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Near Southeast DC Past News Items: Monument Valley/Half St.
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Thompson Hotel ('20)
West Half ('19)
Novel South Capitol ('19)
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New DC Water HQ ('19)
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Virginia Ave. Tunnel ('19)
99 M ('18)
Agora ('18)
1221 Van ('18)
District Winery ('17)
Insignia on M ('17)
F1rst/Residence Inn ('17)
One Hill South ('17)
Homewood Suites ('16)
ORE 82 ('16)
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Dock 79 ('16)
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The Brig ('16)
Park Chelsea ('16)
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Southeast Blvd. ('15)
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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)
 
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One of the many folks on the ground keeping an eye on the neighborhood while I slack off these days has reported that concrete is being poured in the bottom of the hole on the south end of Monument's Half Street project. You can see it on the 55 M web cam if you zoom in; judging from the web cam archive, it looks like the first bits of action began in September, with real work getting underway a week ago. This south end of the block is where Monument has been planning a hotel and 340 residential units, which were originally slated to be finished by the end of 2009 or early 2010.
In mid-September, when a construction trailer was delivered to the south end of the site and a "Bovis" sign went up, I contacted Monument to ask if this meant that work was getting underway; I was told the while they are "hoping" to begin the hotel/residential project by the end of the year, the movement seen at Half and N was for work related to the office building and other improvements (not defined) on Half Street. We'll see if there's some sort of announcement or communique as to what's happening.
In other Monument Half Street news, their public space permit request for various fixtures (" 23-benches, 9 trash containers, 32 lights, 146 fountains, 8 bollards, 18 bike racks") at 1200 Half is now going to be heard at the Oct. 23 Public Space Committee meeting, after having been postponed from September. I can't wait to find out what the heck this "146 fountains" part of the agenda item actually means!
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More posts: 55 M St., Monument Valley/Half St.
 

Today's Post has a piece that gives more details on how Monument Realty has been tied to Lehman Brothers over the years, and how that might impact Monument's Half Street project: "In addition to an equity stake in Monument's Half Street project with San Francisco-based MacFarlane Partners, Lehman holds a $12 million secondary loan and Chicago-based Corus Bank holds the $72 million construction loan on the first phase of that development, a nine-story office building rising above the Navy Yard Metro stop. The rest of the project has not secured outside financing. [...] Monument began searching for another investor to buy out Lehman's positions soon after the credit markets began to tighten. Some bids were presented earlier this year, two sources familiar with the negotiations said, but Lehman rejected them as too low."
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More posts: Monument Valley/Half St.
 

I think I Twittered a few days back about a couple of Monument Realty-requested building permits recently approved by the city for construction of a three-story underground garage in the 1200 block of Half Street. I wasn't sure whether this was just Monument getting its bureaucratic ducks in a row, or if it's an indication of movement on the south end of Monument's Half Street project, where a hotel and 340 units of residential are slated to be built just past the getting-close-to-completed 55 M office building.
Then, a few correspondents wrote in today to mention seeing the delivery of a construction trailer nearby to the site, along with a new "Bovis Lend Lease" sign hung on the fence at Half and N. Does this mean construction is about to commence? I've sent a message to Monument, but haven't heard back yet. In the meantime, there's always the Half Street Cam to keep an eye on possible action in that big hole in the ground.
A few folks have also written in about today's WBJ piece on the impact of Lehman Brothers's demise on various projects in the DC area, which mentions that Lehman holds an interest in Monument's Half Street project. This starts to get way above my pay grade, but there are some "Certificate of Satisfaction" land records from the mid-August where Monument appears to have paid off two "purchase money deed of trusts" held by Lehman totaling a little more than $23 million for lots on the east side of Half Street between M and N. (It then did the same a few weeks later for its property on the northwest corner of Half and N, which it then sold to Akridge.) So, perhaps Monument has disentangled itself from Lehman on these properties? (Like I said, this is totally out of my comfort zone, so if anyone wants to explain further or correct me, please drop me a line.)
As always, we shall see....
UPDATED, 9/17: Sometimes, the tea leaves aren't quite saying what they seem to be. Monument tells me that while they are "hoping" to begin the hotel/residential project by the end of the year, the movement seen at Half and N over the past few days is for work related to the office building and other improvements (not defined) on Half Street (perhaps the public space stuff I've been writing about).
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More posts: West Half St., Development News, Monument Valley/Half St.
 

