Millennium Tower (Filene's) | 426 Washington Street | Downtown
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pixelsand8
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Re: Millennium Tower - Filene's
Well it's better than some of the boxes downtown but not by a whole lot. Part of what makes it appealing is how it stands in isolation on the skyline as a major focal point. Sticking in a "Hancock east" to anchor the other end, just seems like a major letdown. I hope that the newest rendering is just not very accurate and that our first major tower of the century aesthetically reflects the times which it is built and not 40 years ago.
Well it's better than some of the boxes downtown but not by a whole lot. Part of what makes it appealing is how it stands in isolation on the skyline as a major focal point. Sticking in a "Hancock east" to anchor the other end, just seems like a major letdown. I hope that the newest rendering is just not very accurate and that our first major tower of the century aesthetically reflects the times which it is built and not 40 years ago.
Re: Millennium Tower - Filene's
Odd how everyone is making judgements in a vacuum. Depending how you count, you have SIX other towers/buildings by the same developer within a few blocks' radius--Millennium Place, the two Ritz towers, the Ritz hotel/AMC complex, 172 Tremont St., and One Charles--but no one is saying, "well, they did a good job with those, so I suspect they'll do a good job here, as well." Or, "I hate all their buildings, so I'll hate this one, too."
Anyway, seems kind of myopic/decontextualized to not be drawing on this large portfolio to make comparisons.
Odd how everyone is making judgements in a vacuum. Depending how you count, you have SIX other towers/buildings by the same developer within a few blocks' radius--Millennium Place, the two Ritz towers, the Ritz hotel/AMC complex, 172 Tremont St., and One Charles--but no one is saying, "well, they did a good job with those, so I suspect they'll do a good job here, as well." Or, "I hate all their buildings, so I'll hate this one, too."
Anyway, seems kind of myopic/decontextualized to not be drawing on this large portfolio to make comparisons.
kz1000ps
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Re: Millennium Tower - Filene's
DBM, you're a bit late to the party. We've talked extensively about those exact things you mention in the past -- go to this page and then scroll down a bit to see pictures I posted of Millennium's past street levels and then the comments that followed for one such example.
Meanwhile, a new rendering gives rise to discussions on the new things we haven't seen anywhere else before. I don't see anything suspect or myopic about that.
DBM, you're a bit late to the party. We've talked extensively about those exact things you mention in the past -- go to this page and then scroll down a bit to see pictures I posted of Millennium's past street levels and then the comments that followed for one such example.
Meanwhile, a new rendering gives rise to discussions on the new things we haven't seen anywhere else before. I don't see anything suspect or myopic about that.
BostonUrbEx
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Re: Millennium Tower - Filene's
Ha, I thought of that discussion when I read his post, too.
MPIII (Hayward Pl) seems much more promising for ground level retail, though. So hopefully the Filene's tower will be even better!
Ha, I thought of that discussion when I read his post, too.
MPIII (Hayward Pl) seems much more promising for ground level retail, though. So hopefully the Filene's tower will be even better!
BosDevelop
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Re: Millennium Tower - Filene's
Activity at the site right now! I have a view of the Filene's site from my office and there are workers on site taking down the huge white tarps that were put up once the project stalled. Hopefully construction is not far behind.
Activity at the site right now! I have a view of the Filene's site from my office and there are workers on site taking down the huge white tarps that were put up once the project stalled. Hopefully construction is not far behind.
jdrinboston
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Re: Millennium Tower - Filene's
Vornado has sold its remaining stake in the site to Milllennium. Looks like Millennium has also secured some sort of financing for the project, but short of the total $615 million budget. Not sure what to make of that.
http://www.bizjournals.com/boston/real_estate/2013/04/vornado-sells-its-stake-in-filenes.html?page=2
Pair this with their exit from Suffolk Downs and it seems that Vornado is trying to make a discreet exit out of Boston. As the old saying goes, "Don't let the door hit you...."
Vornado has sold its remaining stake in the site to Milllennium. Looks like Millennium has also secured some sort of financing for the project, but short of the total $615 million budget. Not sure what to make of that.
http://www.bizjournals.com/boston/real_estate/2013/04/vornado-sells-its-stake-in-filenes.html?page=2
Pair this with their exit from Suffolk Downs and it seems that Vornado is trying to make a discreet exit out of Boston. As the old saying goes, "Don't let the door hit you...."
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SeamusMcFly
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Re: Millennium Tower - Filene's
I guess Sinatra was full of shite when he sang "if I can make it here, I'm gonna make it anywhere".
Success in NY didn't translate into success in Boston.
