After rising 6% in August, overall construction starts fell 6% in September to a seasonally adjusted annual rate of $1.1 trillion, according to the latest monthly starts report from Dodge Construction Network.
Residential starts fell 1% last month, down to a seasonally adjusted annual rate of $382 billion, while multifamily starts fell 6%. This year to date through September, residential starts rose 7%, driven by 17% growth in the single-family market. Multifamily starts fell 10% over the same period, and down 11% over the 12 months ending in September.
“Construction starts are treading water,” said Richard Branch, chief economist of Dodge Construction Network, in the report. “September’s [interest] rate cut was just the first step in unwinding a period of high rates and several more cuts will be needed to start moving construction projects through the planning process to start. More consistent growth in construction starts should begin to materialize early in the new year.”
Here are the three largest multifamily projects started in September, according to pricing information provided by Dodge Data & Analytics, valued at a combined total of $513 million:
Ray Nashville
Value: $211 million
Location: Nashville, Tennessee
Developers: Ray, VeLa
Units: 367
Estimated completion: 2027
Located in Nashville’s Pie Town neighborhood, Ray Nashville’s modernist gridded design is inspired by the evolving context of the surrounding city, according to a press release shared with Multifamily Dive.
The 32-story tower will encompass 575,000 square feet of developed space, with 367 residential units ranging from studios to three bedrooms. Amenities will include an indoor-outdoor fitness center, yoga studio, spa, lounge, outdoor pool, dog wash stations, coworking spaces and public and private parking. A public gallery on the ground floor will showcase pieces from Nashville-based artists.
35 Cottage Street
Value: $152 million
Location: Jersey City, New Jersey
Developer: Namdar Group
Units: 588
Estimated completion: TBD
The upcoming development at 35 Cottage Street marks another high-end addition to Jersey City’s Journal Square neighborhood, which has seen explosive new residential growth over the last several years.
The 27-story tower will contain 588 units, as well as a synagogue, a preschool and a party hall, according to Chicago-based JLL, which arranged financing for the property. It will be located within walking distance of the Journal Square PATH transit station, and will also contain first-floor retail facing the adjoining Homestead Plaza public space, according to Jersey Digs.
Life Time Living Tower
Value: $150 million
Location: Phoenix
Developers: Life Time, RED Development
Units: 300+
Estimated completion: 2026
Life Time Living, the apartment brand of Chanhassen, Minnesota-based fitness club franchise Life Time, is underway on its fifth location in Phoenix, according to Dodge. The project is part of the PV Phoenix development by Phoenix-based RED Development, located on the former site of the Paradise Valley Mall, according to the developer’s website.
The site will combine an 11-story apartment tower with over 300 units and a new Life Time Fitness location, according to What Now Phoenix. The unit mix will feature one- and two-bedrooms and penthouses, and amenities will include work-from-home spaces, a private dining room, a yoga and fitness studio, a pool deck, an indoor/outdoor bar area, outdoor game areas, a dog park and EV charging stations. Residents will also have access to concierge wellness services, including nutrition coaching, according to What Now Phoenix.
