5 Most Expensive Real Estate Developments In The History Of USA
Megaprojects worldwide have transformed the way the cities looked and have had a positive impact on the growth, too. These projects have lived for generations and will live for the ones to come and becoming a symbol of architectural excellence for the country they are in.
Some such megaprojects have also changed the face of many American cities.
MakaaniQ lists five such expensive mega projects in American history that inspire other architects with their unique design and excellent functionality:
City Center, Las Vegas
City Center in Las Vegas, Nevada is a uniquely designed building located at the Las Vegas Strip. Conceived by Ehrenkrantz, Eckstut & Kuhn Architects, City Center is a cluster of hotel, high-end shops, casinos and luxury condos spread in an area of 16.7 million sq ft. The five-tower project was constructed with an investment of nearly $8.5 billion. The towers here include Mandarin Oriental, Crystals, Aria, Veer Towers and Vdara. The unique aspect of this development is that all the buildings are 30 per cent more efficient than the traditional ones. An emphasis is laid on the use of environment-friendly practices.
Brickell City Centre, Miami
Glorifying the skyline of Miami's financial district, the Brickell City Centre is the next most expensive real estate development in the American history. The Phase-I of the megastructure was built between 2012 and late 2016 while the second phase of the project is still under construction. The total cost of the entire project is estimated to be $1.05 billion. It comprises five blocks, condos, a movie theater, restaurants and office towers. Once completed, the project will offer a huge stage wherein brands and consumers can come together creating a perfect retail climate for the city.
Seaport District, Boston
Boston's Seaport District is based near the South Station. The project is one of the most desirable areas for those looking for new rental and condo buildings. Though it was first constructed 150 years ago, it witnessed redevelopment at a large scale in the early 2010. In past seven years, an investment of around $2 billion has been approved by the city for the redevelopment. Though this amount is likely to increase if an approval is given to some more components. The masterplan, which is subjected to few changes in the coming city, comprises 3,200 residential units, 5,500 parking spaces, several tech hubs, a 200,000-square-foot performing arts centre, a public promenade and a hotel.
Hudson Yards Park, NYC
Hudson Yards Park in New York City will soon be the largest private real estate development in American history. The park, which is under construction, will be opened by 2024 and will be constructed at an investment of $20 billion on Manhattan's far west side. It comprises of dozens of buildings having cafés, bars, restaurants, residences, shops and a school. There will be around 14 acres of public outdoor space and the High Line, Manhattan's popular elevated urban park will border the development.
World Trade Center, NYC
After the 9/11 attacks in 2001, Manhattan's World Trade Center twin towers were destroyed. Soon after the work began on creating a brand new structure at the same land parcel. Work has been started and four out of the seven buildings comprising a transportation hub worth $4 billion and three skyscrapers have been completed. Next to the new World Trade Center will stand a large memorial and the site will be completed in 2021. The total cost of the development will vary but The New York Times report it to be at least $8 billion. On taking into account the total cost of replacing the damaged property the amount will come out to be around $55 billion, The New York Times further reports.