Fourteen Real Estate Projects Altering Our Skyline
These fourteen mega-sized real estate projects are reaching for the sky. Many of these projects offer hundreds of thousands of square feet of Class-A office space in some of the most sought after markets in the country.
Kevin Annis, SIOR, CCIM - Broker/Principal
One Vanderbilt - New York City
Seeking the title of New York City’s second-tallest building, One Vanderbilt is part of a planned Midtown East rezoning. The 57-story structure, delivered in 2020, offers 1.6M SF of Class-A office space.
Salesforce Tower - San Francisco
This 1.6M SF, 61-story tower has been under construction since 2013, but slated to open later this year. Originally built on spec, construction began without a commitment from a major tenant. In 2014, Salesforce signed a 714K SF lease, valued at $560M to occupy 30-floors.
Vista Tower - Chicago
Vista Tower represents the largest real estate investment by a Chinese firm in the United States to date. This $1B development project will feature 406 luxury condos and 192 five-star hotel rooms held within the 98-stories. One bedroom apartments start at $1M.
Wilshire Grand Center - Los Angeles
A 1974 fire ordinance required helipads to be installed on supertall buildings after a disastrous fire in Sao Paulo. The Wilshire Grand Center will be LA’s tallest building and will not have a flat roof. The project was granted an exception by the Los Angeles City Fire Department since the building includes advances in fire safety and building technology. Wilshire Grand Center will be the home of 900 InterContinental hotel rooms and 400K SF of office space.
609 Main - Houston
609 Main at Texas is a 50-story mixed-use tower in Downtown Houston. The project’s north and south façade extend skyward creating a noticeable diagonal crown and highly visible landmark. The development offers 1M SF of mixed-use space as well as 1,700 parking stalls in a 13-story garage.
Four Seasons Hotel and Private Residences One Dalton Street - Boston
Boston’s skyline is being altered with Carpenter & Co’s 61-story project which is a collaboration with Pei Cobb Freed & Partners and Cambridge Seven Associates. It will be Boston’s third-tallest building when completed sometime next year. This project is significant for Boston as the city hasn’t built this big since Hancock in 1976.
Resorts Wold - Las Vegas
Las Vegas is working on their own development project as well. In 2007, Boyd Gaming tore down the Stardust with plans to redevelop it into the Echelon Place. This project was halted in the 2008 crisis, and Boyd sold the 87-acres to Genting Group. Genting Group brought on Steelman Partners to redesign the land into a $7B Chinese-themed resort casino. The 21M SF project features four hotel towers with 6,583 rooms, 175K SF of gaming space, a 4,000-seat theater, a panda exhibit and an indoor water park.
Panorama Tower - Miami
Originally known as 1101 Brickell, Panorama Tower was also halted during the recession and delayed for years. The project is now revised with new owners, Florida East Coast Realty (FECR). A portion of the project’s funding has come from EB-5 visas. Once completed later this year, the tower will be Miami’s tallest, but not for long. One Bayfront Plaza, also owned by FECR, will garner the title in 2019. Panorama Tower will continue to hold the title of the largest building in Miami, with a gross floor area of 3M SF, including the existing structure.
The Independent - Austin
This unique style design from Rhode Partners is definitely different. The 58-story, 685-foot tall building will be Austin’s tallest when completed in 2018. The project will be the home to 370 condo units spread across approximately 950K SF. Prices for these condo units will range from $400K to $3M.
Hudson Yards - New York City
The Hudson Yards redevelopment program is one of the most enterprising projects undertaken in New York City recently. Combining the city, state and private developers, the project’s cost will reach over $20B, with a 28-acre mixed-use development from Related Cos. And Oxford Properties highlighting the project. The project includes 16 skyscrapers with more than 12.7M SF of high end office, residential and retail space. Completed in various phases over the next seven years, Hudson Yards is anticipated to attract 65,000 daily visitors.