Millennium Partners will take over One Franklin, the former site of Filene’s, and develop a $500 million, 1.2 million-square-foot, mixed-use development tower that could hit 600 feet in height.
Mayor Thomas M. Menino announced the project with Millennium at Boston City Hall this morning.
“Yesterday, Millennium Partners agreed to take a controlling stake in the development project at One Franklin — the Filene’s site,” Menino said. “It’s a first step toward a new beginning at this historic site.”
Millennium bought half of Vornado Realty Trust’s stake, though terms of the deal were not disclosed. Vornado stopped work in November 2008, claiming the economic downturn made it impossible to get financing.
“The way forward on this site took longer than it should have, but shorter than it could have,” Menino said.
Menino repeatedly praised Millennium, calling them an aggressive developer with confidence in the city.
“They’re creative and they get the job done,” he said. “I tell you, a lot of developers come and go, but Millennium Partners comes into the city and gets the job done.”
Boston Redevelopment Authority Executive Director Peter Meade said a plan will be submitted to the BRA within 60 days, after which there will be community meetings and BRA suggestions on the eventual design, which is expected to be thinner than Vornado’s original tower.
“All of that takes some time to get done,” he said. “Frankly, breaking ground by this time next year is an ambitious goal, one we hope to keep.”
Millennium founding partner Philip Aarons said Downtown Crossing is an area the company was familiar with, after building Millennium Place on Tremont Street, and breaking ground last year on Hayward Place on Washington Street.
“We were actually interested in this site before the current owner bought it,” Aarons said. “We believe it is a great chance to continue the work we started in Boston.”
Aarons, a Massachusetts native, said the development will include retail, office and residential space.
“It will really target all of the potential uses that could potentially add 24-hour vitality to that critical corner, a corner I remember coming to from the suburb I grew up in,” he said.
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brendan.lynch@bostonherald.com