DC property records show that on Oct. 1, "Toll DC LP" paid $14.5 million to the Cohen Companies for the final empty lot on the Square 699N/Velocity block, running along the east side of Half Street SE between K and L, across from 1015 Half Street.

I've learned today that mega-developer Toll Brothers has purchased the Square 699N land directly north of the Velocity Condos building on 1st Street SE for $24 million, with the intention of building a 250ish-unit residential building.

Friday's print edition of the Washington Business Journal reports that developer Ron Cohen has purchased the entire block bounded by Half, K, L, and 1st Streets, SE (square 699N), for $55 million, with plans for a mixed-use project that may include 650 condos, a hotel with condos, a stand-alone 250,000 sq ft office building, and possibly retail as well. Tenants on the block--including the nightclubs Wet, Edge, and Club 55--have been told that the buildings will be razed in late spring 2006. Phase I of the project will have 250 condos, and hopes are to begin construction in October 2006, and to have the entire project completed in four years. A few pictures of the block in its current state are on my South Capitol Street Corridor page (you'll have to scroll down a bit for them--this project will eventually get its own page, but not just yet!).