10 Real Estate Experts Predict the Year’s Biggest Projects
From new places to gather to new ways to get around, Compass agents from coast to coast share their communities’ most anticipated openings of 2017.
#1 The Modern Oasis:
Silver Lake Reservoir
“In the summer of 2015, the Silver Lake Reservoir — the ‘lake’ of Silver Lake — was completely drained so that new pipelines could be installed beneath it. Needless to say, the big empty crater in the middle of our neighborhood doesn’t have us looking our best!” laughs Pasadena-based agent Tracy Do. “People are aware that it’s a temporary situation, and local real estate hasn’t been too adversely impacted, but that 45-foot-deep hole in the ground has grown to become an empty place in our hearts. The 96-acre Reservoir is more than just a ‘feature’ of Silver Lake — it unites us, whether we’re perched in the adjacent meadow admiring the shimmering water or taking an evening stroll around its perimeter. Recently, we received some great news: this spring, the Reservoir is set to be refilled — and even better, the city is considering improvements to the surrounding area that include promenades and docks, less concrete and more plantings, giving the entire environs a facelift for the people, mallard ducks, and blue herons who call it home.”
#2 The See-and-Be-Seen Ski Scene: Alpine World Cup
“Hosting the 2017 Audi FIS Alpine World Cup in March will undoubtedly be among the Roaring Fork Valley’s most electrifying events of the year,” asserts agent Doug Leibinger. “Marking the first time the finals will be held outside Europe since 1997 and the 50th anniversary of the Cup itself, this tournament will draw a global ski community to our slopes. Aspen Mountain reigns as the racing site, with the World Cup International Village sited in the heart of Aspen. (It might shape up to be a four-day bout between Colorado’s own Lindsey Vonn and Mikaela Shiffrin.) In between runs, a week-long series of concerts, culinary events, and parties will celebrate this monumental occasion. Personally, perhaps the most thrilling aspect is the influx of prospective buyers who will be visiting us for the first time — an opportunity to showcase our dynamic town and unprecedented sporting scene — which I predict will produce a solid uptick in the Aspen market’s limited inventory.”
#3 The Refurbished Beacon: Cedar Point Lighthouse
“Our East Hampton landmark since 1839 will finally reopen after a multiyear restoration,” says Hamptons agent Bryan Midlam. “After decades of environmental wear-and-tear, the structure, one of just 20 surviving lighthouses in the region, needed some TLC: new windows, doors, and roofing as well as stonework repairs. Eventually, the lantern (currently lodged at the Sag Harbor Yacht Yard) will be returned to the turret. Once complete, the lighthouse will again serve as a safe haven for visitors to our shores — now as a B&B.” Adds his teammate Vanessa Mothes, “Preserving our historic structures and natural landscape is how the East End retains its perennial appeal. Restoration of these icons is as critical as the introduction of new developments.”
#4 The Roadside Attraction:
Infra-Space 1
“As a longtime Boston resident, I’m excited to see the completion of Infra-Space 1, part of a statewide Massachusetts Department of Transportation initiative to repurpose our unused urban space. It will ultimately result in boardwalks, bike trails, dog parks, and a basketball court, plus outdoor art exhibits and a performance venue, all in the area under the elevated I-93 highway; the first phase could open as early as this year,” says Boston agent Melanie Olinto. “Spanning nearly a half-mile in length through the middle of downtown Boston, it will create a new public space for residents to enjoy and bridge the neighborhoods of South Boston, the South End, and the Seaport District, heightening their market appeal.”
#5 The Coastal Community:
The Wharf
“Opening this October, The Wharf is a mixed-use development spanning 24 acres of land and 50 acres of water in Washington DC’s Southwest Waterfront area,” shares broker Evan Johnson. “With 870 apartments and condos, more than 20 restaurants, green space, and concert hall, it’s poised to become one of the largest developments in city history and will bring much-needed services to the Potomac River coastline.” An added bonus? “A whole host of nightlife, food, and entertainment options. James Beard Award-winner Fabio Trabocchi’s Mallorcan-inspired Del Mar is among DC’s most talked-about restaurant openings, while the region’s own bounty will take the stage at the Rappahannock Oyster Bar, a refurbished space within the historic Municipal Fish Market, which embodies the spirit of this project. It’s the country’s oldest operating open-air fish market and now the gateway to this 21st-century neighborhood.”
