Since January, 2003
            
 Sliding from Before to After

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

 
 Recent Posts

SWneighbor on Checking in From: Thanks for posting!
CJBabyDaddy on Inching from Quarantining: @walt: Good to know I’m not alone in my New FDMB geekdom. I, too, want to watc...
CL85 on Inching from Quarantining: Sorry, six motor vehicle thefts actually in that time.
CL85 on Inching from Quarantining: Anyone else notice what appears to be a spree of motor vehicle thefts in the nei...
jdc on Checking in From: Wow. It looks great! Meanwhile, the construction around Half St. and K is such a...
Get JDLand Updates In Your Inbox!


Thousands and thousands of photos showing the neighborhood changing. More than 150 buildings no longer with us. All the news, since 2003. Photos from various archives showing the neighborhood in the more distant past. Maps from the early 1900s. Overhead Photo Comparisons: 1949, 1988, 2002-2008. All Blog Entries, 2003 - Present Major Events, 1799 - Present A series of blog entries looking at the neighborhood's history.
Near Southeast's Rearview Mirror


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  
1000 B/O HALF ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/24/20
1200 B/O VAN ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/23/20
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/20/20
1100 B/O I ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/19/20
1100 B/O 1ST ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/19/20
1200 B/O HALF ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/17/20
100 B/O M ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/15/20
1200 B/O 4TH ST SE   ASSAULT WITH A DANGEROUS WEAPON  05/12/20
300 B/O WATER ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/07/20
100 B/O H ST SE   THEFT
Theft 2nd Degree (theft From Building)
 05/03/20
100 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/03/20
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/28/20
400 B/O M ST SE   THEFT
Theft First Degree (theft From Building)
 04/24/20

Recent Issued Building Permits Archive  
1300 4TH ST SE RU-1   
05/14/20 
AP BOWER RETAIL LLC / null
P2006042 / SUPPLEMENTAL
1300 4TH ST SE   
05/08/20 
null / ;
P2005886 / SUPPLEMENTAL
   
05/15/20 
null / ;
P2006066 / SUPPLEMENTAL
929 5TH ST SE   
05/18/20 
CHRISTOPHER D FRENCH / CHRIS FRENCH; HERCULES FENCE OF MARYLAND, LLC HERCULES FENCE OF
F2000461 / CONSTRUCTION
1. Removal and replacement of front metal fence and gate in kind.  2. Removal and partial relocation of existing 6' tall wood fence in rear patio. The fence is currently approx. 30" inside the rear property line, and we intend to move the fence to our rear property line. The work includes removal of existing wood gate that opens from neighbor's property to our property along shared property line ...
300 M ST SE 4TH FL   
05/05/20 
FEDERAL CENTER LP / ;
P2005798 / SUPPLEMENTAL
250 M ST SE   
04/29/20 
SQUARE 769 LLC / TAMIKA STATON; OTIS
EN2001825 / SHOP DRAWING
Install 3 New Elevators - 3500Lbs @ 350FPM - Elevators 1 - 2 and 4
   
04/29/20 
SQUARE 769 LLC / TAMIKA STATON; OTIS
EN2001826 / SHOP DRAWING
Install 1 New Elevator - 4000Lb @ 350FPM - Elevator 3
   
04/29/20 
SQUARE 769 LLC / BRIAN C STROTT; NA
TL2000026 / CONSTRUCTION
9 story 173,125 GSF tenant improvement fit out.
   
04/29/20 
SQUARE 769 LLC / TAMIKA STATON; OTIS
EN2001827 / SHOP DRAWING
Install 2 New Elevators - 3500LB @ 200FPM - Elevators 5-6
300 M ST SE   
04/30/20 
FEDERAL CENTER LP / SAM HOLLEN; TBD
B2006591 / CONSTRUCTION
INTERIOR RENOVATION TO 5TH FLOOR OFFICE SPACE. PARTITIONS, FURNITURE, MEP AND LIFE SAFETY. NO STRUCTURAL. 4499 SQUARE FEET. NTT DATA.
   
05/01/20 
FEDERAL CENTER LP / null
E2007254 / SUPPLEMENTAL
   
05/14/20 
AMENTUM / null
E2007609 / SUPPLEMENTAL
111 N ST SE   
05/07/20 
BROOKFIELD PROPERTIES / MAHMOUD KHACHAN; NA
SB2000288 / CONSTRUCTION
Drill temporary eight soil borings to a depth of 80 each at the existing parking lot at 111 N Street SE, Washington DC. The diameter of the borings is 6 inches. The borings will be grouted upon completion in accordance with DCRA requirements as indicated in the work plan.
1111 NEW JERSEY AVE SE   
05/12/20 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
E2007563 / SUPPLEMENTAL
1275 NEW JERSEY AVE SE   
05/06/20 
UNITED STATES OF AMERICA / JUSTIN BELLOW; NA
B1913803 / CONSTRUCTION
PARCEL G PROJECT CONSISTS OF A NEW 12 STORY OFFICE BUILDING WITH STREET LEVEL RETAIL AND 2 LEVELS OF BELOW GRADE PARKING. 2 LEVEL PARKING APPROVED UNDER FOUNDATION TO GRADE FD1900047 & SHEETING AND SHORING SH1900050
   
05/19/20 
UNITED STATES OF AMERICA / null
M2002480 / SUPPLEMENTAL
   
05/19/20 
UNITED STATES OF AMERICA / null
P2006118 / 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  
No commercial transaction records added or modified in the past two weeks.


Project Directory
Completed
Thompson Hotel ('20)
West Half ('19)
Novel South Capitol ('19)
Yards/Guild Apts. ('19)
Capper/The Harlow ('19)
New DC Water HQ ('19)
Yards/Bower Condos ('19)
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)
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 2020 JD.