Catch up on what’s new and next in urban development around the world.
You Should Know
- Homebuilder unsold inventory hit a 15-year high in the USA. In April, the inventory of unsold new single-family homes surged to 117,000—the highest level since July 2009—driven by waning buyer demand and concentrated particularly in Sun Belt regions like the Gulf Coast.
- About 300 terawatt-hours’ worth of electricity was used just to produce solar modules, batteries, and electric vehicles in China last year, according to MIT Technology Review. That’s as much electricity as Italy uses in a year.
- Private equity firms now own approximately 10% of U.S. apartment units, according to the Private Equity Stakeholder Project. This trend has intensified, with firms such as Blackstone and Greystar acquiring significant portfolios.
Worth Watching
- Watch robots install solar panels.
- How the German public transport system works.
- Torch Tower will be Japan’s tallest building.
Top Stories
Japan’s Boldest Redevelopment Is Taking Shape on a Man-Made Island
Japan’s most ambitious redevelopment project currently underway is centered on Yumeshima Island, a 390-hectare man-made island in Osaka Bay. This sweeping multi-billion transformation is turning the island, which previously was a logistics hub, into a centerpiece of Japan’s future-focused urban planning, with two headline projects: Expo 2025 Osaka and the MGM Osaka Integrated Resort.
Spanning 155 hectares, Expo 2025 Osaka is a monumental undertaking transforming Yumeshima into a global showcase of innovation. The event started a few weeks ago and runs until October 2025. Nearly 30 million visitors are expected to see the expo. The Japanese government allocated over $6 billion for related infrastructure improvements, including utilities, new transport links and the extension of the Osaka Metro to Yumeshima. Plans for the Expo 2025 site after the event is over are fluid. However, certain structures will be repurposed or preserved, such as the magnificent Grand Ring, the largest wooden architectural structure in the world. The island’s new infrastructure improvements will also continue to serve the island.
In parallel, Japan’s first casino – the MGM Osaka – is also being built on Yumeshima Island. The $9 billion integrated resort will span over 49 acres and include three luxury hotels with a combined total of 2,500 rooms, a casino floor, a 3,500-seat multipurpose theater, a sprawling convention and exhibition center, a wide range of retail and dining establishments, a cultural museum, and a ferry terminal to facilitate access. Designed to serve both domestic and international visitors, the development is projected to generate billions in economic activity and create tens of thousands of jobs.
Together, Expo 2025 and the MGM Osaka Resort are transforming Yumeshima into a cornerstone of Japan’s economic and cultural future. This once-industrial island is rapidly emerging as a global destination for innovation, tourism, and international events.
The First Commercial Mini Nuclear Reactor Is Set to Launch
Small modular reactors are a new class of nuclear power technology designed to be smaller, safer, and more flexible than conventional nuclear reactors. SMRs typically produce up to 300 megawatts (MW) of electricity—far less than the 1,000+ MW generated by traditional plants—but their factory-built modular components allow for faster and more cost-efficient deployment. They feature passive safety systems that can cool the reactor without human intervention or external power. This makes them well-suited for remote areas, smaller power grids, and replacement of aging fossil fuel plants. Because of their size and simplified design, SMRs have the potential to reduce both construction costs and operational risk in nuclear energy.
Known as ACP100, Linglong-1 is a third-generation pressurized water reactor that was both designed and built entirely in China. The project, led by China National Nuclear Corporation, is in its final installation stage, with engineers now conducting system-level tests and preparing for cold functional testing, a major milestone before activation. Linglong-1 is part of China’s 14th Five-Year Plan (2021–2025), which prioritizes nuclear energy expansion as a tool to reduce carbon emissions. Its compact footprint and steady power output have earned it the nickname “nuclear power bank”—a signal of the country’s ambition to reshape global nuclear energy through SMRs.
World’s First Artificial Energy Island Is Rising in the North Sea
Belgium is building the world’s first artificial energy island—Princess Elisabeth Island. Located 45 kilometers off the Belgian coast in the North Sea, this six-hectare island is designed to serve as a central hub for offshore wind power, integrating up to 3.5 gigawatts (GW) of electricity from surrounding wind farms into the national grid—enough to power over three million homes in Belgium, Denmark, and the U.K.
Developed by Elia Transmission Belgium, the island will connect three offshore wind farms and uniquely host both high-voltage direct current (HVDC) and alternating current (HVAC) infrastructure. This configuration will enable efficient electricity transmission and serve as a landing point for future interconnectors linking Belgium with the U.K. and Denmark. The project also incorporates a nature-inclusive design, featuring artificial reefs and oyster beds to promote marine biodiversity.
