8 of the most expensive real estate developments in American history
With an estimated cost of $20 billion, New York City's Hudson Yards neighborhood is set to become the most expensive private real estate development in American history.
When construction is complete in 2024, it will include all types of buildings, from luxury condos to boutiques to offices.
Elsewhere in the US, there are several similar projects — some of which cost billions.
Take a look at a few below.
City Center in Las Vegas, Nevada.
Located on the Las Vegas Strip, the City Center features 16.7 million-square-feet of casinos, high-end shops, hotels, and luxury condos.
Construction on the estimated $8.5 billion project (which includes five towers) started in 2006, and the development opened three years later.
The Spring District in Bellevue, Washington.
The Spring District is a $2.3 billion, 16-block neighborhood, which will be complete in 2028.
The mixed-use development will include a light rail station (that's part of a new line set to open in 2023), housing, office space, parks, and retail.
Construction of the first phase, made up of two apartment buildings, started in 2015, though planning for the neighborhood began in the late 2000s.
Brickell City Centre in Miami, Florida.
Located in Miami's financial district, the Brickell City Centre cost approximately $1.05 billion to build from 2014 to late 2016.
The mega-development spans five blocks and consists of shops, a movie theater, restaurants, office towers, and condos.
Springwoods Village in Spring, Texas.
This master-planned development, called Springwoods Village, is located 20 miles north of Houston and will cost an estimated $10 billion.
It will feature offices, 5,500 residences, a hotel, retail, restaurants, and tons of green space. Phase 1 of the 2,000-acre community is expected to open in 2017, though it won't be complete for another decade.
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The Seaport District in Boston, Massachusetts.
Boston's seaport district is about 150 years old, but a large redevelopment of the area began in the early 2010s.
In the last six years, roughly $2 billion worth of construction has been approved by the city, according to its developers. However, the cost could rise if more components are given the green light.
The masterplan (which may face changes in coming months) includes 3,200 residential units, several tech hubs, a 200,000-square-foot performing arts center, 5,500 parking spaces, a public promenade, and a hotel.
Hudson Yards in New York City.
Set to open by 2024, Hudson Yards is being billed as the largest private real estate development in American history.
The $20 billion neighborhood on Manhattan's far west side will include dozens of buildings with cafés, bars, restaurants, shops, residences, and a school. There will also be 14 acres of public outdoor space, and the High Line (Manhattan's famed elevated urban park) will border the development.
The Trinity River Project in Dallas, Texas.
The Trinity River Project is a 10,000-acre nature district planned for the city of Dallas.
The ongoing development was conceptualized in the early 2000s, and as of June 2015, the city has spent over $609 million to build trails, a bridge, a horse park, a golf course, and a community center in a forested area near the city.
The latest component, called the Harold Simmons Park, will cost $250 million and be complete by 2021, according to Dallas News.
Rebuilding of the World Trade Center in New York City.
After Manhattan's World Trade Center buildings were destroyed or damaged beyond repair in the September 11 attacks in 2001, a major development effort to replace them began.
Four of the seven planned buildings, including a $4 billion transportation hub and three skyscrapers (containing mostly offices), are complete. There's also a large memorial next to the new One World Trade Center. The site will be complete in 2021.
Estimates for the price of the development vary, but The New York Times reports that it's at least $8 billion. When you take into account the total toll of replacing destroyed or damaged property (e.g. computers, other buildings, electricity, and clean-up), the cost is approximately $55 billion, according to the Times.
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