May 4, 2007
MacFarlane, Monument Play Ball To Revive Southeast D.C.
Real Estate Finance and Investment
MacFarlane Partners and Monument Realty are teaming up to develop Half Street Development, a mixed-use project in Washington, D.C.'s Southeast section. The partners hope that the Washington National's new stadium, set to open next year, will lead to a resurgence for a once-neglected section of the city. The 60-acre development will consist of residential, office and retail space in the vicinity of the Anacostia River across the street from the new 41,000 seat ballpark.
MacFarlane specializes in urban development/re-development projects while Monument is a sizable commercial and residential developer. The Half Street Development calls for streets lined with restaurants and shops in a pedestrian-friendly manner. "We believe [Southeast D.C] is one of the next significant growth areas," said Chuck Berman, managing principal and vice chairman of MacFarlane. He added that there is also a Major League Soccer stadium in the works in the area.
San Francisco-based MacFarlane is working on a number of other developments, including a project with Forest City Enterprises to revitalize downtown Oakland, another with Related Realty Industries and Alpine Appraisal Group to improve downtown Los Angeles and teaming up with Wind Companies to rejuvenate sections of Boston. The company is also working to resurrect East Harlem, Berman added. MacFarlane typically finances its projects with 30% cash and 70% debt and holds onto its properties between 10 and 15 years.
Phase I of Half Street began in January. Preliminary plans call for over 250,000 square feet of office space, 50,000 square feet of retail space, roughly 300 multifamily residential units and a 200-room boutique hotel. Completion is expected in late 2009. Future phases of the Southeast D.C project include a mix of office, retail and multi-family residential units, which would be constructed directly to the west of Phase 1, Berman said.
MacFarlane specializes in urban development/re-development projects while Monument is a sizable commercial and residential developer. The Half Street Development calls for streets lined with restaurants and shops in a pedestrian-friendly manner. "We believe [Southeast D.C] is one of the next significant growth areas," said Chuck Berman, managing principal and vice chairman of MacFarlane. He added that there is also a Major League Soccer stadium in the works in the area.
San Francisco-based MacFarlane is working on a number of other developments, including a project with Forest City Enterprises to revitalize downtown Oakland, another with Related Realty Industries and Alpine Appraisal Group to improve downtown Los Angeles and teaming up with Wind Companies to rejuvenate sections of Boston. The company is also working to resurrect East Harlem, Berman added. MacFarlane typically finances its projects with 30% cash and 70% debt and holds onto its properties between 10 and 15 years.
Phase I of Half Street began in January. Preliminary plans call for over 250,000 square feet of office space, 50,000 square feet of retail space, roughly 300 multifamily residential units and a 200-room boutique hotel. Completion is expected in late 2009. Future phases of the Southeast D.C project include a mix of office, retail and multi-family residential units, which would be constructed directly to the west of Phase 1, Berman said.
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