 / SUPPLEMENTAL
1333 M ST SE   
11/03/17 
1333 M STREET SE LLC / JUSTIN BELLOW
B1801393 / CONSTRUCTION
Installation of duct bank and light pole on private property
800 NEW JERSEY AVE SE   
11/13/17 
SQUARE 737 LLC / N/A; BOB BIROONAK
SG1800066 / CONSTRUCTION
one apartment id sign illuminated
861 NEW JERSEY AVE SE   
10/30/17 
CSX TRANSPORTATION, INC. / NA CSX TRANSPORTATION, INC.
AH1800132 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Reconstruction Project LOD for utility, demolition, and concrete structure construction activities.
   
11/17/17 
CSX TRANSPORTATION, INC. / NA CSX TRANSPORTATION, INC.
AH1800246 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Tunnel Reconstruction Project LOD for utility, demolition, and concrete structure construction activities.
1000 NEW JERSEY AVE SE   
10/26/17 
null / NA NA NA
EHOP17919268 / HOME OCCUPATION
1100 NEW JERSEY AVE SE   
11/03/17 
SQUARE 742 LLC / null
E1801147 / SUPPLEMENTAL
   
11/08/17 
SQUARE 742 LLC / null
E1801323 / SUPPLEMENTAL
   
11/17/17 
SQUARE 742 LLC / null
E1801616 / SUPPLEMENTAL
   
11/20/17 
SQUARE 742 LLC / null
P1801410 / SUPPLEMENTAL
125 O ST SE   
11/17/17 
DISTRICT OF COLUMBIA / THEODORE D. LYNCH
M1800466 / SUPPLEMENTAL
1244 SOUTH CAPITOL ST SE 20003   
11/02/17 
THE JBG COMPANIES / CODY LANG
AH1800140 / CONSTRUCTION
The location for the project is at the corner of South Capitol Street, SE and N Street, SE, to the North of Parking Lot B for the Washington Nationals Stadium. The permit numbers to reference are B1600228, PA10464330, PA115172-R2, and PA202883. These permits are attached for reference. In order to maintain our contractual requirements and progress with critical path interior finishes, rooftop bu...
1244 SOUTH CAPITOL ST SE   
10/31/17 
THE JBG COMPANIES / GLENNWOOD ROGERS
FB1800009 / 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  
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