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

Status
Not open for further replies.
KentXie said:
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.
Click to expand...
You completely contradict yourself. Are you claiming 45W is an affordable tower?

Millennium Tower is to DTX as 45 Worthington is to Roxbury Crossing. Neither are by absolutely no means affordable for the areas they are in, as they are at the absolute top of the price range. Tiny 1brs starting at $3000 at 45?

Edit:
--All discussion shall continue in the 45W thread--
 
Last edited:
Is 45w projected to rent for 3k a month, because that is what they need to earn a decent return or is it they a charging 3k a month because they can in a super tight Boston apartment market?

It seems Boston could be delivering cheaper class A units (maybe closer to $2,000 to $2,500 for a tiny 1 bd room). But, it needs to be building a lot more than it currently is.

UPDATE: Thanks for moving this.
 
Last edited:
jpdivola said:
Is 45w projected to rent for 3k a month, because that is what they need to earn a decent return or is it they a charging 3k a month because they can in a super tight Boston apartment market?

It seems Boston could be delivering cheaper class A units (maybe closer to $2,000 to $2,500 for a tiny 1 bd room). But, it needs to be building a lot more than it currently is.
Click to expand...

Will continue in the 45W thread.

--No more 45W posts here please--
 
0313151002a_zpswolqlhkj.jpg


Enjoy.
 
It's hard to tell how much this is growing now, especially seeing it every morning on my way into work.
 
datadyne007 said:
It's hard to tell how much this is growing now, especially seeing it every morning on my way into work.
Click to expand...

But it's growing. A few months ago, I had to scan to find it from the Joy St. Steps at the Common. Now it sticks out pretty conspicuously. Definitely hard to get a read on the rate of growth though.
 
You need to count the levels of glass that go up on the north facing side, also the space between that and the top. At least that's how I've been doing it. Still tough.
 
That 70% number is insane. Where are all these millionaires coming from?

For the past decade this city has done nothing but develop luxury full-service condos, and we're to believe that there was such pent up demand for this tower that they could do what nearly every other residential project struggled to do which was sell early and at their supply prices?
 
Last edited:
All millionaires are not the same. There have only been a few buildings of this caliber built in Boston, and it just so happens that Millennium has built a lot of them. The other condo/rental buildings are not aimed at millionaires but sub-millionaires and are pretty basic in terms of services and design. There is an upper echelon market which Boston is only beginning to enter. New York has been there, obviously, but even the ultra-lux towers going up now (the super tall ones) are new to that market.

Look around what's been built in Boston over the last decade and you actually don't see ultra luxury buildings. Archstone and their ilk aren't that fancy in the grand scheme of things. Sure you need to make $100,000 to live there but that's hardly $1,000,000 a year; that's a huge difference. The fact is there isn't much available to this level of buyer that isn't a mansion in Brookline. And that's where these people are coming from, the wealthy suburbs and the new tech/biotech money. There is also demand from international buyers who want a place for their kid to live when they send them to Harvard or MIT. A lot of this is investment, not for a primary residence.

And look what's in the pipeline, 1 Dalton and the Copely Plaza Tower, these are the ones that are trying to enter the same market.
 
vanshnookenraggen said:
All millionaires are not the same. There have only been a few buildings of this caliber built in Boston, and it just so happens that Millennium has built a lot of them. The other condo/rental buildings are not aimed at millionaires but sub-millionaires and are pretty basic in terms of services and design. There is an upper echelon market which Boston is only beginning to enter. New York has been there, obviously, but even the ultra-lux towers going up now (the super tall ones) are new to that market.

Look around what's been built in Boston over the last decade and you actually don't see ultra luxury buildings. Archstone and their ilk aren't that fancy in the grand scheme of things. Sure you need to make $100,000 to live there but that's hardly $1,000,000 a year; that's a huge difference. The fact is there isn't much available to this level of buyer that isn't a mansion in Brookline. And that's where these people are coming from, the wealthy suburbs and the new tech/biotech money. There is also demand from international buyers who want a place for their kid to live when they send them to Harvard or MIT. A lot of this is investment, not for a primary residence.

