Friday, September 28, 2007

Akridge Acquires Stadium Bus Site

DC-based Akridge Development has agreed to purchase a WMATA-owned bus garage and employee parking lot one block from the planned Washington Nationals baseball stadium in southeast D.C. The transit agency’s Board agreed yesterday to sell the 2.2-acre parcel containing a bus depot and employee parking lot to the John Akridge Development Company for more than $69 million.

Metro listed the M Street property for sale over the summer with the asking price of at least $60 million, receiving three bids by the end of August. The Akridge bid was the most advantageous in terms of price and leaseback rental, Metro managers said. WMATA said that revenue from the sale will help fund the construction of a new garage and proposed police training facility, the latter of which is expected to be built at D.C. Village in southwest DC, with construction set to begin within the next three years. Metro plans to vacate the current property by late winter, employees and buses will temporarily move to other Metro bus garages in the region.

The two parcels at 17 M Street, SW are just one block from the new Washington Nationals ballpark and adjacent to the Navy Yard Metro station. The parcels are 69,607 and 27,558 square feet and are separated by Van Street. The 71-year old bus parking facility has housed 114 buses for the agency.


Anonymous said...

nice update!

thanks for the info, i had been wondering about this.

i used to drive by the old bus depot on my motorcycle, in the days of yore.

it's absolutely crazy how fast the area is redeveloping.

i had the chance of $269k, but opted for NE DC. that property sold for three times that much in less than a year.


Anonymous said...

i meant that i had the chance to purchase a property for $269k, but opted for NE DC.

if i'd only known..... :o)

Ken on Sep 30, 2007, 7:25:00 AM said...

Thanks Poo Poo, Northeast will have its day. Deals like the stadium don't come along often, but RFK, NoMa, and H Street will change dramatically over the next few years.

Anonymous said...

I think you mean 17 M Street SE?

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