Shifts and Surprises in the Construction Sector
The construction industry is witnessing a flurry of activity with new projects, zoning approvals, and some setbacks. At the heart of this, Chicago and Manhattan are showcasing dynamic changes that are pivotal for construction developers.
In Chicago, the West Loop is abuzz with demolition permits paving the way for a new 34-story apartment tower at 1201 West Fulton Market. This major project, led by Fulton Street Companies and designed by GREC Architects, promises substantial new housing developments but has yet to finalize a general contractor.
As these projects unfold, developers should be aware of the possible risks of market volatility and regulatory changes, while at the same time leveraging zoning incentives and community demand for sustainable and affordable housing.
- Fulton Street Companies aims to transform the West Loop with a towering new construction.
- Stanford’s Portola Valley project emphasizes sustainable growth under the State Density Bonus law.
- Logan Square zoning changes highlight opportunities for further real estate growth.
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Potentials
- Leveraging zoning bonuses for increased development scale.
- Expanding affordable housing projects due to high demand.
- Incorporating sustainable designs to meet regulatory incentives.
Risks
- Regulatory hurdles impacting project timelines.
- Supply chain disruptions affecting material costs.
- Economic downturn influencing housing market demand.
Regulations
- State Density Bonus law enhancing residential capacity
- Zoning revisions in urban areas offering new opportunities