7 mixed-use projects to watch in 2025

Multifamily begin exercise has slowed significantly over the previous yr, with a 28.8% year-over-year drop reported in November. Nevertheless, there are nonetheless builders making the most of alternatives to deploy capital — a lot of them on a really giant scale. 

These mixed-use initiatives are situated throughout the nation in each city and suburban areas, some already began and others anticipated to interrupt floor quickly. Listed here are just a few examples of the biggest mixed-use initiatives making information this yr: 

Willets Level

Location: Queens, New York
Developer: Associated Cos.
Price: $3 billion
Groundbreaking: June 2021

New York Metropolis-based Associated Cos. has its eye on revitalizing a 62-acre section of Queens close to the Flushing River and subsequent to the New York Mets’ Citi Discipline stadium. Willets Level, as soon as an ash dumping floor, has lengthy been identified for its auto outlets and junkyards. 

The $3 billion redevelopment plan calls for two,500 new reasonably priced properties, over 20,000 sq. toes of retail, a 650-student public faculty and 40,000 sq. toes of public house. A brand new $780 million stadium for the New York Metropolis Soccer Membership soccer staff is anticipated to open on the positioning in 2027.

Remedial work on the web site started in June 2021 and has since been accomplished. The primary vertical section will embrace 1,100 of the deliberate reasonably priced housing models. 

Veridea

Location: Apex, North Carolina
Developer: RXR
Price: $3 billion
Groundbreaking: December 2024

New York Metropolis-based actual property agency RXR is underway on the primary section of improvement on the $3 billion Veridea mixed-use venture in Apex, North Carolina, situated southwest of Raleigh. The 1,100-acre venture had been within the planning phases for 17 years when RXR took over the positioning in 2023, in response to a press launch shared with Multifamily Dive.

The primary section will embrace 1,500 multifamily models; 1,100 single-family properties and townhomes constructed by Miami-based house builder Lennar; 150,000 sq. toes of business, retail and restaurant house; over 200,000 sq. toes of commercial house and a brand new campus for Wake Tech Group School, in response to the discharge. 

At full buildout, Veridea will provide as much as 8,000 residential models, 3.5 million sq. toes of retail house, 12 million sq. toes of business house and a brand new public elementary faculty, along with the brand new school campus, the discharge mentioned.

South Pier

Location: Tempe, Arizona
Builders: Cantor Fitzgerald, Silverstein Properties
Price: $1.8 billion
Groundbreaking: 2023

South Pier, a $1.8 billion master-planned community in progress on the Tempe City Lake waterfront in Tempe, Arizona, hit a milestone in its building in October with the topping out of its first section — Shorehaven, a three-building web site mixing residential, retail and leisure house.

Developer Silverstein Properties and monetary providers firm Cantor Fitzgerald, each based mostly in New York Metropolis, intend to construct a multi-acre complicated of residences, condos, inns and workplace towers on the Alternative Zone web site, together with an leisure pier. 

Shorehaven will include 722 models starting from studios to a few bedrooms, plus 20,000 sq. toes of indoor facilities, 30,000 sq. toes of outside facilities and 26,000 sq. toes of retail, in response to the discharge. The property is slated for completion in 2026.

Park Eight Place

Location: Houston
Developer: Johnson Growth
Price: $1 billion (projected)
Groundbreaking: Late 2024

Houston-based Johnson Growth introduced the groundbreaking of Park Eight Place, a 70-acre mixed-use web site in west Houston’s Westchase district, on Sept. 25. Web site work has since begun on the estimated $1 billion venture, with roads and infrastructure set to observe early this yr, in response to the Houston Chronicle. Info on residential developments on the property will not be but obtainable. 

The venture is designed round selling more healthy life, in response to the developer’s information launch. Michael Cox, president of Johnson Growth, says the property is pushed by a dedication to environmentally pleasant and sustainable design and applied sciences. 

The town of Houston awarded Park Eight Place its first developer-initiated Walkable Locations designation in November, in response to a information launch shared with Multifamily Dive. The property shall be built-in with the adjoining 200-acre Arthur Storey Park, connecting its residents to a path system that extends by the metro space. 

Esplanade

Location: Pittsburgh
Developer: Piatt Cos.
Price: $740 million
Groundbreaking: 2025

The Pittsburgh Planning Fee approved a $740 million redevelopment plan for practically 15 acres of post-industrial land on town’s North Aspect on Nov. 12, together with future housing, leisure and retail. 

Canonsburg, Pennsylvania-based actual property agency Piatt Cos. is main the venture, which shall be situated on the Ohio River. The plan encompasses over 1.7 million sq. toes of developed house, with 300 residences, a 125-room lodge, 105 apartment models, restaurant and retail house, a river security facility and a 164-foot Ferris wheel.

Growth will happen in two phases. Piatt Cos. plans to begin building on the primary section in early 2025, following approval from town and shutting on the event land. 

Peoria Place

Location: Peoria, Arizona
Developer: Greystar
Price: $500 million
Groundbreaking: Could 2023

Charleston, South Carolina-based Greystar is underway on a number of components of its $500 million, 88-acre Peoria Place improvement in Peoria, Arizona. At full buildout, the positioning is anticipated to incorporate greater than 700 residences, 255 build-to-rent properties, 20 acres of open house and a lightweight industrial park. 

The economic heart was the first part of the property to interrupt floor, in response to AZ Massive Media, and the first residential development, Marlowe Peoria Place, adopted in January 2024, in response to Greystar. Marlowe, nonetheless underneath building, will embrace 370 of the positioning’s condominium properties and 4,900 sq. toes of retail. 

Habitat

Location: Los Angeles
Developer: Lendlease
Price: $316 million
Groundbreaking: 2023

Development on the 3.5-acre Habitat property in Los Angeles’ Culver Metropolis submarket is nicely underway, with two of its buildings — a six-story workplace and a 12-story condominium constructing — topping out in early December. 

Developed by Sydney-based Lendlease in partnership with Australian superannuation fund Conscious Tremendous, Habitat shall be a net-zero-carbon property with an built-in photo voltaic array and 64 devoted electrical car parking spots, in response to the information launch. The venture broke ground in 2023 and is valued at $316 million, in response to Urbanize LA.

On completion in early 2026, the positioning will embrace a 253,000-square-foot workplace constructing, a 260-unit multifamily constructing and a couple of,900 sq. toes of retail and restaurant house. Residences at Habitat will vary from studios to two-bedroom models.

The venture is among the many final for Lendlease outdoors of Australia. The corporate announced in May that it was exiting worldwide improvement and building inside the subsequent 18 months, however would honor its commitments to complete three way partnership initiatives, of which Habitat is one.