The area located across from National Parks is called Half Street and according to Jair Lynch, it is about to become a hub of crane activity with the development of new residential and commercial properties.
Just five months ago, Half Street was purchased as nothing more than a hole in the ground, literally. As reported by the DC Real Estate Guide, the property was purchased by Jair Lynch Development Partners and MacFarlane Partners from the longtime owners, Lehman Brothers and Monument Realty. The plan is to give the Half Street project life.
Currently, two scenarios are being discussed for the plan that consists of 471,600 square feet of development. In the February filing with the Zoning Commission, they are as follows:
- Combining 401,600 square feet of residential space with 60,100 square feet of retail space
- Providing 326,500 square feet of residential space, 75,100 square feet of hotel space, and 60,100 square feet of retail space
Regardless of which scenario is ultimately chosen, the maximum of 445 units for sale or rental will be involved. If a hotel is built, it will offer 80 guestrooms, as well as 465 units for residential purposes.
The new project was designed by Hord Coplan Macht in Baltimore and according to the zone filings, it will have a “modern architectural concept” whereby a range of unified materials will be employed in different ways in order to differentiate uses. The project will blend in with the existing mixed-use environment of the surrounding area and the Half Street gateway.
The filing also shows that the Half Street frontage is dominated by residential units and two stores of retail. However, three stories of retail would also be located at the intersection of N and Half Streets. The design plan is in support of the District’s vision in creating an area that is alive, pedestrian friendly, properly scaled, and one with active ground floor uses that support the ballpark.
The multifaceted development actually received DC Zoning Commission back in 2007 but now, things are starting to happen. While Jair Lynch and MacFarlane purchased the undeveloped land on the east side of Half Street for $34 million, this is not the only development going on.
It was also reported by the Business Journal that most of developer Akridge’s Half Street parcel has already been sold. This area is expected to be redeveloped by the JBG Cos., to include two new residential buildings and a significant amount of dramatic retail.
That area is where the Fairgrounds currently sits, a place where people love to congregate prior to and after going to ball games. In this case, the southern two-thirds of Half Street were purchased for $45 million to Akridge, a high-profile developer in Washington.
The development initially consisted of two office buildings with a total of 370,000 square feet and a residential building with 280 units but the plan changed somewhat. Now, it is expected that two residential buildings will be constructed in order to reflect the changing market along the Capitol Riverfront.