As the first quarter of 2014 comes to a close, we are pleased to announce that the firm has 30 projects currently under construction in the United States and abroad. The distribution of those projects, spread throughout China, the Caribbean, the MENA region and Eastern Europe, indicate an ongoing recovery across many regions of the world, and reflect a combination of new-build and renovation across the hospitality, multi-family residential and mixed-use sectors. More than 25% of the projects under construction are located within the United States, an indication of the recovering health of the U.S. real estate development and hospitality sectors.
Our work under construction is a balance of projects in the United States, China and the Caribbean – three of our major practice areas – with additional projects across Europe and the MENA region. The projects also represent a balance between new projects and projects dormant during the recessionary period that have resumed development as the economy has recovered.
Many of the projects represent “firsts” for our firm. Ancient Sands Resort, nearing completion of Phase 1, will be our first project in Egypt. Golden Pebble Winery Resort, in Dalian, China, will be our first winery in China. The new Kimpton Property under construction on the Island of Grand Cayman in the Cayman Islands, will be the first property outside the U.S. for San Francisco-based Kimpton Hotels. Palm Court, underway in Miami, is the first phase of an ambitious expansion and re-envisioning of the city’s Design District.