Akridge Land Purchase Paves Way for $330M Mixed-Use Project
- Sep 04, 2008
It’s not quite two acres, but the Akridge Office Fund’s newly purchased parcel of land on Half Street near the new Nationals Ballpark in Washington, D.C., will become the home of a 700,000-square-foot mixed-use development. Having just completed the $46.5 million acquisition of the site from the Washington Metropolitan Area Transit Authority, Akridge can now take the next step toward realizing the approximately $330 million development known as 25 M Street. When all is said and done, 25 M Street will feature approximately 320,000 square feet of premium office space, 300 square feet of residential space and 70,000 square feet of retail space. Akridge has tapped architectural firms HOK, Esocoff & Associates and StreetSense to oversee design responsibilities. The 25 M Street endeavor is one of several projects by a bevy of developers that will result in the rebirth of the Capitol Riverfront. “We’ve been acquiring land in Southeast Washington, D.C., since the early ’90s and it has culminated with this purchase,” Adam Gooch, project manager for 25 M Street, told CPN. “The Capitol Riverfront submarket has some tremendous amenities not available in other areas of the city. It has good Metro access and it’s within close proximity to the Capitol and the waterfront. We now have 4 million square feet of development at three major sites in Capitol Riverfront district–one in southwest and two in southeast–and when complete, it will provide access to some of the best retail and entertainment in the city.” With the land now officially in its possession, Akridge must next go through the design review process with the city. If all goes as planned, construction of 25 M Street will commence in January 2010. Headquartered in Washington, D.C., Akridge provides acquisition, development, construction management, asset management, leasing and consulting services. The company’s projects since its inception 34 years ago have involved over 11 million square feet of space in the Metropolitan Washington, D.C. region.