Despite decreasing property values and rising vacancy rates over the past decade, the US has done what they know best: re-invent themselves to foster growth and maintain a robust appearance on the global scene. Prestigious universities have strengthened their marketing to attract new foreign elites; hotels, monuments, and retail brands have built on their image to modernize their offerings and bring the glamour back to the US; property developers have started to look at formerly undesirable locations and have invested in the right people to make them relevant and trendy again. These 3 real estate projects are living proof that this strategy is working.
The Wharf, Washington D.C.
Washington D.C. is one of the hottest markets for real estate right now: long summers, outstanding lifestyle options, and plenty of potential for new developments, renovations, and more growth. The Wharf is the symbol of this appetite for life and consumption that Americans have fully regained over the past 2 years. This mile-long, $2-billion waterfront neighborhood is ideally located on the Potomac River, steps away from major attractions like the White House, the Capitol, and Smithsonian Museums.
When completed, the project will boast 450 new marina berths, a lavish new clubhouse for the landmark Capital Yacht Club, numerous boutiques and restaurants, a large entertainment music hall venue, and much, much more.
Luxury condominiums will offer fantastic views of the city and the river and display the most modern amenities in an effort to cater to the growing Gen Y buyers – local and international.
Hoteliers aren’t overlooking this tremendous opportunity: each year about 20 million tourists visit the capital city and especially the lawn of National Mall and its monuments, just minutes away. InterContinental, Canopy by Hilton, and Hyatt have already signed up and are getting ready to open rooms, serviced residences, and more dining options.
Metropolis, Los Angeles
For those who will prefer warmer weather, LA’s Metropolis is undoubtedly a strong candidate. Right next to L.A. Live – entertainment space, JW Marriott and Ritz-Carlton Residences – will emerge a new epicenter of life…we’re talking $6-billion real estate value worth of comprehensive and exclusive living. So what exactly can you expect from the biggest mixed-use project on the West Coast?
Upon completion in 2018, Metropolis will count three residential towers offering the finest amenities available in Los Angeles, spacious contemporary residences, breathtaking views of the downtown skyline, the Pacific Ocean, and the Hollywood Hills, and the city’s first “smart interiors”. Residents can also enjoy lushly landscaped gardens, pools, and a private dog park at their doorstep. Luxury comes at a price: studios start at $570,000 – you read right, studio, not even a 1-bedroom.
Being so close to the Los Angeles Convention Center and Staples Center, it is no surprise that space would be made for a hotel too. IHG didn’t pass on such a location and is opening the glamorous Hotel Indigo Downtown Los Angeles by the spring of 2017.
There will also be plenty of fine dining options, retail space, and recreational areas to keep residents entertained and even attract occasional patrons to Metropolis and to the future Avenue of the Angels.
Hudson Yards, New York City
Now let’s go back to basics for a minute: New York City is still the largest concentration of UHNWI in the world and developers are constantly wooing them. Well, one project tops them all: Hudson Yards. This $20-billion redevelopment of Manhattan West is the largest private real estate development in US history.
Sales have started with jaw-dropping numbers: one-bedrooms will go from $1.95 million and we heard the penthouses will ask for at least $32 million. The level of amenities and finishes is close to none and residents will enjoy private access to an indoor pool, a roof-level lounge, a business center, five-star dining areas and bars, etc.
As of 2019 you will also be able to stay at the first gym-centric Equinox Hotel and residences: the brand now aspires to become a “360-degree fitness- and wellness-minded lifestyle company”. Equinox membership is not required to book.
Offices and cultural sites are also on the list of things being built at Hudson Yards. So is the city’s first Neiman Marcus, along with Tory Burch, Coach and 100 other stores; so is the dozen of restaurants run by chefs such as Thomas Keller, José Andrés, and Costas Spiliadis; and so are the 10 acres of parks and public spaces added to New York City. A new city within the city; and so much to look forward to.
Founder of UNITIATE, Geoffrey is a Marketing Expert, Luxury Specialist and Hospitality Enthusiast. Wherever he goes, his early career and personal interests have always helped him nurture and cultivate a passion for the Travel and Leisure industries. French-born, Geoffrey has accumulated an extensive experience abroad, thanks to regular visits to foreign countries but also thanks to years of expatriation. Currently based in Chicago, Geoffrey has already lived and worked in New York, Shanghai, Singapore and Monaco. You can meet Geoffrey on Twitter and Linkedin.