May 8, 2007
Developer of $1B DC Mixed-Use Project Brings in JV Partner
cponline.com
Monument Realty has taken a big step in the development of Half Street, its 1.9 million-square-foot mixed-use project in the nation's capital, by tapping MacFarlane Partners to serve as a joint venture partner on the endeavor. Half Street, the construction of which is currently underway, will cost an estimated $700 million to complete.
MacFarlane has thrown its hat into the Half Street ring on behalf of its new closed-end real estate commingled fund, MacFarlane Urban Real Estate Fund II L.P.
"Monument's Half Street project was transitioning from a land assemblage phase to a construction phase, which is much more capital intensive--the first phase, which started in January 2007, will cost approximately $330 million," Russell Hines, an executive vice president with Monument Realty, told CPN today. "Bringing in MacFarlane at this time made it possible to move forward with construction."
The Half Street project will be part of the revitalization of a formerly underutilized area along the Anacostia River in the southeast section of the city. It will be located within the Ballpark District, a planned mixed-use enclave encompassing 60 acres that will include the Washington Nationals' new baseball stadium, a project that has helped attract numerous other developments to the area. The first phase of the project, a 775,000-square-foot segment scheduled for completion by the close of 2009, will cover a full city block with four structures featuring 250,000 square feet of office space, 50,000 square feet of retail space, about 300 residential units and a 200-room boutique hotel. MacFarlane's investment in Half Street involves all facets of the project, excluding the lodging property. The approximate capitalization for the first two of the development's three phases is $700 million.
Billions of dollars are being infused into projects in the area surrounding the baseball stadium, which will cost in excess of $600 million to build. Cleveland-based Forest City Enterprises Inc. is planning a nearby development with 1 million square feet of residential and ground-level retail, and a separate project that will feature 2.7 million square feet of office and residential offerings.
San Francisco-headquartered MacFarlane Partners is a real estate investment management concern with $15 billion in assets under management. Monument Realty, based in Washington, D.C., is a development firm that has constructed over 3,500 residential units and 5 million square feet of office and retail space in the Washington, D.C. area.
MacFarlane has thrown its hat into the Half Street ring on behalf of its new closed-end real estate commingled fund, MacFarlane Urban Real Estate Fund II L.P.
"Monument's Half Street project was transitioning from a land assemblage phase to a construction phase, which is much more capital intensive--the first phase, which started in January 2007, will cost approximately $330 million," Russell Hines, an executive vice president with Monument Realty, told CPN today. "Bringing in MacFarlane at this time made it possible to move forward with construction."
The Half Street project will be part of the revitalization of a formerly underutilized area along the Anacostia River in the southeast section of the city. It will be located within the Ballpark District, a planned mixed-use enclave encompassing 60 acres that will include the Washington Nationals' new baseball stadium, a project that has helped attract numerous other developments to the area. The first phase of the project, a 775,000-square-foot segment scheduled for completion by the close of 2009, will cover a full city block with four structures featuring 250,000 square feet of office space, 50,000 square feet of retail space, about 300 residential units and a 200-room boutique hotel. MacFarlane's investment in Half Street involves all facets of the project, excluding the lodging property. The approximate capitalization for the first two of the development's three phases is $700 million.
Billions of dollars are being infused into projects in the area surrounding the baseball stadium, which will cost in excess of $600 million to build. Cleveland-based Forest City Enterprises Inc. is planning a nearby development with 1 million square feet of residential and ground-level retail, and a separate project that will feature 2.7 million square feet of office and residential offerings.
San Francisco-headquartered MacFarlane Partners is a real estate investment management concern with $15 billion in assets under management. Monument Realty, based in Washington, D.C., is a development firm that has constructed over 3,500 residential units and 5 million square feet of office and retail space in the Washington, D.C. area.
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