Total construction starts rebounded in July, up 10% month over month to a seasonally adjusted annual rate of $1.1 trillion, according to Dodge Construction Network’s monthly construction starts report.
However, residential construction starts fell 8% over the same period, down to a seasonally adjusted annual rate of $365 billion. Year-to-date residential construction starts are up 11% from the first seven months of 2023, a bit below the 14% growth registered in June. Single-family starts YTD rose 22% compared to the same period in 2023, while multifamily starts fell 8%.
High interest rates have kept the construction industry’s short-term outlook questionable, said Richard Branch, chief economist of Dodge Construction Network, in the report.
“The Federal Reserve is likely to cut interest rates in September, which will, over time, make market conditions more conducive to moving projects forward,” he said. “In the meantime, construction starts will likely remain volatile over the next few months.”
Here are the three largest multifamily projects that started construction in July, according to pricing information provided by Dodge Data & Analytics, valued at a combined total of $804 million:
Albion Music Row
Value: $300 million
Location: Nashville, Tennessee
Developer: Albion Residential
Units: 458
Estimated completion: Third quarter 2026
Albion Music Row, developed by Oak Brook, Illinois-based Albion Residential for Nashville, Tennessee’s Music Row neighborhood, will be a curved white-and-glass tower lined with floor-to-ceiling windows, according to the developer’s website. Its apartments will include studio, micro, convertible and one-, two- and three-bedroom units. A 15,000-square-foot plaza with an integrated performance stage will be located at the ground level, next to a 5,000-square-foot indoor-outdoor restaurant space.
Amenities will include a makerspace, a coworking area, private offices, a recording studio and a 28th floor lounge with a pool, day beds, grilling stations and a DJ booth, according to the website.
Commodore Perry
Value: $254 million
Location: Buffalo, New York
Developer: Pennrose
Units: 1,005 (755 new, 250 renovated)
Estimated completion: 2027
Philadelphia-based developer Pennrose is working with the Buffalo Municipal Housing Authority to demolish, redevelop and partially renovate the 1950s-era Commodore Perry Homes public housing sites in Buffalo, New York, according to the developer’s website.
The first phase of construction, now underway, will demolish 24 vacant, blighted housing buildings and replace them with 405 units of 100% affordable housing, ranging from one to five bedrooms. The second phase, following another partial demolition, will add 350 more units and renovate 250 in the remaining towers, according to the developer’s website.
The first phase will be spread across 27 buildings, including townhouses, stacked flat residential buildings and three mid-rises with retail and ground-floor community services. Two hundred and eighty-four of the units will be distributed through the Section 8 housing program, and remaining units will be leased to renters at or below 60% of the area median income, according to a news release.
One Tampa
Value: $250 million
Location: Tampa, Florida
Developer: Kolter Urban
Units: 225
Estimated completion: Late 2026
The 42-story One Tampa condominium tower is underway in downtown Tampa, adjacent to the Tampa Riverwalk and the Curtis Hixon Waterfront Park. The property’s 225 modern-style condo units will include one-, two- and three-bedroom floor plans, some with dens, ranging from 1,100 to 4,000 square feet. Each one will be available in designer finish packages that potential residents can select to reflect their own style, according to a press release shared with Multifamily Dive. Four penthouses will be located on the top floor.
All units will include floor-to-ceiling sliding glass doors and windows and private terraces. Amenities will include a social club and bar, multiple fire pit areas, a game room with a Formula 1 driving simulator, three furnished guest suites and a work-from-home lounge. Over 5,000 square feet of retail space on the ground floor will include a riverfront restaurant.
