2024 Pairs Mixed-Use with Hotel Construction

January 15, 2024|

By KERRY SMITH

Hotel construction across the U.S. is alive and well more than three years since the start of the pandemic, with a sizable number of projects incorporating multi-family, retail and recreational components.

Integrating spaces that cater to multiple real estate needs of urban centers is filling a gap in downtown residential options, wellness hubs, medical and commercial office space and member-based clubs, according to Robert A. Rauch of R.A. Rauch & Associates.

Mixed-use developments in large cities that place an emphasis on wellness, fitness and healthy eating are keeping developers occupied.

One example is in Friendswood, Texas – 30 minutes south-southeast of Houston – where the 106-acre Friendswood City Center is proceeding. Developers Tannos Development Group and Wolfgramm Capital say their hotel and retail project, once completed, is expected to generate $700 million in economic impact for the city. The project will include a 500-unit multifamily community, 225,000 square feet of mixed-use structures with condominiums, 200,000 square feet of medical and general office space, 150,000 square feet of retail and several entertainment areas.

Las Vegas continues to embody the trend of pairing hotel rooms with residences. According to BuildCentral, more than seven new hotels are currently in the works. Included is the Harlem Nights Resort – a $15 million project that will produce 764 hotel rooms in a 34-story resort tower plus 358 residential units, gambling, retail spaces, a night club, lounges, restaurants and a 900-seat theater.

Netherlands-based citizenM is building three Vegas hotels that will open this year. Its 17-story tower in downtown Austin will boast 344 hotel rooms and a 24/7 canteen and gym. citizenM and developer Parcel12 are building a mixed-use hotel/living/retail project in the Back Bay area of Boston, and citizenM is also constructing a similar property in Miami South Beach.

 

 

 

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