A new construction trend in areas where space is tight and land is expensive is condominiums that are being newly built or are being incorporated into existing high-rise buildings. Developers are adopting what are known as “vertical neighborhoods” to meet the demand for inner-city housing at a time when undeveloped parcels of land are scarce.
These high-rise condominiums feature residential units, commercial space, and dozens of amenities, such as on-site gyms, swimming pools, atriums, art galleries, etc., to ensure that occupants have a wide range of options for life. modern urban life. Most potential homeowners don’t realize that condominiums are being built and located in a variety of locations. They may be located in a city high-rise or a sprawling suburban complex within excellent school districts and can vary dramatically in interior design and amenities. Gone are the days when owning a condo meant preparing to settle for fewer amenities, undesirable locations, and a more mundane quality of design and construction materials. Of course, all of these benefits come at a price; however, for many homeowners this new trend suits their lifestyle and pocketbook.
The following projects that are being built or have been upgraded to condominiums in the United States are examples of this new trend. So-called “vertical neighborhoods” are also being built in cities like Dallas, Salt Lake City and other cities across the country.
* MGM Mirage is building a vertical neighborhood on 66 acres on the Las Vegas Strip. CityCenter will feature a 4,000-room hotel-casino, 2,700 condominiums and condo-hotel units, and more than 500,000 square feet of retail space.
The first large-scale vertical neighborhood was built over four years in Manhattan by Apollo Real Estate Advisors and Columbus Center LLC. The $1.7 billion, 2.8 million square foot Time Warner Center on ColumbusCircle offers luxury condominiums in the two towers along with a Mandarin Oriental hotel, retail space on seven floors, and TimeWarner headquarters.
*Water Street Plaza, the first commercial Class A condominium building in Lower Manhattan, is using lobby art to attract tenants, as reported in a New York Times article.
“Building managers put on rotating exhibits organized by an in-house curator, whose job it is to recruit artists and organize their works as they would be displayed in a typical gallery. Time Equities has owned the building at 125 Maiden Lane since 1999. At this particular location , rotating art exhibits have helped attract culture-oriented buyers since 2006, when Greenburger’s firm converted the building’s leased space into office condominiums for sale.”
* A century ago, Boston had more than two dozen breweries, but only a few survived Prohibition. According to an article in the Boston Globe, three of those old Boston breweries dating back to the early 19th century are now being converted into condominium complexes.
The first to be ready for sales are the American Brewery Co. lofts on Heath Street in Jamaica Plain. There will be 79 lofts on five floors, including the original brewmaster’s quarters. 36 units will be listed for less than $400,000.
* As reported in the Associated Press, “Donald Trump is one step closer to building a high-rise hotel and condo in downtown New Orleans.
The New Orleans city council has approved a zoning proposal for the Trump International Hotel & Tower, which will be the tallest building in the city at 842 feet.
The proposed condominiums will start at $400,000. Construction on the project will begin this summer and will take two and a half years to complete, says developer Cliff Mowe.”
These projects are just a few of the types of condominium construction taking place across the United States and were included to illustrate the types of condominiums now available to city dwellers who want close access to their workplaces, access to popular retail stores, luxury amenities and the benefits of homeownership. For many homeowners, these advantages far outweigh some of the negatives most prospective homeowners associate with condo ownership.