The Nation’s Largest Apartment Completions of 2019
Nearly 250,000 apartment units came online across the country in 2019. About 85% of those units were delivered in the nation’s largest 50 markets. While the largest developments were spread out across the country’s major markets, several smaller markets nabbed some of those projects.
The nation’s five largest apartment developments delivered in 2019 feature roughly 650 to 800 units, and most were built in the urban core.
NEMA Chicago
Chicago was the recipient of the nation’s largest apartment community in 2019. NEMA Chicago is a 76-story, 800-unit building on South Indiana Avenue at the south end of Grant Park in The Loop submarket. The project was developed by Miami-based Crescent Heights and construction wrapped up in October. The development is the tallest rental residence in Chicago, providing views of South Loop, Downtown, Lake Michigan and Grant Park. NEMA Chicago features 70,000 square feet of amenities, including a 75-foot indoor pool and a 10,000-square-foot outdoor deck with sunning pool. Some of the building’s unique amenities include a golf simulator, squash court and boxing ring.
Eagles Loft
The nation’s second-largest delivery in 2019 came online in the New York area. New York-based Rockrose wrapped up construction on the 783-unit Eagles Loft apartment community in July. The project, which is situated on Queens Street in Long Island City, in the Queens submarket, blends old and new elements. A 1920’s Eagle Electric Warehouse was renovated into loft-style units and a brand new 54-story apartment tower was built alongside it. This is one of the tallest residential buildings in Queens. Amenities include a children’s playroom, roof deck, spin studio featuring Peloton, fitness center, yoga studio and pet washing station.
The Atlas
Somewhat surprisingly, Omaha received the third largest apartment development of 2019. Omaha-based NuStyle Development spent $108 million on the conversion of the former eight-story Creighton hospital into 732 apartment units. The Atlas is located on California Street in the Central Omaha submarket and is the state’s largest single structure of market-rate apartments. While the bulk of residents are students or young professionals tied primarily to nearby Creighton University, the community is open to tenants of all ages. In August 2018, about one-third of the units were finished in time to welcome the first residents for the fall 2018 semester. Construction on the remaining units wrapped up in June 2019.
Park 12 The Collection
Park 12 The Collection in San Diego’s East Village was completed in May. With 718 units, it was the nation’s fourth largest apartment community to come online in 2019 and reigns as downtown San Diego’s biggest complex. Charleston, SC-based Greystar spent over $400 million to develop the project on Park Boulevard adjacent to Petco Park, the home field for the San Diego Padres. Park 12 is comprised of a collection of community living styles with a 37-story high-rise tower and several low-rise buildings. Each building – Tower, City and Harbor – is unique in its views, layouts and finishes. The development also includes 45,000 square feet of retail and commercial space. Some of the community’s unique amenities include Hello Alfred (a personal concierge service), a putting green, and a sports lounge with bowling lanes.
Art Plaza
Miami-based Melo Group wrapped up construction on the 667-unit Art Plaza in downtown Miami in November. This is the nation’s fifth-largest delivery in 2019 and is the developer’s third transit-oriented project in Miami’s Arts & Entertainment District. Art Plaza is at the southeast corner of Northeast 14th Street and Miami Court, across from the School Board Metromover Station in Miami. The 34-story, twin towers include 15,000 square feet of retail space. Amenities include a fitness center, a social center and a large swimming pool.
