Daily Newsletter

13 November 2023

Daily Newsletter

13 November 2023

Hines and MBK to develop new residential community in US

Residents will have access to a clubhouse and fitness centre amongside other amenities at the site.

Upasana Mukherjee November 13 2023

Real estate companies Hines and MBK Rental Living have unveiled their plans for a Class-A for-rent residential community, called Retreat at Mountainside, in Colorado Springs, US.

Situated on a 9.7-acre site in the Briargate neighbourhood, the community will have 284 residences spread across several three and four-storey buildings, offering mountain views.

The floor plans at the site will range from 628ft² to 1,429ft², encompassing multiple bedroom options.

Residents will be able to enjoy amenities such as a clubhouse, fitness centre, resort-style pool, and a dog park.

Hines' senior managing director and city head of its Denver office Chris Crawford said: “The site for Retreat at Mountainside is particularly appealing due to its location in a high-growth area, offering sweeping mountain views and excellent access to other parts of town.

“The development will meet the demand for high-quality living options in Colorado Springs. We look forward to seeing this project come to life and are confident that it will enhance the community and lifestyle of its future residents."

Construction on the residential community is currently in progress, with Retreat at Mountainside scheduled to be finished in 2025.

The announcement comes after Hines revealed the master plan for the Ex Trotto Milano redevelopment project in Milan, Italy, last week.

Saudi Arabia construction market dynamics

Per GlobalData, between 2024 and 2027, the Saudi Arabian construction industry is projected to register an AAGR of 5% in real terms, supported by investments in various sectors such as data centers, logistics zones, renewable energy, housing, and tourism projects as part of the Kingdom’s ‘Vision 2030’ economic diversification plan. Construction activity in the energy and utilities sector is estimated to grow at an AAGR of 5.6%, supported by the government’s aim to increase the renewable energy capacity and achieving zero net carbon emissions by 2060.

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