Overall construction starts fell by 2% in December, down to a seasonally adjusted annual rate of $1.2 trillion, according to the latest monthly starts report from Dodge Construction Network.
Moving against the grain, residential starts rose 4% over this same period, up to a seasonally adjusted annual rate of $397 billion. Multifamily starts made up much of this growth, with a 24% boost in December.
Throughout all of 2024, residential starts rose 7% total. Single-family starts rose 15% on a year-to-date basis, while multifamily starts fell 7%.
The interest rate cuts in the fall supported some of this momentum in multifamily, according to Sarah Martin, associate director of forecasting at Dodge Construction Network. However, the new year is set to bring new challenges for the industry.
“Sustained labor shortages and elevated materials prices will continue to add risk to the sector, in addition to the concern over tariffs and more strict immigration enforcement,” Martin said. “Overall, the strength in the value of projects in planning and further Fed rate cuts should encourage growth in construction in 2025.”
Here are the three largest multifamily projects started in December, according to pricing and information provided by Dodge Data & Analytics, valued at a combined total of $1.07 billion:
St. Regis Residences
Value: $510 million
Location: Miami
Developer: Related Group
Units: 134
Estimated completion: TBA
The St. Regis Residences, currently underway on the waterfront in Miami’s South Brickell neighborhood, will stand 50 stories tall with a mix of glass, white stone and gold accents. Each of its two- to six-bedroom condos will have a private elevator and entry foyer, integrated smart tech, custom European stone flooring and integrated Sub-Zero and Wolf appliances, according to a Related fact sheet.
The property will feature a private marina, on-site private restaurant, beach club, salon, video game lounge, sports simulator, guest suites, a fitness center and two pools. The on-site staff will be able to assist with a variety of personal services, including a butler service, according to the guide. Units are priced starting at $4.5 million.
Disney Lakeshore Lodge
Value: $350 million
Location: Orlando, Florida
Developer: Walt Disney World Parks & Resorts
Units: TBA
Estimated completion: 2027
After construction delays brought on by the COVID-19 pandemic, work is underway again on a new property at the former site of Walt Disney World’s River Country attraction in Orlando, Florida, according to WDW News Today.
Originally proposed as a resort called “Reflections – A Disney Lakeside Lodge” in 2018, Disney announced its new plan for the site shortly after construction resumed in November 2024. The Disney Lakeshore Lodge property will be a part of the Disney Vacation Club timeshare program, according to a company statement that spokesperson Heather Hunter shared with Multifamily Dive.
“The resort will be inspired by the majesty of nature and its enduring influence on Disney artists,” the statement said. “The proposed Disney Lakeshore Lodge will be located within the same footprint of the previously announced Reflections – A Disney Lakeside Lodge resort. Additional information will be released at a later time.”
Ritz-Carlton Residences, The Woodlands
Value: $210 million
Location: The Woodlands, Texas
Developer: The Howard Hughes Corp.
Units: 111
Estimated completion: 2027
The Howard Hughes Corp., master developer of The Woodlands, Texas, is adding a new set of branded condo residences to the 28,500-acre site, located directly on Lake Woodlands.
Designed by Robert A.M. Stern Architects, the classical-style Ritz-Carlton Residences property will sit on an 8-acre site with 1,200 square feet of lakefront shoreline. Units at the 15-story tower will range from one to four bedrooms, plus maisonettes and penthouses on the top levels, according to the property website. Amenities will include a sauna, library, fitness center, clubhouse and wine cellar.
Sales at the property opened in March 2024, and the developer reported that over 50% of its units were under contract within the first week, with $250 million in total sales, according to a company press release. The project is expected to open in 2027, according to the Houston Chronicle.