The base of Princess Elisabeth Island consists of 23 massive concrete caissons, each weighing around 22,000 tons and measuring 58 meters in length. These structures are built using ECOPlanet low-carbon cement, which reduces CO₂ emissions by over 40% compared to conventional materials. Fabricated in the Netherlands, the caissons are constructed using a slipforming method—a continuous 24/7 concrete pouring process that ensures structural integrity—before being transported to the North Sea for assembly.
Construction began in 2024, but multiple challenges have delayed the island’s full completion. The project’s cost estimate has risen from €3.6 billion to between €7–8 billion, driven by rising material prices and a shortage of HVDC infrastructure. While the physical island is expected to be completed by mid-2026, the electrical systems and full grid connections to both the wind farms and the mainland are not expected to be operational until 2030. Despite its challenges, Princess Elisabeth Island is expected to play a key role in helping the EU achieve its target of deploying over 100 GW of offshore wind capacity by 2030.
Cities Adapt Transit to Tame Suburban Sprawl
Life in the suburbs is a never-ending hunt for the car keys. “Suburban sprawl” refers to the spread of low-density, car-dependent development on the outskirts of cities. It involves single-family homes on large lots, separated from commercial areas and workplaces, requiring long drives for groceries, work, school, etc. In short, sprawl stretches people and resources thin, creating major accessibility problems.
One solution is Transit-Oriented Development (TOD)—an urban planning approach that focuses housing, shops, and offices within walking distance of high-quality public transportation. TOD is designed to reduce reliance on cars by building compact, mixed-use communities around train stations, subway stops, and major bus corridors.
In the USA, where suburban sprawl is especially pronounced—thanks to abundant land and a car-centric culture—some cities are beginning to reverse the trend through TOD. Arlington, Virginia is a standout example, having transformed the Rosslyn-Ballston corridor along the D.C. Metro into a thriving mix of housing, retail, and public space. Denver’s FasTracks program expanded light rail by over 100 miles since the early 2000s, investing billions in regional transit infrastructure. Portland, Oregon has implemented zoning for higher-density housing along transit corridors and invested in both its streetcar system and MAX light rail network.
Across the Pacific, Tokyo excels at integrating high-density housing, retail, and services with a world-class rail network, allowing millions to live car-free. more than 50% of trips are made by rail. Hong Kong also deserves special mention. The city’s MTR Corporation uses a “Rail + Property” model, partnering with developers to build housing and retail near stations and generate revenue. This approach allows MTR to self-finance most of its transit infrastructure without relying solely on fares.
In Europe, Copenhagen’s Finger Plan, first introduced decades ago, continues to direct growth along rail lines radiating from the city center while protecting green space between corridors. Stockholm has similarly planned suburban “metro towns” tied directly to its Pendeltåg commuter rail network. TOD is not without its drawbacks. By concentrating development around transit hubs, it can drive up property values and rents, potentially pricing out lower-income residents. However, when combined with inclusive housing policies and equitable zoning, TOD can serve as an effective roadmap for building resilient, connected, and sustainable cities.
Big Deals
- Radiant, developer of nuclear microreactors, raises $165 million in Series C funding.
- Melo Group acquires prime Brickell, Miami land for $211.5 million.
- SAEL Solar secures $132 million for Andhra Pradesh, India solar project.
- Heron Power raises $38 million to innovate electric grid technology.
- Zeo Energy acquires Heliogen for $10 million in stock to enhance clean energy offerings.
- Buildots obtains $45 million to revolutionize construction project tracking.
Extra Reads
- Germany seeks private investment to revitalize its struggling infrastructure.
- Saudi Arabia invests $40 billion to become Middle East’s Silicon Valley.
- California’s energy storage capacity has surpassed 15,000 MW.
- Karachi’s neighborhoods suffer from unregulated housing densification and decline.
- Dallas becomes one of the largest cities in the USA to lift minimum parking requirements.
- Philippines’ first large-scale offshore wind project gathers steam.
- U.S. Supreme Court limits environmental review of major infrastructure projects.
- Korean firms pursue Middle East energy transition.
- Mobile payments revolutionize transit fare collection via smartphones.
- Asian Development Bank commits $10 billion to India’s urban development.
- Copenhagen leads happiest cities, thriving on excellent bike infrastructure.