With interest rates remaining high and deals still difficult to pencil out, the pace of new construction is set to slow moving into 2024. However, a number of multimillion-dollar developments are beating the odds to go vertical. 

Here are a few of the largest new projects popping up across the country:

Hub Knoxville
Location: Knoxville, Tennessee
Groundbreaking: February 2023
Estimated completion: 2026
Units: 1,647 beds
Cost: $530 million

Hub Knoxville in Knoxville, Tennessee, is the latest development in Chicago-based developer Core Spaces’ Hub on Campus student housing brand, co-developed with Schenk Realty, also based in Chicago. Geared toward students at the nearby University of Tennessee, the property is set to add more than 1,600 student beds across two 10-story buildings and one seven-story building, according to a press release shared with Multifamily Dive.

Set on a 4-acre site, Hub Knoxville will be the largest student housing development in the city, according to Core Spaces. Units will range from studios to five bedrooms. Amenities will include a 20,000-square-foot rooftop area, plus a pool, fitness center, study lounges and a coffee shop, according to the project’s general contractor, Atlanta-based Juneau. The property will also incorporate over 30,000 square feet of retail and a 10-story parking garage, according to a news post from the city of Knoxville.

The project will deliver in phases in fall 2025 and spring 2026.

250 Water Street
Location: New York City
Groundbreaking: August 2023
Estimated completion: Spring 2026
Units: 399
Cost: $425 million

Once completed, 250 Water Street will be the latest residential addition to The Seaport, a redevelopment of Lower Manhattan’s South Street Seaport by The Woodlands, Texas-based developer Howard Hughes.

The tower will stand 25 stories tall with 399 apartments, including 100 affordable units, as well as office, retail and community facility space, according to New York YIMBY. 

Originally slated to break ground in 2022, the project was halted by a court order in January 2023, given concerns about a “quid pro quo” between Howard Hughes and the city’s Landmarks Preservation Commission. A state appellate court reversed the decision in June 2023, and development commenced in August.

South Pier Residential Towers — Phase One
Location: Tempe, Arizona
Groundbreaking: 2023
Estimated completion: 2026
Units: 724
Cost: $385 million

The South Pier Residential Towers, developed by an entity of Tacoma, Washington-based McBride-Cohen Management, mark the first residential phase of the firm’s South Pier at Tempe Town Lake. Once complete, the waterfront site will include 724 units across three buildings, as well as a public park, pedestrian bridge, public dock and new entertainment district with a ferris wheel, according to AZ Big Media.

In total, the larger $1.8 billion project is slated to add 2,300 apartments, 520 hotel rooms and 600,000 square feet of office space on the shore of Tempe Town Lake in Tempe, Arizona, according to the city’s website. The area is located within a short distance of Arizona State University and Tempe’s Arts and Entertainment District.

Ritz-Carlton Residences
Location: Palm Beach Gardens, Florida
Groundbreaking: November 2023
Estimated completion: 2025
Units: 105
Cost: $340 million

The latest Ritz-Carlton Residences development is now underway in Palm Beach Gardens, Florida, at the north end of Palm Beach County, located on 14 acres of waterfront land on the Intracoastal Waterway.

Palm Beach Gardens-based developer Catalfumo Companies is drawing at least 80% of the property’s construction and development teams from Palm Beach County, including architect Spina O’Rourke + Partners and interior designer The Decorators Unlimited, both also based in Palm Beach Gardens. “We always believe — local, local, local,” CEO Dan Catalfumo told Multifamily Dive. “It was a great way of giving back to the community.”

Prices for the 105 condominiums at The Ritz-Carlton Residences, Palm Beach Gardens start at $4.5 million, according to the property website. Units in the mid-rise buildings are designed after the look of single-family homes, according to Catalfumo, ranging from three to five bedrooms and approximately 3,100 to 5,000 interior square feet in size. Amenities will include a heated infinity-edge pool, an on-site concierge and a waterfront clubhouse with a spa and fitness center. A private marina will offer 29 boat slips for lease, able to accommodate vessels of up to 75 feet.

Chapel Block - AVE Navy Yard
Location: Philadelphia
Groundbreaking: October 2023
Estimated completion: 2025
Units: 614
Cost: $285 million

AVE Navy Yard, developed by Long Beach, California-based Ensemble Investments, Philadelphia-based Mosaic Development Partners and Plymouth Meeting, Pennsylvania-based Korman Communities, will be the first residential addition to Philadelphia’s Navy Yard.

Once complete in 2025, AVE Navy Yard will offer 614 luxury, market-rate and affordable apartments across two buildings, including about 100 furnished apartments for flexible stays. Over 75,000 square feet of indoor and outdoor amenities will include a fitness center, game rooms, a business center and work pods, a theater room, lounge areas and an outdoor pool.

The property will sit on a newly constructed 35,000-square-foot public plaza with seating and space for outdoor events, bordered by 25,000 square feet of retail. The Navy Yard, redeveloped as a business district since the original military base’s closure in 1996, is home to over 150 nearby businesses with over 15,000 employees.

Casa Bella Residences by B&B Italia
Location: Miami
Groundbreaking: November 2023
Estimated completion: 2025
Units: 319
Cost: $275 million

Two Miami developers, Related Group and Alta Developers, are underway on a 56-story condo tower in downtown Miami, designed by Miami architect Arquitectonica with interiors by Italian design house B&B Italia.

The 319 units at the Casa Bella Residences will range from one to four bedrooms in size and include Wolf and Sub-Zero appliances, European fixtures and private elevator access, according to a press release shared with Multifamily Dive. Ten of the units are penthouses, including two triplexes on the 54th floor, which feature private pools and indoor/outdoor summer kitchens.

On-site amenities include two pools, an event venue, a wine room and tasting lounge, a private theater, coworking spaces, a fitness center with yoga and spin rooms, a spa and a rooftop observatory on the 56th floor. Pricing starts in the $700,000s.

Correction: The image of the Casa Bella Residences is courtesy of Related Group, and the project will be complete in its entirety in 2025. In addition, Schenk Realty is a co-developer of Hub Knoxville.