Metro reached a settlement Thursday with a prominent D.C. developer that filed a federal lawsuit against the transit agency over Metro’s decision to sell 2.2 acres near the Washington Nationals ballpark to a competitor.
The land will be divided between the two companies, under the mediated settlement.
Monument Realty had charged its $60 million bid for Metro’s Southeast Bus Garage property should have beat out the John Akridge Development Co.’s bid because Monument’s included an escalation clause that would have automatically raised the bid to $250,000 more than that of any competitor.
Metro officials said the agency’s rules require specific prices in bids.
The company also argued that its status as the District’s “master developer” for the neighborhood — Monument is developing several other properties in the revitalized area — should have given them priority on the bus garage property.
Under the settlement, Akridge will pay Metro $46.5 million for the 69,607-square-foot bus garage and Monument Realty Metro $22.6 million for the 27,558-square-foot parking lot across the street.
The companies are expected to build commercial and residential units on the M Street properties, which sit near the Navy Yard Metro station.
Metro is selling the property because it does not want heavy bus traffic to mix with fans walking to and from games.
Buses have been relocated from the Southeast garage to other garages throughout the system until Metro constructs a new one elsewhere.
