2015 is looking to be a promising year for Commercial Real Estate.
Below we’ve highlighted just a few of the many massive developments and areas that will see major growth this year:
432 Park Avenue
At 1,396 feet, the $1.3B tower built by Macklowe Properties is already a fixture on the city’s skyline, yet only has 104 luxury condo units. It is now considered the tallest residential building in the United States.
Westfield World Trade Center
While the World Trade Center development will open in phases, Australian mall owner Westfield Corp. is on track to open its Westfield World Trade Center this year.
The mall operators, which ran the shopping space underneath the former Twin Towers, are opening a 365,000 SF retail-entertainment center this year at the site.
Simon Property Group’s Premium Outlets
Together, these three centers will bring nearly 1.5 million SF of new retail space with high-end discount shopping. Simon is clearly banking on a healthy consumer environment.
This project is an example of the major commercial real estate construction taking place in downtown Denver. Developed by Novare Group, the 354-unit Skyhouse Denver apartment complex will stand at 25 stories.
Novare is leveraging a maxed-out leasing environment with all of the multifamily development near Denver’s Union Station.
Miami Condo Development
South Florida was one of the hardest-hit locales during the recession, but things have changed drastically. Today, the Miami Metro skyline is filled with cranes building for condo-demanding investors from all parts of the globe. Some highlights of the major luxury projects to open this year include: Baltus House, Chateau Beach Residences, and Icon Bay.
These are just a few of the developments we are keeping an eye on during the coming year. Did we miss anything? What do you think are 2015’s top CRE assets? Post your thoughts in the comments below.
By: Dan Miller
Co-Founder | Fundrise
Follow Dan on Twitter: @dan_miller
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