The U.S. apartment market is on track to grow by more than 400,000 units this year, a number boosted by some massive individual projects.
The largest conventional apartment projects scheduled to deliver in 2021 are being built on the east and west coasts. Three of the 10 largest projects are set to come online in the Seattle market, while Los Angeles and Miami are each expected to receive two of these large projects. The remaining communities are delivering in Newark, New York and San Diego.
Here’s a look at the largest projects scheduled to deliver this year.
Los Angeles will be home to the largest project set to deliver in 2021. Ferrante is a seven-story community rising in Downtown Los Angeles that will contain 1,150 units. Beverly Hills, CA-based G. H. Palmer Associates began construction on the property in early 2018, with completion scheduled for December 2021. The development, located on a 10-acre property at West Temple Street and North Beaudry Avenue, replaces the former 10-story Bank of America data center and office building. The mixed-use complex, built around a large courtyard, will include 21,000 square feet of ground-floor retail space. Ferrante is the latest and largest in Palmer’s “Renaissance Collection,” a series of Italian-inspired apartment complexes bordering the Harbor Freeway in Los Angeles. Combined with six other projects – Da Vinci, Lorenzo, Medici, Orsini, Piero, and Visconti – Palmer’s portfolio will include 5,000 residential units.
Onni South Lake Union
Onni Group, a real estate development company headquartered in Vancouver, Canada, is building a master-planned community on Denny Way in Seattle’s South Lake Union neighborhood. The residential portion of the development will contain 1,128 units in twin 41-story towers. Construction began in early 2017 and is scheduled for completion in September 2021. Apartment amenities include two rooftop decks, mid-building private outdoor green terraces and amenity space, fitness center with a yoga studio, and bike storage. In addition to the apartments, the project will contain office space, nearly 54,000 square feet of retail space, pedestrian plazas and two sky bridges.
Vancouver, Canada-based Westbank is building two 48-story residential towers in the Denny Triangle Urban Center Village near Amazon’s headquarters in Downtown Seattle. The 1.2 million-square-foot project, dubbed 1200 Stewart, includes a four-story residential low-rise and three-story commercial podium base with nearly 150,000 square feet of retail space. In total, the project will contain 1,050 residential units. The development also features creative workspace, a Live Nation music venue and a galleria connecting Stewart Street and Denny Way, creatively incorporating a Boeing 747 as useable space. Westbank began construction on the project in June 2018 and estimates delivery for December 2021.
In Downtown Miami, locally based Melo Group is building twin 52-story towers with 1,042 units at 500 Northeast 1st Avenue. Dubbed Downtown 5th, this is the single largest multifamily development ever built in Downtown Miami’s Central Business District. Construction on the project began in December 2019 and is scheduled for completion in August 2021. The development, which will contain 12,500 square feet of ground floor retail space, is within walking distance of multiple public transit options and is situated adjacent to the College North Metromover Station. Building amenities will include three swimming pools, a fitness center, social room, game room and café. Melo Group already has a portfolio of more than 6,000 condo and rental units in the downtown Miami area.
New York-based developer The Durst Organization is building a 70-story building in Long Island City, NY, directly across from Queensboro Plaza. The project started construction in early 2018 as Queens Plaza Park, but the name was later changed to Sven. The development will be comprised of 50,000 square feet of retail and office space in addition to 958 rental units and will be the second-tallest structure in the borough of Queens. Amenities will include an outdoor swimming pool, a 20,000-square-foot fitness center, a library, co-working areas, a children’s playroom and a demonstration kitchen. The project also includes the adaptive reuse of the historic Long Island City Clock Tower which was completed in 1927 and originally home to Bank of Manhattan. Construction of Sven is scheduled for completion in October 2021.
In the Culver City-West Adams corridor of South Los Angeles, San Francisco-based Carmel Partners is building a 910-unit apartment community at 3321 South La Cienega Boulevard. The collection of interconnected seven-story structures is part of Carmel Partners’ larger development, the Cumulous District, an 11-acre mixed-use complex next to the La Cienega/Jefferson station on the Expo light rail line. Another 31-story tower in the development, called ARQ, will feature 300 residential units. A one-acre park called Zocalo will connect ARQ with VOX. The Cumulous District will also feature a 50,000-square-foot flagship Whole Foods Market which will anchor 100,000 total square feet of retail space for restaurants, bars, boutiques and fitness studios. Construction on ARQ recently completed, while VOX is scheduled for completion in November 2021.
Vancouver, WA-based Holland Partner Group and Arlington, VA-based North America Sekisui House are building an apartment community in Northeast San Diego. The partnership acquired a 10.1-acre site on Del Sol Drive in 2018 for the construction of 840 units across four seven-story buildings. The Society will be centered around the Town and Country Resort, a 40-acre urban resort hotel and conference center which has recently undergone a $90 million renovation. Amenities at the apartment community feature a club room, pool, fitness center with yoga studio and bike storage. Apartment residents will also have access to Town and Country Resort amenities including room service, food and beverage service, cleaning services and exclusive room rates. The Society is expected to deliver in December 2021.
Journal Squared II
Bridgewater, NJ-based Kushner Real Estate Group is building the second phase of Journal Squared in Jersey City. It is one of three towers planned for the site at Summit and Pavonia Avenues and will be the project’s tallest, rising 71 stories. The first tower with 53 stories and 538 units was completed in 2017. The second phase with 704 units is scheduled for completion in August 2021 and will contain 16,000 square feet of ground-floor retail space. The third and final tower for Journal Squared will eventually rise 60 stories, making it the second tallest of the trio. Once finished, the three-tower project will house over 1,800 residential units along with a mix of office and retail space.
In the Miami market, locally based The Faith Group broke ground on Modern Towers in November 2019. The eight-story project located along Southwest 258th Street in Homestead consists of 665 rental units and two freestanding parking structures. Amenities include two swimming pools, two clubhouses with fitness centers, a playground, electric car charging stations, an outdoor barbecue area, a pet wash area and an onsite commercial area with a grocery store and laundry facility. Construction on Modern Towers is scheduled for completion in August 2021.
At the corner of 156th Avenue and Turing Street, next to Microsoft’s Redmond headquarters and across the street from Esterra Park, an eight-story, 664-unit apartment community is rising. Dubbed Parkside, it is Dallas-based Lincoln Property Company’s first apartment development in the Seattle market. Amenities at Parkside include bike storage, ski lockers, a yoga studio, a fitness center, gardens, a rooftop deck with views of downtown, a game room, electric car charging stations, a pet lounge and wash station, and communal work lounges with Wi-Fi and beverage service. The project is scheduled to deliver in April 2021.