The winners of the ULI Americas Awards for Excellence become finalists for the 2024 ULI Global Awards for Excellence, competing against projects from the Europe and Asia Pacific regions. The awards are open to projects and programs in the ULI Americas region that are substantially complete, financially viable, and in stable operation. The program evaluates submissions on overall excellence, including achievements in marketplace acceptance, design, planning, technology, amenities, economic impact, management, community engagement, innovation, and sustainability, among others.
How urban planners are turning public places into vibrant centers for living, working, learning, and socializing.
West Main, a 1,030,000-square-foot (95,690 sq m) office, retail, and mixed-use project, is the new home to some of Amazon’s 12,000-person workforce in Bellevue, Washington. The three-building project, designed by Graphite Design Group in collaboration with Compton Design Office for Vulcan Real Estate, is transforming this city neighboring Seattle to the east.
Ten projects showcase clever urban interventions spearheaded by principals under age 50
In Depth
In May, Barry Sternlicht capped investors’ ability to exit his $10 billion real estate fund—a strategic move to avoid a fire sale of properties at a less-than-ideal time. Sternlicht lowered the limit on monthly withdrawals from Starwood Real Estate Income Trust (SREIT). That limit, previously 2 percent, went to 0.33 percent of net asset value (NAV), the value of SREIT’s assets minus its debt.
A new wave of mid-career commercial real estate entrepreneurs is capitalizing on what some call “once-in-a-generation” opportunities to invest in distressed or otherwise discounted properties in today’s market—especially in the office sector. Nationwide, there’s been an uptick in new investment firms started by development and investment professionals with 10–25 years of industry experience—some of whom left major firms to do so. These firms aim to buy cheap offices and reposition them through leasing, capital improvements, or conversions to apartments.
Supertall creates a “palpable energy” that speaks to New York’s resilience and the future of cities
Move over IndyCar. Formula 1 racing is finally gaining traction in the United States. Places as diverse as Las Vegas, Austin, and Miami (and their respective states) are reaping major economic windfalls from permanent and temporary grand prix racetracks, along with first-class fan amenities and facilities, for this international sport.
Milan’s Olympic Village is being built now in preparation for the Milan Cortina 2026 Winter Olympics and Paralympics. Developers and designers have high hopes for the complex’s third act as a hyper-sustainable, 1,700-bed student housing project and anchor for a new city park.
Housing affordability is an ongoing challenge, one that has been exacerbated in the last few years by rising interest rates and home prices. One alternative that is proving popular is the build-to-rent (BTR) model, which includes communities with apartment-style or single-family homes, or a combination of both.
Cities facing affordable housing challenges are becoming more open to making zoning changes that affect density.
Industry Voices
If the past two years have taught us anything, it’s that our society’s deep desire to return to “normal” has sparked a reevaluation of what normal should entail. As urban populations continue to grow, and individuals look to reclaim their place in the community, the question arises: have our downtowns evolved enough to meet these new demands?
ULI San Francisco recently hosted a panel revisiting the recommendations made by ULI Advisory Servies panelists to revive the downtown and highlighting the progress that has been made.
On Thursday, CREW DC, AAREP DC, and ULI Washington delivered the third and final program in a series intended to demystify valuations and provide practical insights on negotiating equity and debt.
RXR CEO and Chairman Scott Rechler, in a recent ULI members-only webinar with ULI Foundation Chair Faron A. Hill, described the challenges and opportunities ahead as an epic, unavoidable storm. “That hurricane … eventually, it’s going to hit land,” Rechler warned. “The question is when it hits, how hard it hits, and where it hits the hardest.”
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1933 postal distribution center made over for indoor/outdoor office and Manhattan’s largest rooftop park
Frequently cited as one of America’s best airports, Portland International Airport (PDX) will unveil its ZGF-designed, expanded main terminal in August, with completion set for 2025. Instead of building an entirely new airport, much of PDX’s existing infrastructure was reused.
Best Practices
According to the World Green Building Council, buildings currently account for a staggering 39 percent of global emissions, while trillions of dollars’ worth of real estate assets are at risk due to climate-related disasters. At the same time, utility providers are struggling to scale infrastructure to meet growing energy demands spurred by economic growth and development and unprecedented temperature extremes resulting in higher than usual utility charges and devastating outages. Now more than ever, the industry’s progress toward net zero emissions and resilience is critical.
New studies on urban planning continue to uphold ULI’s 2017 list of 10 best practices in creative placemaking. They underscore three of those practices as essential to optimizing the value of real estate development projects: shared vision, early artist/community engagement, and clear stakeholder benefits.
Making infill development easier, adding a state role to local land-use controls, and connecting housing with transit were some of the top trends in housing policy that emerged on May 9 at the 2024 ULI/Charles H. Shaw Forum on Urban Community Issues. The forum topic, “State and Local Innovations to Expand Housing Opportunities,” reflected something that many communities around the United States are grappling with: dire housing shortages.
Philanthropy
Thomas W. Toomey, chairman and chief executive officer of UDR Inc., will become the new chair of the ULI Foundation on July 1, 2024. A longtime ULI member and chair of the ULI Global Board of Directors from 2017 to 2019, Toomey brings extensive leadership experience and a deep commitment to philanthropic support for ULI’s mission.
Gift extends Stacks’ long history of leadership in ULI, philanthropic support for community transformation, education, and health care
The ULI Foundation Honor Roll recognizes donors based upon their cumulative lifetime giving. The ULI Foundation’s recognition societies honor and thank members and friends who have committed to supporting the Urban Land Institute generously and consistently. Members of these societies enjoy several benefits, including invitations to member-exclusive events and ULI Foundation communications.