Since January, 2003
            
 (a random before-and-after moment)
May 21, 2004
October 22, 2017
5th at Tingey, Looking South-Southwest (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)
   
 
 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

 
 Top News
  

kalicki on A Photo Tour: I generally like the style of this building, but man, the white lights on the fa...
conngs0 on A Photo Tour: Whoops! I don't know how I jumped to full replacement! Sorry! Regardless, kee...
JD on A Photo Tour: Not a hip replacement! Had to have the torn labrum repaired and the head of the ...
conngs0 on A Photo Tour: Thanks for the update, JD! I know you've been waiting for a cell phone store fo...
Message Board (beta)

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)
 02/22/18
400 B/O M ST SE   THEFT
Shoplifting
 02/21/18
UNIT B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 02/19/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 02/15/18
1000 B/O 3RD ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 02/07/18

Recent Issued Building Permits Archive  
1100 2ND PL SE   
02/21/18 
BAKER DC / CHRISTINE LONG
AH1800618 / CONSTRUCTION
An after hours permit is respectfully requested from 5AM to 9PM daily
1331 2ND ST SE 20003   
01/29/18 
DC WATER / DAVE LEVINE
AH1800505 / CONSTRUCTION
After hours work for structure exaction and support for B1311474 DC Water. Corman Construction 202-863-0052.
1016 3RD ST SE   
02/01/18 
ANAMARIA R MOTTOLA / DAVID L. HAHN
P1803348 / SUPPLEMENTAL
1346 4TH ST SE   
02/06/18 
ALAN OWINGS / ROBERT SEV HENRY
AH1800541 / CONSTRUCTION
After Hours Permit for 2 / 19 / 18 from 7AM to 7PM to perform concrete, framing, and utility operations.
   
02/06/18 
FC 1346 LLC / RICHARD V CAREY
P1803428 / SUPPLEMENTAL
150 I ST SE   
02/05/18 
WC SMITH / null
P1803402 / SUPPLEMENTAL
140 M ST SE   
02/07/18 
SPAULDING & SLYE/STE100 / null
E1803798 / SUPPLEMENTAL
110 M ST SE   
01/29/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / JAMES WEAVER
E1803534 / SUPPLEMENTAL
   
02/02/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
P1803361 / SUPPLEMENTAL
140 M ST SE 20032   
02/14/18 
SYLVIA LINDSEY / null
P1803641 / SUPPLEMENTAL
202 M ST SE   
01/29/18 
UNITED STATES OF AMERICA / NURI EROL
D1800281 / CONSTRUCTION
Remove Existing flooring. Remove some of the furnitures, equipment.
300 M ST SE 53533   
02/08/18 
FEDERAL CENTER LP / SPENCER TEEL
BP1801893 / POST CARD
300 M ST SE   
02/16/18 
FEDERAL CENTER LP / STEVEN MERCHANT
B1803279 / CONSTRUCTION
New Sprint store sustainable design tenant build-out in an existing building, partical first floor. Work will consist of building a new sales floor and back of the house. New work sill consist of display fixtures, ceiling, plumbing fixtures, mechanical ductwork to diffusers, interior partitions, floor finishes, outlets and new locations of electrical panels. **CHANGE IN USE, LEVEL 2 ALTERATION
401 M ST SE   
01/30/18 
DOEE C/O DEV MURALI / JESSICA REICHARD
AH1800507 / CONSTRUCTION
After hours permit to preform manhole inspections during off peak hours 7pm - 7am for all Manhole Locations covered under permit # PA10374319-R1 for DOEE Anacostia river sediment project.
861 NEW JERSEY AVE SE   
01/31/18 
CONSOLIDATED RAIL CORPORATION / NA CSX TRANSPORTATION, INC.
AH1800467 / 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   
02/09/18 
SQUARE 742 LLC / null
P1803534 / SUPPLEMENTAL
   
02/14/18 
SQUARE 742 LLC / null
P1803681 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
02/15/18 
SQUARE 742 LLC / null
E1804057 / SUPPLEMENTAL
79 POTOMAC AVE SE   
02/21/18 
RIVERFRONT HOLDINGS I LLC / JUSTIN BELLOW
B1805358 / CONSTRUCTION
Address revision only for B1702971 from 25 Potomac Ave SE to 79 Potomac Ave SE.
640 SOUTH CAPITOL ST SE   
02/05/18 
JIM LATISIS ZAYO GROUP
B1707197 / CONSTRUCTION
Addition to existing concrete telecom building.
401 TINGEY ST SE   
01/30/18 
PEPCO / BARBARA ANN STEDMAN
AH1800520 / CONSTRUCTION
UG TRANSFORMER WORK TO BE PERFORMED ON THE 400 BLK OF TINGEY ST SE. MANHOLE ACCESS. WORK TO BE PERFORMED BETWEEN THE HOURS OF 7:30AM AND MIGHTNIGHT ON 1 / 30 / 18 AND 1 / 31 / 18.
227 TINGEY ST SE   
01/29/18 
UNITED STATES OF AMERICA / ERICKA CLARK
TC1800021 / CONSTRUCTION
2 tower cranes
   
01/30/18 
FOREST CITY WASHINGTON / MELISSA DIAZ
B1802750 / CONSTRUCTION
Revision to Permit SH1700028. Sheeting and shoring for Yards Parcel L-2 project. Revision includes 10-foot precut excavation and layback on Water Street, 3rd Street and northern L-1 elevations, and removal of upper tier of rakers at L-1 elevation and upper tier of tiebacks at the Water Street and 3rd Street elevations.
   
02/20/18 
FOREST CITY WASHINGTON / FOREST CITY WASHINGTON; DFM DEVELOPMENT SERVICES
FD1700057 / CONSTRUCTION
Yards parcel L-2. Construction of foundation and underground parking garage for new 11 story multi-family mixed used residential building at 227 Tingey Street SE as part of development of Parcel L at the Yards
325 VIRGINIA AVE SE 20003   
02/14/18 
JASON W GOLDSMITH / null
E1804039 / SUPPLEMENTAL
325 VIRGINIA AVE SE   
02/06/18 
JASON W GOLDSMITH / CRAIG HARTSOCK
B1804721 / CONSTRUCTION
Remove two non-structural walls on ground level of townhouse and re-frame in new configuration to create a full bathroom on ground floor.
   
02/07/18 
JASON W GOLDSMITH / MORIS O. OCHOA PINEDA
P1803462 / 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  
1001 NEW JERSEY AV SE   12/28/17
$ 687,365
WHATS ON SECOND PROPERTIES LLC
 


Project Directory
Completed
Agora ('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.