Quoting again: "The capital improvements, Albert said, 'will increase the value and use of a property that the District actually owns.' The mayor's multi-year search for a firm willing to take over the lease failed. Fenty claims to have twice reached tentative deals with private groups that fell through as the economy collapsed. 'I think it makes sense for us to buy it, but we've wasted roughly $15 million to get to this point,' said at-large Councilman Phil Mendelson. 'The decision to buy should have been made two years ago.'" You can read more about this proposed purchase here, and about today's hearing in this Examiner story. The council will vote on the revised budget on July 31.

The 200-unit building is still less than half sold, which is deduced from learning that the sales people are advising reservation holders who are planning to get an FHA or VA loan or who are making less than a 20-percent downpayment that it will be extremely difficult to find a mortgage lender until the building is 51 percent sold. Construction on Velocity began in Spring 2007, and the sales center opened that Fall.

From the Examiner, at the very end of an article about the mayor's amended 2010 budget (which "slashes previously approved earmarks, hikes fees, and eliminates numerous capital projects to close a projected $150 million shortfall"): "And the mayor is seeking council permission to spend $85 million on the outright purchase of 225 Virginia Ave. SE, an empty, 421,000-square-foot warehouse that the city has leased for $546,000 a month since mid-2007. The Fenty administration, having ditched earlier plans to use the building, has failed to find anyone willing to take over the lease, which has now cost the city more than $13 million."

If you want to wander through the budget yourself, it's online. In the Fiscal Year 2010 Budget Support Amendment Act in the Nature of a Substitute*, there is on page 44 Subtitle X, "Purchase of 225 Virginia Ave. SE," with this wording, should the council choose to approve it: "[T]he Council approves the exercise by the Mayor of the purchase option contained in the District's sublease dated December 15, 2006 between Washington Telecom Associates, LLC, as sublandlord, and the District of Columbia, as tenant, for the real property located at 225 Virginia Avenue, S.E., known for tax and assessment purposes as Lots 21, 36, 37, and 831 in Square 766 (the "Property"), and the Mayor may enter into a contract to purchase the Property in an amount not to exceed $85 million, exclusive of the costs of settlement, subject to the availability of budgeted and appropriated funds."

Also, in Chapter 2 of the Agency Budget Chapters, on page 442, you'll find this: "Within the past year, the District twice reached tentative agreements with private entities to assign the District's rights and obligations with respect to unoccupied leased property at 225 Virginia Avenue, SE. In large part, due to the dramatic slowdown in real estate markets and, particularly, the scarcity of affordable credit for real estate transactions, the tentative agreements failed to result in the transfer of the District's lease for this building. The District now plans to prepare the building for a public purpose."

Right now I don't know anything more than this--don't know what plans the city has for the buildings, and don't know how excited the council is going to be to spend $85 million on it when cutting jobs and services elsewhere in the city's budget. But maybe there's some sort of accounting sleight of hand that my unbudgetary mind isn't familiar with. (Bonds? PILOT/TIF funds from projects elsewhere in the city? Bake sale?) The current assessed value for the four lots that make up the site is just a smidgen under $84 million.

If you want to stroll through the tales of this building back to the first news of the city's lease, you can read my previous 225 Virginia blog entries, and/or check out my project page with photos and links.

I took advantage of the sunny evening to dart around getting some desperately needed photo updates. First up is Diamond Teague Park, where progress on not only the water-taxi piers but the "on-land" portion of the park itself is now clearly visible from the viewing platform at Nationals Park. The last projected opening date I heard, a few months back, was July, but while it looks like maybe the park won't be pulled together in the next two weeks, it definitely appears to be getting there. See my Teague page for the latest pics.

I also snuck a peek through the door at Cornercopia and snagged a quick photo, showing goods now stocked on the shelves, but perhaps just short of being ready to open. Maybe they can get ready for all the folks heading to the ballpark this weekend? Don't forget, my offer still stands of a free sandwich to the first person who reports to me that it's open....
I also took some updated photos at Fourth and K in Capitol Quarter, where framing has sprouted on the north side of K. Then I wandered down to the Yards to get some better shots of the southeast corner of Fourth and Tingey, which is where the Trapeze School is going to be located. (You can also see the entire batch of today's photos, where you can then click on the icon to see an angle's entire history.) Speaking of the Trapeze School, the Post's Health section had a story today on what it's like to take a class from them. (You probably won't ever see *me* flying through the air with the greatest of ease.)

One other item--the WashTimes reported today that the Elton/Billy stage left centerfield in a bit of a mess, requiring the grass to be painted. As you can see from this shot I took during batting practice, it seemed to work pretty well.

Lastly, it only took me half the season, but I've now updated my Stadium Parking map to show the many options for cash parking (official and unofficial), in addition to the official Nats season ticket lots. And to think that there was a time when *some* people were worried there wouldn't be enough parking.

The ramp demolitions (bad pictures from last week here) are tied to preliminary work for the reconstruction of the 11th Street Bridges.

* On Tuesday, July 21, the BID is hosting a "Mental Mapping" event, where they're asking residents to "Sketch out your shopping route to assist in a study about neighborhood retail needs." It's at Capitol Hill Tower at 6:30 pm; RSVP to rsvp@capitolriverfront.org.

* On Saturday, Aug. 8, the 3rd Annual Youth River Sports Day will be held at the Anacostia Community Boathouse, from 10 am to 2 pm. Rowing and paddling instruction, guided river tours, and more will be offered; my photos from last year's event give a taste of the activities.

* This is a ways off, but SWDC Blog reports that the next ANC 6D meeting, on Sept. 14 (no August meeting) will be held in Southeast, at the Courtyard by Marriott at New Jersey and L. I've been attending ANC meetings off and on for six years, and this is the first one I remember that will be crossing South Capitol Street.

* Even farther off (well, the next day), Urban Land Institute Washington is holding its third Urban Marketplace Conference and Expo, which brings together "the private, nonprofit, and public sectors to explore redevelopment opportunities and best practices in emerging neighborhoods and corridors across the Washington metropolitan region." One of the day's discussions will focus on the ballpark district (and I'm one of the panelists). Early-bird registration ends July 31.

* In non-event news, Fox 5 reports on how the Nationals' problems on the field "are making the city's $700-million stadium look like a bad investment." To wit: "Before the stadium was built, the city projected average attendance at 34,708 per game and tax revenues from tickets and merchandise of $15.1 million for this season. The reality, average attendance is about 23,213, ranking the Nationals 24th out of 30 teams. Based on attendance figures through June, the city now estimates tax revenues of about $8.9 million. The office of the Chief Financial Officer says tax revenues could increase because average attendance has improved slightly since June." However, "The office of the Chief Financial Officer estimates the city will raise $50.2 million through its Ballpark Revenue Fund, more than enough to make the $32-million bond payment on the stadium with money left over. The bulk of that however does not come from the Ballpark itself, but rather from a utility tax and a business tax in the city."

* Since I was out of town this weekend, I missed all the Elton/Billy hullabaloo. Here's a pile of reviews and blog posts having to do with the big show.

* For your (off-topic) Real Estate Development Collapse reading pleasure, a long piece on Williamsburg, NY: "Most unsettling are the cases of the developers who seem to have vanished, leaving behind so many vacant lots and half-completed buildings--eighteen, to be precise, more than can be found in all of the Bronx--that large swaths of the neighborhood have come to resemble a city after an air raid."