Millennium Tower (Filene's) | 426 Washington Street | Downtown

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The 60-story Millennium Tower is 70% sold
Mar 11, 2015
Catherine Carlock
Boston Business Journal


Millennium Tower's 442 luxury condominiums are 70 percent sold — a figure representing $650 million in sales during the past four months, developer Millennium Partners announced Wednesday.

The 60-story tower is under construction now at 1 Franklin St. in Boston's Downtown Crossing neighborhood. Millennium Partners says 75 percent of sales so far have been to local buyers.

The remaining units range in price from $1.15 million to $37.5 million for the 12,846-square-foot penthouse
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http://www.bizjournals.com/boston/real_estate/2015/03/the-60-story-millennium-tower-is-70-sold.html
 
>>The remaining units range in price from $1.15 million to $37.5 million for the 12,846-square-foot penthouse

Fingers crossed the spare change guy ups his game and gets er done to land that penthouse!
 
PS. That penthouse comes unfinished... give him a couple more quarters next time.
 
It will be interesting to see what the rules are on renting these units out? I expect some share of these will end up as high end rentals.

Either way, this is good news for the other condo towers planned around the city. There are another 180 u/c at four seasons, and 109 potentially u/c by the summer at Copley. Then a few smaller projects around town. But, really not all that much for an affluent metro area of several million people. Hopefully, this opens the spigots to more condo construction after several years of basically nothing.
 
617 said:
Buyers from Boston...originally from China.
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And this is an issue because? If they are originally from China but moved to Boston, then I don't see a problem. I don't really see a problem even if they didn't move to Boston.
 
tmac9wr said:
Are you basing that on something or just messing around?
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Just messing around...truly shocked that it's 70% sold. Even more shocked that supposedly greater Boston itself has enough people with money willing to spend so much in a questionable area...especially after reading so many articles about people abroad buying places in Boston so that their kids can go to college here someday etc.
 
617 said:
Just messing around...truly shocked that it's 70% sold. Even more shocked that supposedly greater Boston itself has enough people with money willing to spend so much in a questionable area...especially after reading so many articles about people abroad buying places in Boston so that their kids can go to college here someday etc.
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Fair enough. I think people have really started to buy in to the revitalization of Downtown Crossing, which is why Millennium Place sold out so quickly as well. It should be very interesting to see how the area looks in 2017 when we've got the Ritz Carlton, MP, Filene's, 45 Province, and the Godfrey Hotel are all open, along with Kensington, Radian, Jacob Wirth, and ArchStone. I would think the area is going to look and feel a lot different.
 
KentXie said:
And this is an issue because? If they are originally from China but moved to Boston, then I don't see a problem. I don't really see a problem even if they didn't move to Boston.
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Because if they aren't living in the unit, then the unit isn't helping to cut into the city's unmet housing need. It's also not helping to put boots on the street in the neighborhood. It is cutting into the city's unmet foreign real estate investment opportunity need though, so I guess there's that.
 
I'm willing to bet that tenants will be charged their rent according to the view that they'll have! :eek:
 
underground said:
Because if they aren't living in the unit, then the unit isn't helping to cut into the city's unmet housing need. It's also not helping to put boots on the street in the neighborhood. It is cutting into the city's unmet foreign real estate investment opportunity need though, so I guess there's that.
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And what is the city's unmet housing need? Oh right, affordable housing for the middle class. Oh you don't have to worry then. The ultra luxurious Millennium Tower was never going to help relieve that. Perhaps if the city actually builds towers that aim toward the correct demographic, then it would help cut into the city's unmet housing needs.
 
And what is the city's unmet housing need? Oh right, affordable housing for the middle class. Oh you don't have to worry then. The ultra luxurious Millennium Tower was never going to help relieve that. Perhaps if the city actually builds towers that aim toward the correct demographic, then it would help cut into the city's unmet housing needs.
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Sure, but how and where? That housing isn't going to go in downtown, the land is just too valuable for anything but luxury housing and Class A office space.

I guess we can start dropping towers in Roxbury, Dorchester or Allston except for the fact the neighborhoods would go absolutely insane or the infrastructure probably could not handle anymore density (e.g. Allston) and let's not pretend like we can just start building better transit because that's just wishful thinking with our crippled MBTA and petty regional politics.
 
KentXie said:
The ultra luxurious Millennium Tower was never going to help relieve that.
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No, but it does help the downward pressure of condo-ization and rehab projects into lower and middle income neighborhoods. And that's without getting into eyes/boots on streets. Foreign investors who will never set foot in Boston aren't helping that goal.
 
underground said:
No, but it does help the downward pressure of condo-ization and rehab projects into lower and middle income neighborhoods. And that's without getting into eyes/boots on streets. Foreign investors who will never set foot in Boston aren't helping that goal.
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But that's what happens when you build luxury towers. Think, what demographic are developers looking to aim for? Wealthy buyers and investors, foreign and domestic, and that's the crowd it will attract. So let them have it because otherwise no else will be able to purchase them. Better them than nothing. Like I said, these projects are never meant to relieve much of any pressure in the housing market.
 
meddlepal said:
Sure, but how and where? That housing isn't going to go in downtown, the land is just too valuable for anything but luxury housing and Class A office space.

I guess we can start dropping towers in Roxbury, Dorchester or Allston except for the fact the neighborhoods would go absolutely insane or the infrastructure probably could not handle anymore density (e.g. Allston) and let's not pretend like we can just start building better transit because that's just wishful thinking with our crippled MBTA and petty regional politics.
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Exactly. I have no problem with the Millennium Tower going up here because that's where it belongs but don't expect this project to provide any pricing relief or housing relief for the rest of the city. You will need large projects in less desirable neighborhoods for that instead. I'm going off tangent so I'll just keep it short but we need projects like 45 Worthington to actually put a dent in pricing. Unfortunately, we will always have people arguing that large projects like that don't belong in low-density areas, unbeknownst to them that, economically-wise, those are the only areas that's suitable and feasible for affordable apartment towers.
 
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