Page Through 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. 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.)
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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.
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.
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.
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Full Neighborhood Development Map
There's a lot more than just the projects listed here. See the complete map of completed, underway, and proposed projects all across the neighborhood.
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Anacostia Riverwalk
A bridge between Teague and Yards Parks is part of the planned 20-mile Anacostia Riverwalk multi-use trail along the east and west banks of the Anacostia River.
Virginia Ave. Tunnel Expansion
Construction underway in 2015 to expand the 106-year-old tunnel to allow for a second track and double-height cars. Expected completion 2018.
Rail and Bus Times Get real time data for the Navy Yard subway, Circulator, Bikeshare, and bus lines, plus additional transit information.
Rail and Bus Times Get real time data for the Navy Yard subway, Circulator, Bikeshare, and bus lines, plus additional transit information.
Canal Park
Three-block park on the site of the old Washington Canal. Construction begun in spring 2011, opened Nov. 16, 2012.
Nationals Park
21-acre site, 41,000-seat ballpark, construction begun May 2006, Opening Day March 30, 2008.
Washington Navy Yard
Headquarters of the Naval District Washington, established in 1799.
Yards Park
5.5-acre park on the banks of the Anacostia. First phase completed September 2010.
Van Ness Elementary School
DC Public School, closed in 2006, but reopening in stages beginning in 2015.
Agora/Whole Foods
336-unit apartment building at 800 New Jersey Ave., SE. Construction begun June 2014, move-ins underway early 2018. Whole Foods expected to open in late 2018.
New Douglass Bridge
Construction underway in early 2018 on the replacement for the current South Capitol Street Bridge. Completion expected in 2021.
1221 Van
290-unit residential building with 26,000 sf retail. Underway late 2015, completed early 2018.
NAB HQ/Avidian
New headquarters for National Association of Broadcasters, along with a 163-unit condo building. Construction underway early 2017.
Yards/Parcel O Residential Projects
The Bower, a 138-unit condo building by PN Hoffman, and The Guild, a 190-unit rental building by Forest City on the southeast corner of 4th and Tingey. Underway fall 2016, delivery 2018.
New DC Water HQ
A wrap-around six-story addition to the existing O Street Pumping Station. Construction underway in 2016, with completion in 2018.
The Harlow/Square 769N Apts
Mixed-income rental building with 176 units, including 36 public housing units. Underway early 2017, delivery 2019.
West Half Residential
420-unit project with 65,000 sf retail. Construction underway spring 2017.
Novel South Capitol/2 I St.
530ish-unit apartment building in two phases, on old McDonald's site. Construction underway early 2017, completed summer 2019.
1250 Half/Envy
310 rental units at 1250, 123 condos at Envy, 60,000 square feet of retail. Underway spring 2017.
Parc Riverside Phase II
314ish-unit residential building at 1010 Half St., SE, by Toll Bros. Construction underway summer 2017.
99 M Street
A 224,000-square-foot office building by Skanska for the corner of 1st and M. Underway fall 2015, substantially complete summer 2018. Circa and an unnamed sibling restaurant announced tenants.
The Garrett
375-unit rental building at 2nd and I with 13,000 sq ft retail. Construction underway late fall 2017.
Yards/The Estate Apts. and Thompson Hotel
270-unit rental building and 227-room Thompson Hotel, with 20,000 sq ft retail total. Construction underway fall 2017.
Meridian on First
275-unit residential building, by Paradigm. Construction underway early 2018.
The Maren/71 Potomac
264-unit residential building with 12,500 sq ft retail, underway spring 2018. Phase 2 of RiverFront on the Anacostia development.
DC Crossing/Square 696
Block bought in 2016 by Tishman Speyer, with plans for 800 apartment units and 44,000 square feet of retail in two phases. Digging underway April 2018.
One Hill South Phase 2
300ish-unit unnamed sibling building at South Capitol and I. Work underway summer 2018.
New DDOT HQ/250 M
New headquarters for the District Department of Transportation. Underway early 2019.
37 L Street Condos
11-story, 74-unit condo building west of Half St. Underway early 2019.
CSX East Residential/Hotel
225ish-unit AC Marriott and two residential buildings planned. Digging underway late summer 2019.
1000 South Capitol Residential
224-unit apartment building by Lerner. Underway fall 2019.
Capper Seniors 2.0
Reconstruction of the 160-unit building for low-income seniors that was destroyed by fire in 2018.
Chemonics HQ
New 285,000-sq-ft office building with 14,000 sq ft of retail. Expected delivery 2021.
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.
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Recent Issued Building Permits
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1300 4TH ST SE 1001
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02/22/21
AP BOWER RETAIL LLC / null
E2104231 /
SUPPLEMENTAL
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1346 4TH ST SE APT 1M
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02/06/21
null / NA NA NA
EHOP21945129 /
HOME OCCUPATION
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1331 4TH ST SE R-2
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02/08/21
FC 1331 LLC / FC 1331 LLC
BP2101814 /
POST CARD
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10 I ST SE
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02/16/21
CAPITOL HILL RACQUET CLUB / NA; VICTORIA STEINHOFF
SB2100112 /
CONSTRUCTION
Installation of up to six (6) 3-inch diameter direct-push Geoprobe borings to depths of up to 30 feet below grade as part of an environmental assessment.
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555 L ST SE
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01/29/21
UNITED STATES OF AMERICA / RENNE WELL; RICK HARLAN SCHNEIDER
B2102004 /
CONSTRUCTION
DGS PROJECT REHABILITATION+RESTORATION OF THE HISTORIC LINCOIN FIELDHOUSE
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861 NEW JERSEY AVE SE 20003
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02/23/21
809-853 NEW JERSEY AVE ACQUISITION LLC / SUSANA VAZQUEZ
AH2100728 /
CONSTRUCTION
Dismantling of tower crane.
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809 NEW JERSEY AVE SE
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02/11/21
GREYSTAR GP LLC 809-853 NEW JERSEY AVENUE ACQUISITION LLC / null
E2103926 /
SUPPLEMENTAL
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853 NEW JERSEY AVE SE
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02/11/21
GREYSTAR GP LLC / null
E2103924 /
SUPPLEMENTAL
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861 NEW JERSEY AVE SE
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02/05/21
GS CSX HOTEL OWNER LLC / null
E2103762 /
SUPPLEMENTAL
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1275 NEW JERSEY AVE SE
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02/02/21
FC 1275 NJ LLC / null
E2103662 /
SUPPLEMENTAL
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02/11/21
FC 1275 NJ LLC / null
P2103445 /
SUPPLEMENTAL
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848 SOUTH CAPITOL ST SE
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02/16/21
CXS TRANSPORTATION INC / VICTORIA STEINHOFF; TBD
SB2100111 /
CONSTRUCTION
Installation of up to six (6) 3-inch diameter direct-push Geoprobe borings to depths of up to 30 feet below grade as part of an environmental assessment.
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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;
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