Current Pulse of the Construction Sector: Adaptive Projects and Advances in Resiliency
Dear Contractors,
The landscape of city construction is pulsating with fresh endeavors and transformative changes. In San Jose, an apartment complex at 860 West San Carlos pivots from market-rate to exclusively affordable units. By capitalizing on state bonds and tax credits, this could streamline the funding process and hasten approvals. However, this 272-unit infill awaits a definitive cost and timetable.
In contrast, Lincoln Park waves goodbye to a CVS store, making room for six new condos with two commercial spaces. Yet, the community awaits visual renderings and specific timelines for this venture to witness the new face of the 405 West Armitage location.
Further north in El Cerrito, a financing boost of $39 million seeds the genesis of an ambitious transit-oriented plaza. Envision 743 apartments ready by 2029, with construction on the first building commencing next year—signaling a welcome expansion of affordable housing.
Solidifying urban resilience, the South Battery Park City Resiliency Project forges ahead in Lower Manhattan. With the target set on mid-2025, the redesigned Robert Wagner Park Pavilion exemplifies sustainable construction practices, primed to earn a Net-Zero Carbon Certification.
Lastly, in Woodlawn, a permit clears the path for a modest yet significant 2-unit residential property at 6513 South Langley Avenue. This epitomizes small-scale development that contributes meaningfully to urban living.
In each of these projects, we find the drive and creativity that fuel our industry's growth. For you, the contractors, they represent the converging paths of opportunity and sustainable innovation.
*Plans at 860 West San Carlos shift to a completely affordable housing complex *State funding fuels progress on El Cerrito's transit-oriented multi-use development *Resiliency takes center stage at South Battery Park City, aiming for completion in 2025
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Important Players
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Holliday Development
Leading the design and planning for the El Cerrito Plaza, a major transit-oriented development.
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Hugh L. Carey Battery Park City Authority
Overseeing the South Battery Park City Resiliency Project, a frontline initiative in urban flood risk management.
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Related California
Partnering in the El Cerrito Plaza project, reflecting significant investment in affordable housing.
Potentials
- Increasing demand for affordable housing projects.
- Opportunities in construction projects focused on urban resiliency and sustainability.
- Collaborations with local governments for streamlined project approvals.
Risks
- Uncertain timelines and costs for projects can lead to budget overruns.
- Potential delays in securing necessary approvals from city authorities.
- Market changes affecting the demand for both commercial and residential spaces.
Regulations
- State bonds and tax credits aiding affordable housing financing
- Senate Bill 35 for streamlining ministrial review processes