There are some pretty big construction projects going on today that are driving profits and jobs in the U.S. These megaprojects are providing new and eclectic places to live and shop and helping improve economies. Most of these range in the billions of dollars and will take years to complete. They’re funded by large corporations but also quite a bit of private money is involved.
Below are three of the biggest construction projects underway nationwide.
Related Santa Clara – Cost: $8 billion
Location: Santa Clara, California
This project began last May. The developer is Related Cos. Their location is a 240 acre former landfill that has been used as a golf course and dirt BMX track. The executive architect on this is Gensler and Foster + Partners.
They’re creating a 9.2 million-square-foot mixed-use project that will feature:
- 5.4 million square feet of commercial office space
- 30 acres of public space
- Approximately 1,300 residential apartments
- 1 million square feet of shopping, dining and entertainment space
- Pedestrian and bike paths
- 400 extended-stay apartments
- An Equinox hotel
The area will have access to public transportation and major highways. The space is located next to Levi’s Stadium, a popular sports venue and home to the San Francisco 49ers. The project was delayed due to legal action where the city of San Jose sued the city of Santa Clara. The issues were that the project would cause more traffic congestion and drive up home prices in the area. The lawsuits have since been settled.
The 78 – Cost: $7 billion
There’s a massive approval process for projects this big in Chicago, but this project was pushed through by Related Cos. and Related Midwest. It will create a whole new neighborhood called the 78th. The name stems from the fact that there are currently 77 different neighborhoods in Chicago. This one will be the 78th.
When completed, the project will offer some amazing benefits for Chicago residents.
- A 7-acre park
- New transit stations
- 15,000 temporary jobs created during the construction process
- 2,000 new affordable housing units
- $26 million for local neighborhood improvements
- 12 acres of public space
The development is slated to be completed by 2023.
Port Covington – Cost: $5.5 billion
The founder of Under Armour, Kevin Plank and Whiting-Turner Contracting are spearheading this 235-acre development. Port Covington will be completed by 2021 and is located near Rye Street Market. It will include:
- About 338,000 square feet of retail space
- 1 million square feet of office space
- 285,000 square feet of hotel space
- Approximately 976,000 square feet of residential space
The project will feature plenty of retail and office space along with open-air and meeting spaces. The developers are working to restore 2 miles of waterfront and create 40 acres of green space for residents. The developers will meet specific minority hiring goals and donate $10 million to local youth programs.
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