And look what's in the pipeline, 1 Dalton and the Copely Plaza Tower, these are the ones that are trying to enter the same market.
Click to expand...

Is this tower THAT much nicer than the W condos or 45 province? If I remember correctly those two lagged on the market and took forever to sell out, the W even filed bankruptcy. There has to be something else going on here.
 
datadyne007 said:
It's hard to tell how much this is growing now, especially seeing it every morning on my way into work.
Click to expand...

Looks like the cores are pushing into 18, at least by the Washington Street side. Lots of concrete trucks and work going on tonight. I think the next floor up will pass the setback on 101 Arch. It's definitely over 200' now.
 
617 said:
Is this tower THAT much nicer than the W condos or 45 province? If I remember correctly those two lagged on the market and took forever to sell out, the W even filed bankruptcy. There has to be something else going on here.
Click to expand...

The short answer is "Yes."

Swing over to the Millennium Tower's sales office for more information and it's easy to see why this tower has sold so well. Their marketing team has done a very fine job at selling this place, and the attention to detail for the living spaces and community spaces is a cut above the competition.

And to the question about where all these millionaires are coming from, it's actually kind of genius: Millennium Partners has two salespeople whose sole purpose is to solicit empty nesters in Wellesley, Weston, and Sudbury to come into Boston to live here.
 
Whelp, glad I got to stop by and visit my old co-workers at 33 Arch a couple of weeks ago. Digitas just lost its view of the Back Bay from their skydeck/lobby on 18 and have probably already lost their view of the Pru and Hancock. I'll be sure to stop by this Friday for a drink with the guys and have a look.

4SxYDaz.jpg
 
617 said:
Is this tower THAT much nicer than the W condos or 45 province? If I remember correctly those two lagged on the market and took forever to sell out, the W even filed bankruptcy. There has to be something else going on here.
Click to expand...

Yes. Something very different is going on. Those two were built between 2007 and 2009. You may remember those years. The worst recession since the great depression.

45 province is now 100% sold, and was the best selling condo building of 2014. With 10% of the best sales of the year.

We should be happy they soldiered on when they did instead of halting construction. Kept some of the local economy going, and also probably allowed some risky souls to get a good deal on luxe living.

Here in 2015, yes, something very different is going on.
 
No one wants to live in this area. It's dangerous. We need to allow cars back on the roads.
 
Justin7 said:
No one wants to live in this area. It's dangerous. We need to allow cars back on the roads.
Click to expand...

Interesting that 70% of the units are sold in a building that won't be completed until 2016 in an area that no one wants to live in. People must simply be adding units to their housing collections.
 
I feel fairly confident that was intended to be sarcastic.
 
vanshnookenraggen said:
All millionaires are not the same. There have only been a few buildings of this caliber built in Boston, and it just so happens that Millennium has built a lot of them. The other condo/rental buildings are not aimed at millionaires but sub-millionaires and are pretty basic in terms of services and design. There is an upper echelon market which Boston is only beginning to enter. New York has been there, obviously, but even the ultra-lux towers going up now (the super tall ones) are new to that market.

Look around what's been built in Boston over the last decade and you actually don't see ultra luxury buildings. Archstone and their ilk aren't that fancy in the grand scheme of things. Sure you need to make $100,000 to live there but that's hardly $1,000,000 a year; that's a huge difference. The fact is there isn't much available to this level of buyer that isn't a mansion in Brookline. And that's where these people are coming from, the wealthy suburbs and the new tech/biotech money. There is also demand from international buyers who want a place for their kid to live when they send them to Harvard or MIT. A lot of this is investment, not for a primary residence.

And look what's in the pipeline, 1 Dalton and the Copely Plaza Tower, these are the ones that are trying to enter the same market.
Click to expand...


Yea, that makes good sense. Dalton and Copley Plaza will be interesting barometers for the Ultra Lux space. Are they selling Dalton yet or is it too soon?
 
Status
Not open for further replies.

Back
Top