#6: The Science Center:
MOXI The Wolf Museum of Exploration and Innovation
“A major source of local buzz is the arrival of MOXI: The Wolf Museum of Exploration and Innovation on lower State Street,” says Compass agent Susan Pate. “Located within Santa Barbara’s downtown arts and entertainment district (known by natives as the Funk Zone) and just blocks from the beach, the community’s newest hands-on experience for children (and adults too!) celebrates the spectacular vision of Law & Order creator Dick Wolf and his wife Noelle, who funded the project. A decade in the making, the LEED-certified museum has been designed by local firm AB Design Studio as a 17,000-square-foot space chockful of interactive exhibits conceived by award-winning museum planning firm Gyroscope, Inc., the creative force behind dozens of education hubs from Boston to the Bay Area. Last but not least, a Sky Garden will proffer aerial views of Santa Barbara’s awe-inspiring environs.”
#7 The Hopeful Host Site:
The 2024 Olympics
“Our community is anticipating the International Olympic Committee’s July 2017 decision of whether Los Angeles will be the host city for the 2024 Summer Games!” says Beverly Hills-based agent Andrew Rhoda. “We have a very good chance given that LA already has many of the world-class athletic facilities required — from beach volleyball courts to regulation-size stadiums — which will significantly reduce costs. If selected, the games will inspire even greater investments in the city; improvements to the road, rail, bus, and subway systems were just approved this past November, and additional infrastructural upgrades will surely follow to accommodate the temporary population influx. As a Vancouver native, I’ve experienced firsthand the level of pride that comes with hosting the Olympics; it creates a lasting impact on many facets of the community, not to mention positively affects real estate values.”
# 8 The Revolutionary Railway: All Aboard Florida
“We’re thrilled about the launch of All Aboard Florida’s first phase, slated for this summer,” says Miami agent Betsy Magde. “As the first privately-owned and -operated passenger rail system in the country, it will connect Miami, Fort Lauderdale, West Palm Beach, and Orlando via 235 miles of tracks, providing the sophisticated infrastructure we’ve needed as Miami has grown.” Adds her teammate Marissa Kartheiser, “People will now have greater flexibility to live, work, and travel on Florida’s Atlantic corridor. Not only does this benefit the environment and ease congestion by removing an estimated three million cars from our roadways each year, these high-speed Brightline trains reduce travel time between cities by up to 30 percent. The first leg will link West Palm Beach to Miami, where two glistening new stations by the prestigious Skidmore Owings and Merrill will act as new transport and shopping hubs. (Plus the locomotives’ distinct yellow engines complement our vibrant city perfectly!)
#9 The Downtown Destination:
City Point Center
“Downtown Brooklyn’s open-air mall is undergoing a makeover of its own, ushered in by the arrival of national purveyors like Century 21, Trader Joe’s, Target, and Alamo Draft House cinema,” says Tricialee Riley. “The development will bring back the popular Dekalb Market, too, whose specialty vendors include eats from local favorites including Katz’s Deli, Ample Hills Creamery, and Fletcher’s Barbecue.” A direct result of the area’s revitalization? “A record 10,000-plus new apartment units are planned for the surrounding downtown neighborhoods in the coming years.”
#10 The Epicurean Paradise:
Ghirardelli Square
“San Francisco’s Ghirardelli Square, the famed chocolate factory-turned-outdoor center near Fisherman’s Wharf, is currently undergoing renovations and upgrades by the same developers who transformed Manhattan’s Chelsea Market,” says SF agent Missy Wyant Smit. “While this has historically been a more tourist-frequented area within the city, the arrival of world-class culinary destinations like Waxman — helmed by Jonathan Waxman of Chez Panisse fame — and the 5,000-square-foot expansion of Le Marais Bakery will undoubtedly appeal to locals and boost home values in the surrounding neighborhoods of Russian Hill, North Beach, and Marina. Coincidentally, Compass will be one of the anchor tenants in the reimagined space. As a real estate agent, actively participating in the revitalization of a neighborhood is both exciting and so appropriate!”
Images: Justin Kaneps; Colin Clark; Joe St. Pierre; Marisa Guzman; Amy Dickerson; Mary Beth Koeth; Joel Caldwell; Sami Drasin; David Clifford
