The real estate development process involves the acquisition, planning, and construction of buildings for sale or lease. It can also include the redevelopment of existing buildings.
Large-scale developments typically have more complex financing arrangements than small and very small multifamily developments and scattered-site portfolios. This can place a greater burden on asset management staff.
1. Hudson Yards in New York City
The largest private real estate project in the United States, Hudson Yards aspired to transform Manhattan’s Far West Side with a sleek spread of ultraluxury apartments and office towers for powerhouse companies like Facebook, a mall that would host coveted global brands, and restaurants by celebrity chefs. It also promised a gleaming copper-colored sculpture to be as iconic to New York as the Eiffel Tower is to Paris. But, according to a study published in the New School Journal of Urban & Regional Planning, this vast neoliberal Zion is actually shifting economic development away from other neighborhoods and enriching only a few powerful companies and their investors.
A city within a city, Hudson Yards has caused quite a stir since its opening four years ago, transforming the neighborhood’s skyline and upending New York City’s urban fabric. At the heart of the project are KPF’s soaring commercial towers 10 and 30 Hudson Yards, whose spiky behemoths rise above a dozen gritty acres of active rail yards on Manhattan’s Far West Side. Anchored by a new subway stop, the towers are connected to a lively program of shops, dining, culture, and community space and shaped by eccentric cuts and angles that give them a distinct visual dynamic. 江東区 不動産売却
But Hudson Yards is also a case study in large-scale real estate development gone wrong, in which the public good has taken a back seat to private gain. Many of its office tenants, for example, are transplants from Midtown, lured by lucrative tax incentives offered to them by the city and state. And a majority of its residences, according to the New School study, are owned by wealthy investors from outside New York City, who have paid billions to live in this slick new neighborhood.
2. Skyscrapers in Chicago
A century ago, Chicago led the world in skyscraper construction. Many of the city’s tall buildings from this period are now a living museum of early engineering and architectural innovations, including the first elevator structures and riveted steel frames. They are also a testament to the power of urban development to transform city life and culture.
The first modern skyscrapers grew out of practical concerns. They were designed to house offices and businesses on the ground floor and residential units on the top floors, a combination that offered financial incentives for office tenants and a way for developers to get higher returns on their investments. This combination allowed designers to take advantage of new proportions and forms made possible by engineering advances. As a result, they transformed the urban landscape and redefined what it means to live in a large city.
Today, developers are building a new generation of tall buildings that reflect a shift in the city’s attitudes about work and life. Instead of concentrating on commercial office space, builders are investing more in residential skyscrapers. In fact, residential towers have accounted for more than half of the tall buildings constructed in Chicago since 2000.
The current boom in high-rise construction is likely to continue, though the future depends on what happens to the economy and lending markets. A deep and prolonged recession could slow demand for all types of real estate, including tall buildings.
A slew of proposals has been submitted for towers in downtown Chicago, but the most eye-catching project may be the slender Tribune Tower East, which would rise to 550 feet next to Willis Tower. The project is currently in the planning phase, but if approved, it will become the tallest building west of the Chicago River.
3. Office buildings in London
For centuries office buildings in the City of London rarely rose above seven or eight stories and skyscrapers were unheard of. However, in recent years bold new construction has redefined the city’s streets and skyline, often courting controversy along the way.
The City’s most iconic skyscraper is the Gherkin, a distinctive bulbous tower located in the heart of the financial district that has become one of the most recognizable icons in the city. The Leadenhall Building, known as the “Cheese Grater” and 20 Fenchurch Street (the Walkie Talkie), are two other towers that have added to the City’s skyline in recent years.
Modern office buildings are increasingly being designed with a focus on flexibility and future-proofing. For example, the newest addition to the City’s skyline is TwentyTwo, which has flexible space that can accommodate different sizes of tenants and is equipped with smart technology. These features are designed to help businesses meet their business and productivity goals while reducing the amount of energy and resources needed to operate.
Increasingly, some companies prefer to own their own office buildings rather than rent. This can be more affordable in the long run, but it does require a larger upfront investment. Many large, well-established companies are choosing to do just this, and the City of London is seeing an increase in the number of new offices being built.
With a strong economy and vibrant culture, the City of London is a top choice for businesses looking to expand or relocate. These new office buildings are helping to shape the city’s skyline while providing a world-class workplace that will attract more businesses to the City. The trend is expected to continue as the demand for quality office space continues to grow.
4. Renovated houses in Sydney
As well as soaring skyscrapers, new office buildings and apartment complexes are transforming Sydney’s landscape. But it’s not just large-scale developments that are changing the cityscape; even modest renovations can make a big difference. Whether it’s carving out more space in a cramped apartment building in Melbourne, streamlining a dilapidated 1950s beach house on the Tweed Coast or inserting a courtyard into an Italianate terrace in Sydney, all of these projects show that small changes can have a huge impact.
As part of his vision to build a successful society, Governor Macquarie began by surveying Sydney’s buildings which were found to be in “a most ruinous state.” The city was bursting with slums and illiteracy and needed modern facilities that could accommodate its growing population. Macquarie implemented a basic building code which set minimum standards and required that every plan was submitted for approval before construction. This led to the creation of a number of iconic Sydney buildings including The General Post Office, Customs House and the Sydney Opera House.
The current generation of Sydney residents can be proud to claim that they live in one of the most beautiful cities in the world, thanks to a host of recent and ongoing renovations. However, rising construction costs are making fully renovated homes scarce commodities. A report by valuers Herron Todd White revealed that lengthy project delays, high construction materials costs and difficulties finding tradies were discouraging homeowners from starting renovations.
The most significant ongoing Sydney development is the $6 billion Barangaroo project in the heart of the CBD which will be home to three commercial towers and a new hotel site. It will create a new suburb on the waterfront and double the amount of office and residential space in the city centre.
5. Office parks in Melbourne
Melbourne has a lot to offer companies looking for office space. The city is a major business hub and is home to the headquarters of Australia’s Big Four banks, as well as multinational corporations like Cadbury, Toyota, Boeing, and Ford. It also has one of the world’s best transport networks, with a fast freeway and urban tram system, so it’s easy to get to work from anywhere in the city.
Melbourne is a city of large-scale buildings and a mix of architectural styles. Its skyline has grown rapidly since the lifting of height limits in the post-war period, and tall buildings now line the entire east coast of Port Phillip Bay. However, the city has retained its reputation as a place where no characterising style defines it. Instead, Melbourne’s edifices are a mix of old and new, with each building reflecting the context of its site.
Amongst the most notable new office spaces in Melbourne is Collins Square, a commercial mixed-use development that occupies an entire block on Collins Street. Designed by Woods Bagot, the towers of the complex are rotated at different angles to minimize impact from prevailing winds and to enhance the skyline’s aesthetic. The towers are linked by a massive concrete colonnade that has a clear continuity with the upper-level tower language but provides a more fine-grained expression of movement and a distinct sculptural presence on the ground.
Another example of a modern office space in Melbourne is the Kings Business Park, which was developed by WeWork and has premium co-working spaces and private enterprise offices set in a beautiful parkland garden. The precinct also has undercover car parking and premium end-of-trip facilities, as well as access to public transport and the CBD.
Comments