Construction Industry News: Some Developers Forging Ahead With Major Construction Projects
Although the Covid-19 pandemic has severely impacted the U.S. economy (and the construction industry), some forward-looking developers are moving ahead with major multi-year projects. It's comforting to think that things will eventually be back to normal. Looking at some of the following projects reminds us that there is light at the end of the tunnel and things will return to normal in the not-too-distant future:
- $718-Million Brooklyn, NY Waterfront Apartment Project: Australia-based developer and contractor LendLease announced early this month that they will build a 800-Unit apartment complex in the Greenpoint neighborhood of Brooklyn on the East River waterfront. No construction start date was announced as of this writing.
- Phase 1 of $200-million Hartford, CT Redevelopment Project. In October, The $50-million first phase of a $200-Million Redevelopment Project around Hartford CT’s Dunkin' Donuts Park is now in construction. The Phase 1 project (projected to take about 20 months to complete) will include 270 apartments, 11,000 square feet of restaurant, shop and entertainment venue space and a 330-space parking garage. The overall project (“Downtown North”) will take 5 years and will include more than 1000 apartments, plus restaurant and entertainment space and parking garages.
- A $1.4-billion development has been announced by The Howard Hughes Corporation. The company recently announced its plan to build a $1.4-billion apartment complex in New York City (at 250 Water Street, located in Lower Manhattan’s Seaport neighborhood). Although the project must still get approval, it will entail building 360 units, of which 25% will be affordable along with around 260 condominium units. The company projects that the project could result in more than $1.8-billion in economic impact and approximately 2,500 permanent jobs, as well as about 2,000 construction jobs.
- Boston Office Completions Growing in 2020. In Boston, MA, industry estimates project that construction of more than 2.9 million square feet of office space will completed in 2020, compared to just 2 million square feet in 2019 (Source: Yardi Matrix & CPExecutive.com). Must of the demand for commercial office space in Boston is coming from the life sciences/biotechnology/laboratory areas, but major companies such as Amazon, Google, and Phillips have also increased their presence in the Boston area. (For more info, visit: https://www.cpexecutive.com)