Saturday, October 13, 2007

Monument Realty Sues WMATA for $100 Million

This past week Monument Realty filed a lawsuit against WMATA for $100 Million for the 2.2 acre site they expected to be purchasing but was instead contracted for sale to Akridge Development for $69 Million. Monument Realty was the selected developer for the Half-Street project at Half & M in Southeast DC at the site of the new Nationals Ballpark. The sale came as a shock as the Anacostia Waterfront Corp named Monument the official developer of the surrounding area and was under the impression the Southeastern Bus Garage would be included in the contracted developments for the area. What seems more surprising is the fact that Monument submitted a $60 million offer with an escalation clause stating it would increase its bid $250,000 above any higher bidders but still lost the sale to Akridge.

So far the city has not taken any action to settle the case.

Thanks to JDLand.com for the photos.

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