Despite the economic uncertainty and reports of a massive upheaval in patterns of living and working in the United States, developers are continuing to spend billions of dollars on massive development projects all over the country.
Kim Slowey details the status of mega-project development around the United States, as the country deals with the economic fallout of an ongoing public health crisis after a decade of steady growth in the mega-project market. According to an FMI Corp study published in the fall of 2019. The annual value of mega-project startups increased from 3 percent to 33 percent over the past decade.
"As the COVID-19 outbreak hit, many massive, mixed-use projects were in various stages of development. For those that were already underway, the pandemic hasn't seemed to significantly change developers' decision-making," explains Slowey before checking on the status of the country's largest mega-projects, including an $8 billion development by Related Cos. in Santa Clara, the $6 billion Lincoln Yards project by Sterling Bay Companies in Chicago, the $5.5 billion Port Covington development by Weller Development in Baltimore, and more. Other mega-projects listed in the article are found all over the country—from Rochester, Minnesota to Atlanta to Islip, New York to Frisco, Texas.
"It remains to be seen, however, what the ultimate effect will be as remote working has gained popularity, and potential tenants and residents have eschewed urban living for the suburbs in order to gain some physical distance from each other," writes Slowey.
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