Union Station finally lives up to its name, and multifamily is going modular
Apr 17, 2015
Here are the news stories you might have missed this week:
The New York Times: Union Station in Washington has grand development plan
Washington, D.C.’s Union Station has long stood divided from the city it serves, but a billion-dollar development plan hopes to reunite the station with its adjacent neighborhoods by building up the surrounding area with retail space, office developments, hotels, housing, and parks and plazas. Dubbed Burnham Place, the $8.5 billion plan involves developing the air rights over the station’s existing rail tracks with new commercial spaces. This ambitious project could be a game-changer in the nation’s capital, adding millions of square feet of new development to an underserved area and joining neighborhoods that, at times, have been divided. Learn more about this grand plan at NYTimes.com.
National Real Estate Investor: Multifamily embraces modular construction
Time is money, and in this case, real estate developers are reaping the financial benefits of speedy construction. Hilltop House, a new multifamily development in Winston-Salem, N.C., built 65 apartments in only 47 days through the use of modular construction. Modular construction enables developers to build buildings in pieces in a factory, and then put them together on-site, and this trend could continue as the multifamily sector shows strength throughout the nation. Many investors see modular construction as a smart bet because it can reduce labor costs and construction times. See how modular multifamily housing stacks up at NREIOnline.com.
Philly Voice: Gallery developers rebrand mall, target spring 2017 reopening
Philadelphia’s Jefferson Station won’t just be a transportation stop, but a destination. The adjacent shopping center, now rebranded as Fashion Outlets of Philadelphia at Market East, is getting a major upgrade. The $325 million development will add sidewalk cafes and new storefronts to the areas’ existing office space. This new retail experience, which will house more than 100 luxury and traditional stores, will replace The Gallery, a now defunct mall. To read more details about the rebranding, go to PhillyVoice.com.
Bisnow: One of Boston’s most complex construction sites
Construction is booming in Boston: current projects and developments that’ll be complete over the next few years represent more construction than there’s been in the past 35 years. The Building for the Future medical project by Brigham & Women’s Hospital and the mixed-use Viridian multifamily development are two transformative projects that represent new development ideas and zoning practices in Bean Town. But with so much construction underway throughout the region, developers are struggling to find qualified subcontractors to head the projects and are adaptive to finish projects on time. For more information, visit Bisnow.com.