5 Blockbuster Developments
The recent ranking of cities with the most new construction got us thinking about some of the biggest headline-grabbing developments currently going up--or about to break ground--across the country. Here are five $1B (or so) projects in the works from New York to Miami.
Where: South side Williamsburg in Brooklyn
The developer: Two Trees
The price: $1.5B
Controversy: Locals surprisingly warmed to the dramatic, skyscraping design of this mixed-use development on the East River. But Two Trees hit a major snag when it came to the affordable housing component, ultimately relenting to the de Blasio administration's demands that it raise the number of affordable units.
The goal:Transform this stretch of post-industrial waterfront in much the same way Two Trees made the once-barren Dumbo neighborhood a luxury residential, commercial and tech tenant destination.
Where: Atlanta
The developer: Georgia World Congress Center Authority will own the arena and land around it. Operation falls under home NFL team the Falcons.
The price: $1.2B
Due date: Just in time for the 2017 football season.
The design: Architect Bill Johnson of 360 Architecture says the striking, retractable pinwheel roof was inspired by Rome's Pantheon. The stadium will replace the indoor Georgia Dome.
The goal: Bring the Super Bowl back to Atlanta for the first time since 2000. And host the local MLS team in a partitioned 29,000-person venue.
Where: Downtown Miami.
The developer: Swire Properties Inc
The price: $1B
Due date: The first phase of construction should be completed in late 2015.
The basics: The 9.1-acre mixed-use development will include a 263-room hotel, offices, two apartment towers and nearly 600K SF of retail and leisure space to be anchored by a 107K SF Saks.
The goal: Mirror the Design District's retail success and lure more luxury shoppers to downtown Miami from Bal Harbour Shops, which once nearly monopolized the area's designer shopping.
Where: Philadelphia
The developers: Comcast and Liberty Property Trust
The price: $1.2B
Due date: Early 2018
Claim to fame: This will be the tallest American skyscraper outside of New York and Chicago.
Controversy: Some observers objected to the nearly $43M in state grants and other subsidies rewarded to the building.
Where: In Maryland's Prince George County, just 10 miles away from Capitol Hill.
The developer: Global casino powerhouse MGM Resorts, which owns the Aria, Bellagio and MGM Grand on the Vegas strip in addition to holdings in Macau and Hainan Island.
The price: $925M
Due date: Mid-2016
The target demo: The casino will have 3,600 slot machines, but hopes to lure the flush DC lobbying crowd with 140 gaming tables and upscale restaurants.
The goal: As gambling booms in Delaware and West Virginia, DC-area politicos and developers are looking at the MGM project to see if a 2012 referendum that loosened gambling restrictions will pay big dividends.
