5 of the most expensive real-estate developments in North American history
Some of the most expensive developments in North America.
It’s often the biggest and most expensive real-estate developments that change the face of a city, either physically or culturally. North America – specifically the United States – has funnelled a huge amount of money into real-estate development over the years, and has some remarkable displays of architecture to show for it. In this article, we’re looking at five of the most expensive real-estate developments in North American history.
1. CITYCENTER, LAS VEGAS
CityCenter, Las Vegas, is one of the largest privately financed developments in the States, and it’s estimated to have cost $8–9 billion – more than double the original budget. The complex sits upon a gigantic 16.7 million-square-feet of land, and is occupied by casinos, shops, hotels, and luxury apartments.
Despite opening during depths of the Great Recession, CityCenter has been a success from the start. As well as offering housing and professional opportunities for those living in Las Vegas, the site is a massive tourist attraction, bringing in huge sums of money for the city every year.
2. BRICKELL CITY CENTER, MIAMI
Located in Miami’s financial district, Brickell City Center is estimated to cost $1.05 billion once it is completed (phase two is still ongoing). The multi-use development is home to residential apartments, cinemas, restaurants, shops, and offices, and spans five blocks of Miami’s skyline.
The development’s goal is to redefine urban living and transform downtown Miami with its modernization and innovation. With luxury shops only minutes from eateries and watering holes, as well as the latest blockbusters on the big screen, there’s something for everyone at Brickell City Center.
3. SEAPORT DISTRICT, BOSTON
Boston’s Seaport District is around 150 years old, but in the early 2010s it underwent a large-scale redevelopment. Thus far, construction totalling $2 billion has been approved, but with the masterplan extending further than what currently exists, it looks likely that the costs could keep rising.
The final development plan includes 3,200 apartments, 5,500 parking spaces, numerous technology hubs, a 200,000 square-feet performing arts center, a public promenade, and a hotel. All in all, the development is proposed to cover 7.7 million-square-feet of waterfront property.
4. WORLD TRADE CENTER, NEW YORK CITY
In what could have been a moment to break the United States, the terror attacks of 9/11 only cemented the American peoples’ resolve to stand together, whatever may come. 20 years after the attacks, the site of One World Trade Center has been rebuilt and is a symbol of this strength and courage, among the New York skyline.
The building is estimated to have cost around $4 billion to construct. However, the total cost of repairing and rebuilding the World Trade Center is much larger than this – there is no concrete figure that has been agreed upon, but it’s thought to be in the tens of billions.
The site is once again home to multiple office blocks and a transportation hub, as well as the beautiful yet poignant 9/11 memorial, and the bustling commercial district has returned to what it was before that harrowing day in 2001.
5. SPRINGWOODS VILLAGE, TEXAS
Just north of Houston, in a town called Spring, lies the Springwoods Village (also known as City Place) development. 5,500 residences, numerous offices, a plethora of shops and restaurants, and plenty of green space sit upon the site’s 2,000 acre-wide sustainable community, which is estimated to have cost $10 billion to develop.
The goal for Springwoods Village is to create a highly interconnected, robust community that can not only support itself, but also do its part for the environment. With only phase one complete, the site is still under development.
*No image available*
Despite being a relatively young continent, North America has wasted no time in making its mark on real-estate history. The developments listed here are only a handful of those that sit within America’s skylines, but they’re hugely influential and significant pieces both in terms of their architectural design, and also their cultural contribution to America’s present.
If you’d like to discuss potential development opportunities, we’d love to hear from you! Follow this link to start a conversation today.