* Tonight is ANC 6D's monthly meeting. Alas, no agenda has been released yet, so I can't tell you what might be happening. (And I can't go, so I won't be able to tell you what happened.)
* We'll have to wait a little longer to find out what exactly was meant by that "146 fountains" part of the public space improvement application by Monument for 1200 Half Street (aka 55 M) that I posted a few weeks back--they've asked for a postponement and are no longer on the Sept. 25 Public Space Committee agenda. The draft agenda had said: "Application by M.R./BR Residential #1A, LLC for installing various fixtures in public space ( 23-benches, 9 trash containers, 32 lights, 146 fountains, 8 bollards, 18 bike rack all located around Half Street in public space."
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More posts: 55 M St., ANC News, Monument Valley/Half St.
 

On the agenda for the Sept. 25 meeting of the city's Public Space Committee: an application by Monument Realty for 1200 Half Street (better known here as 55 M) to install various fixtures in public space around Half Street, described as 23 benches, 9 trash containers, 32 lights, 146 fountains, 8 bollards, and 18 bike racks. (UPDATE: I don't know what the deal is with "146 fountains"--that's what was in the meeting agenda.)
And, on the other side of Half Street, Akridge celebrates its closing on the Southeastern Bus Garage site (mentioned last week) with a press release. According to the Washington Business Journal, construction could begin on the planned 700,000-square-foot mixed-use project in 2010.
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More posts: 55 M St., West Half St., Development News, Monument Valley/Half St., staddis
 

* Monday's Post has a couple of pieces on the state of the area's commercial real estate market, and looks specifically at how NoMa doesn't have tenants racing in despite the high-profile acquisitions of NPR and the Justice Department. It also compares NoMa to Near Southeast, and quotes Russell Hines of Monument Realty as saying that "although the slow economy has made leasing the building more complicated, the company had seen interest from some associations and other private companies looking to escape high rents downtown." Alas, the piece mentions "50 M" as Monument's 275,000-sq-ft office building scheduled for completion next year when it means 55 M. (50 M is Monument's project, too--a proposed 130,000-sq-ft office building on the old Sunoco station site, but they are looking for tenants before starting construction there.)
* A Sunday Examiner piece looks at the temporary zoning rules covering where gun stores can be located in DC: "Firearms dealers who apply for a D.C. location will be largely restricted to high density commercial areas downtown and kept at least two football fields away from where people live, play and pray, according to emergency rules now in place." Included in the allowed zones are C-3-C areas, which means that the area of Near Southeast between South Capitol, Second, M, and the freeway (my "North of M" area) is covered. (See the map on page 8 of the OP report for exact boundaries.) Other restrictions: "All applicants, under the new rules, must appear before the Board of Zoning Adjustments to obtain a special zoning exception. Retail stores will be limited to the downtown area, generally between Massachusetts and Pennsylvania avenues Northwest, in addition to about 25 square blocks between Independence Avenue and M Street in Southwest. No dealer will be allowed within 600 feet of a residence, school, library, church or playground." Of course, the gun stores would have to be able to afford the rents in the pricey new buildings going up, since there aren't too many other places left in the neighborhood.
* Late notice (unless you're subscribed to my Twitter feed, in which case you heard about this yesterday), but there's a Live Online chat today at noon with the author of the Post magazine's piece on the drag queens of Near Southeast, and the man known as "Mame Dennis" who was the focal point of the article will be participating, too.
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More posts: Homewood Suites, 55 M St., mnorth, Monument Valley/Half St., Nationals Park, zoning
 

