After falling 6% in September, overall construction starts rose 4% in October to a seasonally adjusted annual rate of $1.2 trillion, according to the latest monthly starts report from Dodge Construction Network.
Despite the uptick, residential starts continued to fall last month, down 3% to a seasonally adjusted annual rate of $373 billion. Multifamily starts fell 2%, while single-family starts were down 4%.
This year to date through October, residential starts rose 7%, driven by 17% single-family start growth — unchanged from this year to date through September. Multifamily starts fell 9% over the same period, down from 11% YTD in September.
While interest rates are falling, construction starts have not yet felt any impact, according to Richard Branch, chief economist at Dodge Construction Network.
“Several more rate cuts will be needed to start moving construction projects through the planning process to start,” Branch said in the report. “Clarity, though, has improved now that the election is in the rearview mirror; however, developers may wait until the full scope of President-elect Trump’s legislative agenda comes into better focus.”
Here are the three largest multifamily projects started in October, according to pricing and information provided by Dodge Data & Analytics, valued at a combined total of $764 million:
Frederick E. Samuel Apartments renovation
Value: $384 million
Location: New York City
Developers: Genesis Cos., Lemor Development Group
Units: 664
Estimated completion: Fall 2027
The New York City Housing Authority’s next Permanent Affordability Commitment Together redevelopment project is the Frederick E. Samuel Apartments, a set of public housing developments in Harlem originally constructed between 1910 and 1928, according to the NYCHA Journal.
Over the course of a three-year renovation, developers Genesis Cos. and Lemor Development Group — both Black-owned firms based in Harlem — and Brooklyn, New York-based builder Monadnock Construction will install new windows, flooring, energy-efficient appliances, cabinets, lighting and free broadband service in each of the apartments. They will also perform lead-based paint, mold and asbestos remediation, and renovate and upgrade common areas, critical utilities and exteriors.
Rivage
Value: $190 million
Location: Bal Harbour, Florida
Developer: Related Group
Units: 56
Estimated completion: N/A
The upcoming Rivage luxury condominiums will stand on a 2.67-acre lot with 200 linear feet of private shoreline, according to the property’s promotional material. The 25-story tower will have no more than three units per floor, ranging from three to eight bedrooms and 3,300 to 12,600 square feet in size.
Units will feature private elevators, terraces up to 12 feet deep and private garages. Amenities will include a beach club, a fitness center, a VR simulator, a spa, oceanfront dining, a pool deck and a butler and estate manager service. Available units start at $9.6 million, according to broker Douglas Elliman’s website.
1 K Street, Southwest
Value: $190 million
Location: Washington, D.C.
Developer: WC Smith
Units: 352
Estimated completion: January 2028
Local developer WC Smith is gearing up to build a new 352-unit property between Washington, D.C.’s Waterfront and Navy Yard neighborhoods, just north of the Nationals Park baseball stadium. The project is expected to break ground in April, WC Smith told Multifamily Dive.
The building will stand 13 stories tall with 372,000 square feet of developed space, and its units will range from one to three bedrooms. The site will include three levels of below-grade parking with spaces for EV chargers and bicycles, according to WC Smith. Amenities will include outdoor terraces and lounges, a dog park, a play area and a swimming pool and pool deck, according to architect WDG.
