In the construction industry, megaprojects are classified as large-scale development projects that cost $1 billion or more. This year’s most buzzworthy megaprojects reflect rapid construction growth in North America. While all of these projects are currently in different stages, each will forever reshape its city when completed.
Check out the high-level details here, then see each massive megaproject broken down by the numbers.
Cost: $20 billion
Details: Love it or hate it, Hudson Yards has transformed New York City in an unprecedented way. With an estimated total cost of $20 billion, this megaproject has become the largest private real estate development in American history and the largest development in New York City since Rockefeller Center.
The 28-acre site sits atop the rail yards bounded by 10th and 11th avenues and 30th and 34th streets. Developed by Related Companies and Oxford Properties Group in partnership with general contractors Tishman Construction and Tutor Perini, Hudson Yards is now giving rise to skyline-altering towers, high-end living spaces, and more.
Cost: $5.6 billion
Details: Just after its inception, an article by Fast Company broke down the motivation behind this project: “The Mayo Clinic is located in the small city of Rochester (pop. 111,000), about a two-hour drive from Minneapolis, Minnesota. And it is, right this minute, competing fiercely for a small-but-lucrative slice of the global medical tourism industry. But that may be changing — and the reason, if not the construction, is simple: Destination Medical Center.”
Destination Medical Center (DMC) is a robust, 20-year $5.6 billion economic development initiative. The largest in Minnesota’s history, DMC will position the city as a global center for the highest quality medical care, generating high-value jobs, new tax revenue, and new businesses.
Cost: $3.5 billion
Details: In 2019, Toronto dominated the Canadian construction market, boasting 120 cranes currently across its skyline. That’s the highest number of construction cranes in North America and more than double that of the second-highest city (Seattle), which had only 49.
Amongst this building spree, there’s one development that’s generated a ton of media buzz: Union Park Toronto. At a staggering budget of $3.5 billion, the project is being helmed by real estate giant Oxford Properties Group, a partner in New York City’s Hudson Yards. If approved, it will be the largest development of its kind in Canadian history.
Cost: $5 billion
Details: Following suit with cities across the nation, Atlanta now has a “Yards” megaproject of its own on the rise: Centennial Yards. When complete, the $5 billion proposed mini-city will literally lift up a long-neglected section of downtown Atlanta, formerly known as the Gulch.
The project’s name is an homage to the site’s once bustling rail hub and Centennial Olympic Park. When complete, Centennial Yards will include a new network of pedestrian and transportation infrastructure; 1,000 private residences; massive amounts of retail and office space; 1,500 hotel rooms; a central pedestrian plaza; and green space that will connect Centennial Yards to major sports venues.
Cost: $4 billion
Details: Resorts World Las Vegas is the Las Vegas Strip’s first ground-up, major casino resort development in nearly a decade. Led by Genting Group and located on the former Echelon site, the multi-billion-dollar project represents the end of a long construction pause on the Strip following the 2008 recession.
The project was designed to authentically reflect Chinese aesthetics and culture, creating a unique international tourist destination. The project will eventually offer 7,000 hotel rooms, but plans for the first phase include 3,300 rooms, a movie theater, a 30,000-square-foot lake, a Chinese garden, and a convention center.
Cost: $8.6 billion
Details: Chicago O’Hare International Airport is currently working on an plan to overhaul and expand its congested terminal complex — the airport’s first major capital improvement in more than 25 years.
At completion, the massive facility will handle both domestic and international flights and include its own customs and immigration checkpoints. Combined with two new satellite terminals, the overhaul will increase O’Hare’s total terminal area by an estimated 60%, from 5.5 to 8.9 million square feet.
Cost: $4 billion
Details: One of America’s most exciting cities is giving rise to a vibrant new center. The Miami Worldcenter is a mixed-use development currently under construction, led by principals Arthur Falcone and Nitin Motwani, designed by Elkus Manfredi Architects, and spanning several blocks in the Park West neighborhood of Miami.
Along with a convention center, hotel space, and residential units, the development will include a large amount of street-level retail and large anchor tenant space, such as Macy’s and Bloomingdale’s.
2019 has been a huge year for North American megaprojects, with large-scale construction ventures like these becoming more and more common. From massive sports stadiums to urban revitalization efforts, we will likely see both cost and project complexity continue to increase going into 2020 and beyond.