The Washington Business Journal, having now heard the same rumors I heard a few weeks ago (hence my sneaky comment in my Monument post about "whether Akridge is currently making any moves"), is reporting that Akridge is working to market its Half Street project to potential investors, with the company needing to replace a capital partner "that desires to leave the project." WBJ says that Akridge "expects to have some closure on a new partner by the fourth quarter," and that "All forms of transaction are on the table."

Akridge has been planning since 2008 to build two office buildings, a residential building, and 55,000 square feet of retail on the west side of the street. Whether those plans will stay the same once capital is found, well, We Shall See.

The buyer of the properties is officially Half Street Residential PJV, LLC, which the Washington Business Journal is reporting is a new partnership of MacFarlane Partners and Jair Lynch Development Partners.

WBJ: "MacFarlane already owned a 50 percent stake in the residential portion of Half Street. With local partner Jair Lynch, MacFarlane essentially bought out Monument and Lehman," with an expectation that the "new team will bring this languishing project to life."

The price of the sale is roughly $12.5 million. (UPDATE, 9/17): A follow-up WBJ story on the new owners' plans for the site says that a check was cut for $34 million.

Monument had planned a hotel and 320 units of residential on this site, and went ahead and dug the hole back in 2007 and 2008 as it built the 55 M Street office building at the north end of the block. But the economy tanked, and the "Monument Valley" hole languished (and became quite the urban forest).

This move isn't exactly a surprise: it had looked a few months ago like something was coming, as Lehman had taken back a portion of this stretch of Half Street just as it had with two other Monument properties that quickly ended up being sold: the 50 M site that is soon to be a Homewood Suites, and the lot on the northeast corner of South Capitol and N that JBG is now planning to develop as a residential building.

Monument now is involved in only one property in the neighborhood, the old Domino's site at South Capitol and M that they made initial moves to develop as an office building a few years ago. (But, in what may or may not mean anything, there have been permits issued in recent days for soil borings on that site, which is often a precursor to a sale. I'm not saying--I'm just saying.)

This is the end of quite a chapter in the neighborhood's rise--and the beginning of a new round of toe-tapping about progress on what was once envisioned to be one of the liveliest stretches of street in town. It will be interesting to see how quickly MacFarlane/Lynch move, and what their new plans may be, (And, for that matter, whether Akridge is currently making any moves on its side of Half Street.)

It was announced back in June that WMATA had chosen MRP/CAS's plan to redevelop the site with a 126-unit condo building with 6,000 square feet of retail.

The term sheet lays out the requirements of the sale, which include the preservation of the existing chiller plant operations at or below grade level, chiller plant cooling towers on the building roof, and 500 square feet of office space for ten years for Metro staff. In addition, Metro will have five parking spaces at the building, which is currently designed to have 55 parking spaces for the 126 units.

The documents prepared for Thursday's vote include the above drawing, showing the new building as seen from the northeast corner of Half and L. (That's 20 M at left and 1015 Half at far right.)

However, because nothing ever moves swiftly with this site, this vote just means that WMATA and MRP/CAS can then negotiate the full Joint Development Agreement, setting the terms for the purchase of the site, construction of the project, and continued WMATA operations on the site. It's not expected that agreement will come back to the WMATA board until spring--and then the closing of the sale of the site would be 24 months after that approval, which pushes the timeline into 2017.

Thanks to the demolition of Spooky Building 213 (STILL not done!), it was at New Jersey and M where I was able to catch my first glimpse of exactly how behind I've gotten. My exact words can't be printed on a family blog, but I quickly hustled down to 1st and N to document the vertical construction of the Hampton Inn, now five floors above ground.

The developers are looking to have the 168-room hotel open by mid-2015, and clearly they aren't dilly-dallying.

And if you're wondering about the space in between the wings of the hotel, where the white fence is, that's not part of the Hampton project--it's an annex of the big Ballpark Square residential/hotel/office/retail project that will be filling up the rest of 1st Street between M and N. As you can see on the project page, a two-story retail building is planned for that site.

As for a before-and-after of the Hampton Inn site, let's go to the north side of N Street, just across from the stadium's Parking Garage C, and see the difference:

A bit of a change from the Quality Carryout.

And when I say that the Spooky Building 213 demolition isn't done, here's all that's left, other than rubble. So close. So very close.

