Construction of a 400,000-square-foot office building at 1015 Half St. SE resumed on Monday, April 26, according to the receiver of the property, Douglas Wilson, owner of the Douglas Wilson Companies (DWC). Currently owned by Half Street SE, LLC, construction of the building was halted when the owner’s parent company, Opus East LLC, filed for bankruptcy in mid 2009. The property is located in Southeast Washington D.C.’s burgeoning Capitol Riverfront Business Improvement District.
A nationally known specialist in distressed real estate and court-appointed receiverships, DWC on April 23 signed a $26 million contract with Skanska USA Building Inc., of Rockville, Md., to remobilize the property’s existing subcontractor community in order to complete construction of the 10-story building by year-end 2010. Based on its innovative design, water and energy efficiencies, use and collection of recycled materials, and the installation of a green roof, the project is expected to achieve LEED Silver certification.
The construction project includes: completion of the building’s core and shell, which was previously suspended, including the building’s glass and precast concrete exterior skin; the final installation of the building’s mechanical systems and elevators; the build-out of a two-story lobby; and the design and construction of the building’s site work and landscaping. With the core and shell now scheduled for completion, the owner of the building can focus on marketing and leasing activities.
When construction started in 2008, 1015 Half St. SE was expected to provide 10 floors of rentable office space, including 21,000 square feet of ground-floor retail space, a two-story lobby, a tenant-only fitness center, three levels of underground parking and a rooftop terrace with views of the Capitol Building.
Until the property is transferred to different ownership, the receiver has retained Cassidy/Turley to perform marketing and leasing activities for the building.
Based in San Diego, Calif., Douglas Wilson Companies operates six offices around the United States, including Atlanta, Las Vegas, Miami, Orlando and San Francisco. To date, the company has provided problem resolution for more than 600 projects involving assets valued in excess of $12 billion.