A Washington, D.C. entertainment district was meant to follow the construction of a baseball stadium, but, for now, the area is victim to overly ambitious plans to develop as quickly as possible.
"At developer JPI's apartment project, called Capitol Yards, about half of the nearly 700 apartments are leased. For the past four months, the developer offered two to three months of free rent on the units, which start at roughly $1,600 for a one-bedroom.
Then there's the ballpark district's signature development: Monument Realty's $350 million Half Street project, which was supposed to feature offices, a hotel, residential towers and shops directly above the Metro station closest to the ballpark. There's a 35-foot hole where the two residential towers and the hotel are supposed to go. Although the office building is finished, the parent company of one of Monument's financial backers, Lehman Brothers, is bankrupt.
Monument executives said that the project isn't dead, and that they are trying to get construction financing for the deal."
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