Sometimes our day-to-day routine can mesmerize us and make us forget what a really incredible industry US commercial real estate is. The amount of energy and innovation expended daily is remarkable, exciting, and inspiring.
Today, let’s take a look at some new CRE development projects that represent the best of our big, brash, beautiful business.
#1: Hudson Yards
If you haven’t heard about this project before, welcome back from wherever you’ve been… Hudson Yards is underway in Manhattan, and it’s the largest private development project ever. It will occupy 7 full city blocks in one of the world’s most desirable locations, and at completion, slated for 2024, will include 16 skyscrapers and more than 12 million square feet of mixed-use space.
One of the many things that make this project unique is that it’s being built over a rail yard. The city extended the 7 train line to connect with Hudson Yards, and recently opened its first new transit station in 25 years there.
#2: Chicago’s South Loop
This neighborhood south of downtown is seeing a remarkable development boom, with thousands of new apartments in the works. Construction of some of the city’s tallest residential towers is happening along the perimeter of Grant Park.
Concentration of mixed-use projects around McCormick Place is fueling the rise of an entertainment district that will include a stadium, hotels, and event space. Plans call for a pedestrian-friendly neighborhood that will satisfy millennials jonesing for the live-work-play experience.
#3: The Pacific
In a neighborhood where the median home price is uphill from $10 million, the Pacific aims to rival the luxury of Pacific Heights’ finest. It bucks the trend toward sky towers and focuses on just 76 quality residences with fantastic amenities and views. This is a boutique style development with a very exclusive audience.
#4: 280 Cadman Plaza West
Meanwhile, in Brooklyn, the Brooklyn Heights branch of the public library is being redeveloped, with a whole new approach. The new property will include a 26,620 square foot library, but will also have a 36-story tower with both residential and retail tenants. The building will also include a 9,000 square foot STEM lab to be operated by the Department of Education.
This is an exciting, cooperative approach to development that responds uniquely to the neighborhood. The project will include 114 affordable units requiring no additional public subsidy.
Another amazing addition to San Francisco’s tony Pacific Heights neighborhood is the Rockwell building. The first tenants are expected to move into the luxury condos at the corner of Van Ness and Pine in August 2016.
The remarkable thing (well, one of them) about this property is its location in one of the world’s most desirable urban neighborhoods. It has a lot to live up to, and it comes through, with incredible amenities, like a gorgeous central courtyard, an owner’s club with gourmet kitchen and private screening room, and a fabulous rooftop terrace for taking in panoramic views of this iconic city.
The first new condos in downtown LA in ever so long, Ten50 is located on Grand Avenue, in the midst of some of the city’s best entertainment and dining. It aims at the heart of the live-work-play movement, with amenities designed to encourage social connection and good health. The property offers a fitness studio and yoga deck, outdoor fireplaces, a private screening room, and more –all in a location that’s a short walk from popular galleries, lounges, and boutiques.
Back we go to New York, and the new 77 floor residential tower planned for the Lower East Side. This structure will include about 600 apartments, and 150 of those will be affordable. These units will be sprinkled throughout the building, not isolated as they are in so many projects. Another neighborhood-friendly move by the developers is to fund upgrades to an adjacent senior center and create a new 4600 square foot community center for seniors as part of the project.