- Large real estate developments can easily cost billions of dollars.
- With an estimated cost of $US20 billion, New York City’s Hudson Yards neighbourhood is set to become the most expensive private real estate development in American history.
- All over the world, however, pricey real estate ventures are being built or recently finished, including a $US20 billion mall in Dubai.
Real estate development can get pricey, fast, and easily have price tags of over a billion dollars.
INSIDER took a deep dive into 12 incredibly expensive global properties built, or currently under construction, in 2018 including airports, skyscrapers, and even a football stadium.
Springwoods Village in Spring, Texas, is set to cost $US10 billion.
Set to be completed in 2024, Springwoods Village in Spring, Texas, is estimated to cost a total of $US10 billion.
The first part of the development, a 2000-acre residential area, has been completed and has been in use since 2014.
Spring, Texas, is also located just 20 miles north of Houston, making it perfect for those commuting to the big city.
The project includes corporate campuses, retail, restaurants, plenty of food services, and residential options.
Berlin Brandenburg Airport has already cost $US7 billion and has yet to open.
The Berlin Brandenberg airport was actually set to open in 2012 but has been met with an array of issues postponing its opening.
According to CNN, a “faulty fire-protection system design” was the main culprit in the delay and an estimated $US7 billion or more has already gone into the new airport.
As recently as March, however, Thorsten Dirks, a Lufthansa board member and head of its EuroWings budget subsidiary, told a closed-door event in Bavaria: “My prognosis: the thing will be torn down and built anew,” according to the Irish Times.
The Salesforce Tower cost $US1.1 billion to build.
Opened in 2018, the Salesforce Tower is one of the newest top-1o tallest buildings in the US. Measuring in at 1,070 feet tall; the project cost $US1.1 billion to build. Located in San Francisco’s Financial District, the tower is 61 stories and allows the public to travel up the highest floor for fantastic views of the city.
DubaiLand was supposed to cost a whopping $US64 billion.
The project of creating DubaiLand was announced in October 2003. DubaiLand is divided into six zones (worlds): Attractions and Experience World, Sports and Outdoor World, Eco-Tourism World, Themed Leisure and Vacation World, Retail and Entertainment World, and Downtown and is twice the size of Walt Disney World Resort.
According to Fast Company, the massive park was supposed to cost $US64 billion but the actual cost to date is unclear.
The park is currently under construction.
Hudson Yards cost $US25 billion to construct.
In New York City, Hudson Yards is a force to be reckoned with. Hudson Yards is the priciest real-estate development in US history. Designed by David Childs, the architect who worked on the Freedom Tower, Hudson Yards cost $US25 billion to construct. The campus includes multiple buildings that create a neighbourhood.
The newest completed structure is 55 Hudson Yards, a 1.3 million-square-foot office tower. Hudson Yards also hosts The Shed, a performance venue with a retractable outer wall. Vessel, a $US150 million public art installation created by British designer Thomas Heatherwick, offers breathtaking views of the Hudson River. An Equinox gym, residential building, and more are expected to open early in 2019.
The Tottenham Hotspur Football Club’s stadium cost a reported $US1 billion.
Set to open at the very end of 2018, the new Tottenham Hotspur Football Club’s stadium includes a 600-ton glass roof and atrium. Located in London, the stadium is estimated to have cost between £850 million (approximately $1 billion). Offering 62,000 seats for football fans, the stadium also boasts a 40-meter high lounge protected by glass.
Royal Adelaide Hospital cost over $US2.4 billion to construct.
Built in South Australia,Royal Adelaide Hospital cost $US2.4 billion to construct, according to News.com.au. Opening 17 months behind schedule, the hospital includes 800 beds.
Of INSIDER’s list, the hospital clocks in at the highest over budget – it ballooned to cost $US640 million more than was originally budgeted for, reported The Australian.
San Francisco’s Treasure Island project comes with a price tag of $US5 billion.
Treasure Island is located in the San Francisco Bay, California, between mainland San Francisco and Oakland. The island has a long history dating back to 1939 when it served as the setting for the World’s Fair. After years of abandonment following its use as a radioactive-waste site, the island is getting a grand makeover.
According to Treasure Island Development Authority, the project will produce up to 8,000 homes, “including homes which will be offered at below-market rates, extensive open spaces, three hotels, restaurants, retail, and entertainment venues.”
The project was approved in 2011 by the city of San Francisco and the first residents are expected to move to the island in 2018.
Comcast Technology Center cost $US1.5 billion to build.
In Philadelphia, the Comcast Technology Center opened in late 2018. It’s Comcast’s second tower in the city and is officially the ninth-tallest building in the Western Hemisphere. Totaling a cost of $US1.5 billion to build, the CTC is 1,121 feet and 60 stories. There is a Four Seasons hotel and a Jean-Georges restaurant in development within the building, as well.
It’s reported by Multichannel News, however, that the building went $US67 million over budget.
The Moscow International Business Center has cost a reported $US12 billion.
The Moscow International Business Center was conceived back in 1992 and was supposed to rival the bustling cities of New York City and London.
Eleven skyscrapers in total have been finished and four more are under construction.
As of 2015, however, amid economic woes in Russia, the area had a vacancy rate of 45% and construction was moving at a snail’s pace.
The Mall of the World will most likely cost roughly $US21 billion.
Originally conceived in 2012, the Mall of the World is a project to build the largest shopping center in the world in Mohammed bin Rashid City, Dubai. The project envisions a fully air-conditioned city, comprising more than 48 million square feet (4,500,000 square meters).
It’s estimated to cost roughly $US20 billion.
In July, however, Forbes reported that Dubai is now competing with itself and aims to build an even bigger mall.
China’s Wuhan Greenland Center is estimated to cost $US4.38 billion.
The Wuhan Greenland Center is currently under construction in Wuhan, China and was supposed to be a whopping 636 meters (2086 feet). In 2017, however, it was reported that the building would be cut short by 21% making it 400 meters (1,640 feet).
The original plans called for a complex including luxury hotels, serviced apartments, shopping centres, and intelligent offices all estimated to cost $US4.38 billion, according to Asian real estate intelligence company, Mingtiandi.
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