* FLORIDA ROCK: MRP Realty is now in control of the land at the Florida Rock site that will become the 350-unit apartment building that is the first phase of RiverFront on the Anacostia. A $65 million loan is expected to be finalized soon, and the developers say that the project will "commence construction by late summer 2014." (WBJ)

* BEVY OF PERMITS: If you browse the teeny type in the right margin of the JDLand home page, you'll already know that building permits have been approved in the past few weeks for the apartment projects at 1111 New Jersey and 1331 4th Street (aka Parcel N at the Yards, aka Arris). A tenant layout permit has also been approved for CBS Radio's first-floor performance studio at 1015 Half Street. Also, fresh off its zoning approvals, developers of the Homewood Suites at 50 M have filed for shoring/sheeting/excavation permits.

* LATEST ON 1333 M: Late last year plans were filed with the Zoning Commission for a three-building, 673-unit residential project on M Street east of the 11th Street Bridges. After some delay, a Dec. 1 hearing date has been set, and WBJ takes a look at recent filings, including some new renderings.

* THE YARDS, ONE PIECE AT A TIME: "Rather than purchase all 42 acres up front, Forest City buys each parcel from the General Services Administration as it is ready to build. The latest: The $28.37 million acquisition of 1331 Fourth St. SE, site of the 327-unit Arris apartment project." Total land costs so far across the Yards? $46 million. (WBJ)

* TUNNEL LATEST: With a council hearing about the project coming on Aug. 26, the Federal Highway Administration has postponed its final decision on the Virginia Avenue Tunnel until at least Sept. 15. But the delay is affecting residents and businesses. (WaPo)

* SCHOOL BOUNDARIES: The planned reopening of Van Ness Elementary next year passes another milestone, as its boundaries get included in the city's revamped map, released earlier this week. The final boundaries cross into Southwest south of M Street, shifting some students over to Van Ness from Amidon-Bowen, "to better align school building capacity with population and with boundary participation rates, and to support racial/ethnic and socioeconomic diversity, where possible." (WaPo)

Materials filed with the Zoning Commission earlier this month are giving a first glimpse at JBG's plans for 1244 South Capitol Street, on the northeast corner of South Capitol and N, just across from Nats Park's Parking Lot C.

It will be a residential building with 290ish units and about 26,000 square feet of retail, and the renderings indicate that the design by architect Eric Colbert and Hariri Pontarini isn't a "typical" Washington DC box-like building. Images show the building's west side, facing South Capitol Street, with only six floors of height at its middle, allowing the interior courtyard to be open to South Capitol from the 6th floor on up, breaking up the pure U-shape that is so often employed 'round these parts. A few more views (click to enlarge):

At left is a stylized version of the view that you'd see standing at Van Street one block west of the Center Field Gate, looking toward the big self-storage building and points to the northwest. At right is a closer view of the South Capitol Street facade and the courtyard, upper floors, and roof. (Note that in these three drawings you can see hints of Akridge's proposed Half Street residential building on the perimeter, though that's not appearing to be getting underway anytime soon.)

The 26,000 square feet of retail will of course warm the hearts of stadium-goers, and the filing indicates that the retail spaces will wrap around on three sides of the building. This rendering depicting the corner of South Capitol and N (with a certain dome in the distance) shows two stories of retail along both streets, with more ground-floor spaces designed along Van Street.

There would be 176 parking spaces on three levels below ground for vehicles and and 100 spaces for bikes. Residential units would range from studios to 2 BR/den. The courtyard and 6th-floor open space would have plantings and seating areas, while the roof would have a pool, lounge areas, and a bocce court (!). These plans also show "rooftop dining" at the far northwestern corner. (And will residents be able to sneak a peek at games while hanging out poolside? The image up top seems to show an angle for that to work, but it's hard to tell if the entire field would be visible.)

The design will get its Capitol Gateway Overlay District Review hearing on November 13, and it will be interesting to see how the Zoning Commission members react to the design.

According to the Washington Business Journal, "Commissioners were not thrilled with the hotel design, specifically the rooftop trellis, but it wasn't a 'show stopper' for any member of the panel."

The commission also okayed the 175-room hotel's plan to only have 40 parking spaces (instead of the mandated 53), but to get that approval, developer Englewood LLC agreed to various transit-related requirements, including offering full-day Circulator passes to guests, designating a "transportation coordinator," partnering with Bikeshare, and installing an information screen in the lobby showing transit status.

Earlier reporting said that it was hoped that construction could begin later this year or early in 2015, though building permits still need to be secured.

While the Courtyard by Marriott at New Jersey and L has had the Near Southeast hotel market to itself since 2006, this Homewood Suites is not the only new entrant--a168-room Hampton Inn at 1st and N is already under construction, and an additional 170-room hotel is expected in that same block once "Ballpark Square" gets underway.

