Commercial Projects
7 Construction Projects to Watch in 2024 and Beyond
Quick overview of some of the world’s largest construction projects.
Several of the world’s largest construction projects are set to hit major milestones this year as nations race to improve the way people live, work, and travel.
From massive airports and high-speed railways to futuristic smart cities and skyscrapers, these construction projects are bound to change the way we live.
Here are some of the projects to watch in 2024.
Egypt’s New Capital City
Cairo, Egypt
Cost: $45 billion
About 50km east of Cairo, a new capital city of Egypt is taking shape, with iconic skyscrapers, luxury residences and malls transforming the skyline of a desert plain.
Construction of the New Administrative Capital has been underway since 2015 as part of President Abdel Fattah Al Sisi’s vision of a modern Egypt.
The new capital city, which is as big as Singapore, is estimated to cost $45 billion, much of which has been advanced by China via the Belt and Road Initiative (BRI).
China State Construction Engineering Corporation (CSCEC) is overseeing the project whose main business district is designed to include several skyscrapers, including a 78-storey tower that is set to be the tallest building in Africa.
The New Administrative Capital is scheduled for completion this year.
JFK Airport Renovation
New York City, United States
Cost: $18 billion
The John F Kennedy (JFK) International Airport in New York, United States, is undergoing a massive expansion to handle anticipated traffic growth.
The major highlight of the project is construction of New Terminal One (NTO), which will become the largest terminal at JKF once fully operational in 2030.
Work for the 222,967 sq. m. terminal has been underway since Sept. 2022 on the sites of Terminal 1, Terminal 2, and Terminal 3 – which was demolished in 2013.
Phase one of the $9.5 billion project is scheduled for completion in 2026, with the entire project expected to be completed by 2030.
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NTO is privately funded by the NTO consortium that includes investment firm Carlyle, asset management company JLC Infrastructure, infrastructure operator Ferrovial, and the insurance and financial services firm Ullico.
The project follows the renovation of Terminal 8, which began in 2019 and ended in 2022, although some of its facilities are still under construction.
Terminals 1, 4 and 6 are scheduled for renovation in the coming year.
In total, the JFK Airport expansion is expected to cost $18 billion.
Tren Maya Railway
Yucatán, Mexico
Cost: $15 billion
Tren Maya is a 1,554km high-speed railway project that seeks to connect major cities and tourist regions of the Yucatán Peninsula in Mexico.
The Mayan Train project, which kicked off in 2020, involves construction of a railway line traversing 29 stations in the five principals of south-east states of Chiapas, Tabasco, Campeche, Yucatan, and Quintana Roo.
The project, which is led by Mexico’s National Fund for the Promotion of Tourism (Fonatur), will include seven sections that will be completed in two phases.
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Phase one of the project (892km) involving four sections will link the stations from Palenque to Cancun while phase two (662km) covering three sections will connect the stations from Cancun to Escarcega.
The railway is expected to open for service by December.
Azabudai Hills
Tokyo, Japan
Cost: $4.2 billion
Azabudai Hills is the official name for the Toranomon-Azabudai District Category Urban Redevelopment Project that is underway in Tokyo Japan.
The $4.2 billion project by Japanese developer Mori Building Co Ltd., involves construction of three skyscrapers – one of which will be the tallest in Japan.
The first skyscraper, to be known as Mori JP Tower, will be 235m tall, while the other two will be 263m and 237m in height, respectively.
Azabudai Hills is fashioned as a “Modern Urban Village” with a huge central square filled with lush greenery to bring residents close together.
It is scheduled to open this year.
Fontainebleau Las Vegas
Las Vegas, United States
Cost: $3.7 billion
For about 14 years, Las Vegas Strip has been waiting to welcome what is designed to be the largest hotel in the United States: Fontainebleau Las Vegas.
Construction of the 67-storey hotel kicked off in 2007 but stalled after its owner, Florida developer Jeffrey Soffer, went bankrupt in 2009.
In 2010 the site was acquired by Billionaire Carl Icahn for $150 million who then sold it in 2017 – largely untouched – to millionaire Steve Witkoff for $600 million.
Witkoff changed its name to Drew Las Vegas and resumed construction before abandoning the site in March 2020 as the Covid 19 pandemic hit Las Vegas.
In Feb. 2021, Soffer reacquired the property and renamed it Fontainebleau Las Vegas luxury resort and casino.
His company later obtained a $2.2 billion loan to finalize the 3,700-room hotel that sits on 25 acres of land on the north end of the Las Vegas Strip.
The facility is expected to open in the last quarter of 2023.
MSG Sphere Project
Las Vegas, United States
Cost: $2.17 billion
Coming up in Paradise, Nevada, near the Las Vegas Strip is MSG Sphere, a circular theatre that is being developed in partnership with Madison Square Garden and Las Vegas Sands Corporation.
MSG Sphere, reportedly the world’s largest spherical structure, is a 366ft high and 516ft wide stadium with a sitting capacity of 17,500 people.
It will feature the world’s highest-resolution LED screen that wraps up and around the audience inside the sphere.
MSG Sphere price tag, which was revealed in 2021 at $1.8 billion has risen to $2.17 billion due to inflation and global supply issues, according to the developers.
The facility is expected to open doors to the public in Sept. 2023.
FOUR Frankfurt
Frankfurt, Germany
Cost: $1.4 billion
Frankfurt is preparing to welcome its highest residential and office floors that will be hosted in FOUR Frankfurt – a $1.4 billion complex of four skyscrapers that will significantly alter the skyline of the German city.
Designed by UNStudio, Tower 1 – housing offices – will be 233m tall.
Tower 2 housing serviced apartments will be 173m tall, while Tower 3 featuring condominiums and a hotel will rise to 120m.
Tower 4, which also hosts office spaces, will be 100m tall.
Construction manager IGP Ingenieur has been working with the developer Groß & Partner to meet a tight construction deadline of Dec. 2023.
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