Housing Complex

Developer: Cash, Not Additional Land, Would Go to District in Reeves Center Swap

I reported yesterday that the city could stand to make a healthy profit on a land swap involving the Frank D. Reeves Municipal Center as part of the deal for a new D.C. United stadium. The proposed deal would have the District trade the aging government office building at 14th and U streets NW to the developer Akridge for a parcel Akridge owns on the site where the soccer stadium would be built. But the Reeves Center is worth quite a bit more than the Akridge parcel, meaning that Akridge might have to chip in something extra to even out the deal.

What might that something extra be? Akridge Vice President David Tuchmann says cash is an option. An administration source suggested that Akridge might instead give the city one or more additional parcels of land it owns, but Tuchmann says that won't happen. (Akridge owns two parcels adjacent to the one on the stadium site at Buzzard Point, as well as many other properties throughout the city.)

Which, once again, leaves the question of how much money the District should be getting as part of the swap. According to the latest city assessments, the Reeves Center is worth $108.5 million, with a proposed 2014 value of $128.5 million, while the Akridge parcel is worth just $8 million. Of course, a good chunk of the Reeves Center's value comes from the building itself—the assessment lists the "improvements" at $87 million and the land at just $21 million. But with the 14th and U corridors among the hottest development areas in the city, no one really expects the Reeves Center land to be valued at just $21 million when an independent valuation is conducted. The estimates I've heard from administration sources range from $50 million to $100 million.

Tuchmann declines to provide specifics on the nature of the development Akridge would build at the Reeves Center site, but Akridge President Matthew Klein told the Washington Post it would be a mixed-use project that would include housing—no surprise in an area that can't seem to get enough luxury apartments and condos.

Update 3:10 p.m.: Reader/tweeter @ruSERIOUSINGme points out that while the Akridge property is assessed at $8 million, it sold for around $17.5 million in 2005, so Akridge is presumably hoping for a higher valuation than $8 million. Of course, why it's being taxed at $8 million if it's worth more than twice that is another matter.

Rendering of a possible new mixed-use building on the Reeves Center site courtesy of the Office of the City Administrator

  • Ann Bailey

    In Upper N.W. D.C.!!! - Folks A Fully Furnished Bedroom / Entire Homeshare Rental Opportunity Available in D.C. Extremely Close To Historic Takoma Park, MD / Hyattsville, MD / Silver Spring, MD / Beltway Line.

    Outstanding D.C. Owner-Occupied Lovely / Cozily Spacious Furnished Home with Vacant Bedroom Rental / Entire Home-share Opportunity for Mature Financially Stable Adult Female Most Preferably.

    Beautiful Upper N.W. Home has lots of front / backyard shade trees, lots of well-furnished outdoor sitting areas / is walking distance or can take 10-min. car, bus or subway ride right-up-the-street to Historic Takoma Park right between Takoma / Ft. Totten Subway Stations / 10-mins. from U.S. Capitol.

    Furnished Bedroom / Entire Homeshare Use Rental Oppty. incls. use of owner' entire home including bathrooms, living-room, dining-room, all kit. appliances, pots/pans/dishes/utensils, finished basement / laundry-room washer/dryer, furnished private front sitting porch / back deck / furniture / backyard grills.)

    A great furnished bedroom / entire home-share rental opportunity in a beautiful well-appointed home / neighborhood for a healthy, mobile retired or highly mature securely employed / stable single female having no problem living with homeowner / one other retired single female, owner' cat / yorkie, / is able to easily afford $850 per mo. rent + 1/3 of gas / water utils. A 12-month (1 year) rental lease / a security deposit is mandatory. Two lovely parks (1 large / 1 medium-size) are each 1-block right-around-corner easy walking distance from home along with bank (BOA Branch), next door cleaners, lumber / hardware store, 7-Eleven, storage facility, public pools / school recreation centers, takoma station jazz club, eateries / Historic Takoma Park boutique retail neighborhood area, Sligo Creek Park / so on.

    This Single Family Home location absolutely cannot be beat period! Residential Neighborhood of thousands of homeowners is great, quiet, very diverse, has many long-term, new, / retired homeowners. It is simply the one of the very best among great D.C. urban neighborhood community living.

    Homeowner prefers renting to single mature adult female of age range between 50-75 who doesn't at all mind / actually would sincerely like to live with two other creative / talented, interesting / godly, / also considerate adult females who have their own individual lives, but also get along quite well whenever at home together at same time. This is a perfect single family furnished home-share living arrangement for a single, healthy / mobile older adult female with stable income both desiring not to live alone nor with personal family members.

    If fortunately selected by owner / other existing home-share tenant as the new home-share / bedroom tenant for this opportunity, the only thing you need bring with you is a trustworthy character, highly stable income for monthly rent / utils., a considerate / caring attitude, your clothing / small personal items.

    Smokers okay if smoking outside of home interior on furnished front porch sitting area, on furnished back deck outside kitchen, or in furnished backyard. Only pets allowed new tenant are a caged bird or a fish in bowl or small tank. Owner will also consider allowing new tenant to bring own personal bedroom furniture provided new tenant assumes cost of moving out existing furniture in vacant bedroom / provided new tenant' own bedroom furniture is right size for bedroom.

    All interested in this great opportunity that absolutely will not last long (ad is owner' very 1st / prior to it folks have already contacted owner via word-of-mouth notice / been considered), please call (202) 270-3497 anytime Mon.-Sun. for appt. to visit. If you really want / love urban-D.C.-living close to everything great, don't miss out on this oppty.

  • Kevin

    Realtor spam? Ugh.

    Don't call that number. Don't ever use "Ann Bailey" as your realtor.

  • Pingback: AR-15 Law D.C.: District Line Daily - City Desk

  • Pingback: Can soccer save Buzzard Point?

  • AERzondzinska

    "Aging" government office building? Aaron Wiener: You're betraying your own youth by using that adjective to describe the Reeves Center.

    Where does the District plan to transfer the functions currently taking place in the Reeves Center?

  • Pingback: blue ofica

  • Pingback: Blue Coaster33

  • Pingback: stream movies

  • Pingback: watch free movies online

  • Pingback: stream movies

  • Pingback: youporn

  • Pingback: stop parking

  • Pingback: water ionizer machine

  • Pingback: alkaline water brands

  • Pingback: stop parking

...