* The foundations are rising at Capitol Quarter on the south side of L Street between Fourth and Fifth. Next obsessive milestone to watch out for: delivery of lots of lumber!
* Speaking of foundations, I peeked into the big hole at 1015 Half Street on Sunday and saw that they appear to have reached bottom--there's concrete poured on the northern portion.
* In addition to the other photos I've pointed you to in the past couple days, I've posted updated shots of Velocity and 55 M.
* The August issue of the Hill Rag has an interesting little piece on the bike valet service at the ballpark.
* The annual National Night Out is tonight--the closest event is at 13th and Potomac, starting at 6:30 pm. See Tommy Wells's web site for details.
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More posts: 55 M St., Capitol Quarter, Monument Valley/Half St., Square 699n, Velocity Condos
 

From WBJ (h/t to reader W), hints that a settlement may be close at hand between Monument Realty and Metro over the lawsuit Monument filed in October after WMATA awarded the sale of the Southeastern Bus Garage at Half and M to Akridge. This is the third Metro monthly board meeting in a row that has "Monument Legal Issues" on the agenda for an executive session, but maybe this time something will actually come out of it.
Back in February a judge granted an injunction to prevent WMATA from continuing with the planned $69.5 million sale of the garage to Akridge, saying that Monument "demonstrated a likelihood of success on the merits of their claim that they were substantially prejudiced when WMATA considered Akridge's nonresponsive bid and participated in improper ex parte discussions with Akridge."
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More posts: West Half St., Development News, Metro/WMATA, Monument Valley/Half St.
 

* Sorry I missed this until now: the Post reported that on Saturday evening "[a] motorcycle was headed west on M Street SE about 6:30 p.m. when a car traveling south on Seventh Street began to turn onto M Street. The car and motorcycle collided, and the motorcyclist was fatally injured, police said."
* The Post's Grounds Crew blog has only now discovered that there's a Five Guys just around the corner from the Navy Yard subway station east entrance (on Second Street north of M, if you haven't discovered it yet, either).
* The PSA 105 mailing list announced yesterday that they are having a "Summer of Safety Ice Cream Social" at Capitol Hill Tower "to show unity with the citizens of Capitol Hill and the Metropolitan Police Department by sharing some nice and cool ice cream while sharing information." The message said that the social is from 2 to 5 pm on June 25. A Wednesday afternoon? I wrote asking for confirmation, but haven't heard back. Anyone out there with the {ahem} scoop?
* Washington City Paper and WBJ both note layoffs at MacFarlane Partners through the prism of how it might affect the drive to put a soccer stadium at Poplar Point; I see the news and wonder about the capital that MacFarlane is supposed to be investing in both The Yards and Monument Realty's Half Street.
* Is the report in the July Southwester that Monument Realty and the Corcoran Gallery have received zoning approval to delay to 2015 (from 2011) their planned redevelopment of the the Randall School site at Half and I SW something to wonder about, too?
* And, while I'm heading off the reservation with all of this wondering, did anyone else read this Post story on fuel prices causing problems for school districts' transportation budgets and ponder whether buses would have to drive farther to and from their daily routes from a parking lot at DC Village as compared to one at Second and M, SE?
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More posts: Canal Park, Capitol Hill Tower, Restaurants/Nightlife, Monument Valley/Half St., The Yards
 

From today's print edition of the Washington Business Journal (subscribers only): "Since announcing his takeover of GVA Advantis, Monument Realty co-founder Jeffrey Neal has remained mum about his future at Monument, one of the region's largest developers. [...] [P]rivately, several insiders said it is also an indication that Neal is parting ways with Monument, the 50-person company he formed with business partner Michael Darby in 1998. [...] For almost three months, Monument's equity partner in 15 transactions, Lehman Bros., has been seeking to sell its interest in the Monument projects it has backed, according to sources close to the deal. Lehman announced on June 9 it expects to lose $2.8 billion in its second fiscal quarter, its first loss since going public in 1994. Since April, Lehman has shed some $130 billion in assets to raise capital and to reduce its exposure to mortgages and loans used to finance leveraged buyouts, according to The New York Times. Lehman has invested about $620 million in Monument projects, according to Monument's Web site, including The Chase at Bethesda, a failed condo conversion. The Chase partnership's loan was 'transferred to special servicing on Feb. 4, due to maturity default,' according to Fitch Ratings." The article doesn't specifically mention any of Monument's Ballpark District projects.
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More posts: Monument Valley/Half St.
 
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