I guess Sinatra was full of shite when he sang "if I can make it here, I'm gonna make it anywhere".
Success in NY didn't translate into success in Boston.
type001
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Re: Millennium Tower - Filene's
You just struck a nerve with me, so I will add to it (sorry for going off-topic). That line is completely wrong. It's easier to make it in NY than any other city on the planet. I think Sinatra meant to say "If I can live with the crowds, noise, and pollution there, then sure I can live anywhere else happily too." Btw, I still love NY dearly but I had to get that off my chest.
Glad to know that Vornado is selling out. After he saw what Boston does to terrorists, he probably knew it was time to leave.
You just struck a nerve with me, so I will add to it (sorry for going off-topic). That line is completely wrong. It's easier to make it in NY than any other city on the planet. I think Sinatra meant to say "If I can live with the crowds, noise, and pollution there, then sure I can live anywhere else happily too." Btw, I still love NY dearly but I had to get that off my chest.
Glad to know that Vornado is selling out. After he saw what Boston does to terrorists, he probably knew it was time to leave.
jdrinboston
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Re: Millennium Tower - Filene's
In a weird way, this is almost the perfect image for Vornado. Everyone else is doubling down on their love and support for Boston...meanwhile, Vornado slips out the back door.
In a weird way, this is almost the perfect image for Vornado. Everyone else is doubling down on their love and support for Boston...meanwhile, Vornado slips out the back door.
stellarfun
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Re: Millennium Tower - Filene's
Vornado was underperforming financially, and Roth told investors last April that he was going to pare back his holdings. Vornado has sold $2.75 billion of assets between April 2012 and March 2013, and continues to sell, even in New York.
http://www.bloomberg.com/news/2013-...-harlem-office-tower-site-for-65-million.html
Vornado was underperforming financially, and Roth told investors last April that he was going to pare back his holdings. Vornado has sold $2.75 billion of assets between April 2012 and March 2013, and continues to sell, even in New York.
http://www.bloomberg.com/news/2013-...-harlem-office-tower-site-for-65-million.html
TheRifleman
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Re: Millennium Tower - Filene's
Roth is the smartest guy in the room. He is pairing down because the economy is slowing down. Interest rates will begin to rise and property values will begin to fall. Just trimming down his future risk for his company to have a more financially stable enviroment.
Roth is the smartest guy in the room. He is pairing down because the economy is slowing down. Interest rates will begin to rise and property values will begin to fall. Just trimming down his future risk for his company to have a more financially stable enviroment.
Re: Millennium Tower - Filene's
^If interest rates rise so does the cost of doing business and the value of existing capital investments. If he was the smartest guy in the room, he would be pouring money into downtown because he knows that the money he is borrowing today is the cheapest it will be and if interest rate and inflation do grow, he will make out like a bandit.
^If interest rates rise so does the cost of doing business and the value of existing capital investments. If he was the smartest guy in the room, he would be pouring money into downtown because he knows that the money he is borrowing today is the cheapest it will be and if interest rate and inflation do grow, he will make out like a bandit.
TheRifleman
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Re: Millennium Tower - Filene's
Not if your already leveraged and looking to recapitalize........If Interest rates start to rise say goodbye to this ponzi scheme economy. Roth is cashing out at a good time.
You don't want to end up like Harry Macklowe situation
http://www.nytimes.com/2008/01/06/business/06harry.html?pagewanted=print&_r=0
Not if your already leveraged and looking to recapitalize........If Interest rates start to rise say goodbye to this ponzi scheme economy. Roth is cashing out at a good time.
You don't want to end up like Harry Macklowe situation
http://www.nytimes.com/2008/01/06/business/06harry.html?pagewanted=print&_r=0
AmericanFolkLegend
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Re: Millennium Tower - Filene's
Yes. Smartest guy in the room cashing out at a $2M loss.
Yes. Smartest guy in the room cashing out at a $2M loss.
palindrome
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TheRifleman
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Re: Millennium Tower - Filene's
2 Million dollar loss (Tax Writeoff).............Probably saved Millions a year in tax incentives each year for the hole in the ground.
The reality is Vornado does not want the hundreds of millions in DEBT on their balance sheet to help build Millennium.
Believe me when I say Vornado never lost a penny of their own money on the hole in the ground
2 Million dollar loss (Tax Writeoff).............Probably saved Millions a year in tax incentives each year for the hole in the ground.
The reality is Vornado does not want the hundreds of millions in DEBT on their balance sheet to help build Millennium.
Believe me when I say Vornado never lost a penny of their own money on the hole in the ground
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