The Washington Business Journal reports that the lot was purchased by Greystar with plans for a 234-unit apartment building, with what they say is an October 2014 start date, though they'd better start filing building permit applications soon to meet that date.

WBJ also has a rendering of the building, designed by R2L and echoing its neighbors, the 70/100 I buildings and 909 New Jersey,

If it does start this year, it joins a number of other residential projects underway, including its neighbors-to-be across the street the Park Chelsea and 800 New Jersey, along with River Parc one block to the south, Arris at the Yards, the Lofts at CQ at 7th and L, and (presumably) 1111 New Jersey down the block (with Twelve12 now considered substantially completed, as move-ins have begun).

I do wonder if at some point we'll hear the story of the deeds exchanged between the previous site owners and CSX earlier this year for small plots of land, in what appears to be the wake of a lawsuit filed by CSX.

(And I'm irked because I had been hearing rumors of this for weeks, and had been checking public records religiously looking for confirmation. Then as soon as I leave town, boom.)

The project is now beginning its vertical construction, and is expected to be completed in late 2015. It will also have 20,000 square feet of ground-floor retail.

The above rendering is the angle from 4th and Water, looking to the northwest. The shorter side of the building is the one that will face the Foundry Lofts, with the taller half facing 4th. Additional renderings are on my now-Arris project page.

Some numbers from the article: "As of last year, according to the Capitol Riverfront Business Improvement District, 50 percent of the eventual office development in the neighborhood was built out. By 2017, the BID projects, that figure will be 51 percent—an increase of just one percentage point over four years. In the same time period, the BID forecasts, residential development will have jumped from 24 percent to 47 percent, hotel development from 16 percent to 58 percent, and retail development from 22 percent to 50 percent."

The neighborhood cut its teeth in the late 90s and early 00s on office projects along M Street, so much so that officials such as Eleanor Holmes Norton warned of ending up with a "concrete canyon" that would be empty at night and on weekends. By the time Capitol Hill Tower opened in 2006 as the first new residential building in the neighborhood, seven office buildings had already gone up or were under construction. Since then, four more office projects have been completed, compared to 10 new multi-unit residential buildings (plus five more currently underway).

Wiener pegs his story on the transition of Donohoe's 1111 New Jersey project from a 190,000-square-foot office building (seen above in its original incarnation) to now a 394-unit apartment building that is expected to get underway in the coming months. However, long-time observers can point to multiple other projects where offices were the original plan. Let's go to the roll call:

* Yards Parcel D: You know that Harris Teeter at 4th and M you are tapping your toes for? Originally it was going to be in the ground floor of a 320,000-square-foot office building, paired with a 170ish-unit residential building at 4th and Tingey, when plans were first unveiled in 2007. It was in 2010 that developer Forest City then announced that the entire block would be residential and retail.

* Florida Rock Phase 1: When I started following the neighborhood lo these many years ago (i.e., 2003), the project known as Florida Rock was already well into its decade-long trip through zoning, with the eastern-most building on the site planned to be a 275,000ish-square-foot office building. But after stalling out around 2008, the first phase was recast in 2011 as a 350-unit apartment building that could be getting underway Any Minute Now.

* 50 M: This never got all that far, but after Monument Realty snagged the old Sunoco site at 50 M Street in 2007, the developer did market a 135,000-square-foot office building at the site. Now, after the land was sold in 2013, it's the location of the planned Homewood Suites hotel. (Interestingly, though, my initial posts about the sale of the property in 2006 mentioned rumors of a hotel.)
I don't have any renderings, but over on Square 737, home of the Park Chelsea and the spot where the Whole Foods will be, WC Smith had plans for that block to be home to both 600,000 square feet of office space and and 600 units of residential (though the company wanted a grocery store there ever since it acquired the land in 1999). By 2011, the plans had gone to nearly 1,200 residential units and no office space.

And original plans for the Yards had plans for office buildings on the H and I parcels (on the south side of N just east of 1st, where the big parking lot is), but now it's looking like there will be residential buildings on that site, possibly even within the next few years.

There's plenty of office developments still on the boards for the neighborhood--but while a few will no doubt eventually get started, will others eventually turn into apartments, or hotels, or gather dust for years to come? Or with so many residential projects underway/about to be, is there a housing bubble in the neighborhood that may take a few years to be worked through? We shall see. Time will tell. No one knows for sure. Reply hazy, ask again later.

UPDATE: Dang it, I forgot one! There's the huge project being considered down at 1333 M Street, which was announced in 2010 as an 815,000-square-foot office/hotel/retail project, but is now all residential (673 units) and retail.