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

Status
Not open for further replies.
I wholeheartedly believe this one is at 625' and the 60' mechanical is left to come.
 
DZH22 said:
I wholeheartedly believe this one is at 625' and the 60' mechanical is left to come.
Click to expand...

Correct me if I'm wrong - didn't we figure out that 685 was a marketing gimmick, the reality being that the number is actually the altitude (height above MSL)? The USGS topo maps seem to corroborate this (the property is located somewhat between the 30 and 40 foot contours). The renderings appear to show what is the equivalent of three stories of glass paneling above the grand penthouse, so that would be approximately 30 feet (not knowing exact height per floor - I remember seeing it earlier in the thread, but am too lazy to look it up). So 625' to top of last occupiable floor, plus 30 feet of mech, all being built on a parcel of land that is about 30 feet above MSL = 685.

At this point, it's all conjecture, but my guess is about 30 feet left, assuming they completed the top of the grand penthouse.
 
I was looking at the NPC and on level B1 it shows the Downtown Crossing northbound platform and also a bunch of hallways and rooms connect to the station underneath Franklin St into the basement of the parking garage/33 Arch. Anyone know the history of them or what they connect to?
 
sm89 said:
I was looking at the NPC and on level B1 it shows the Downtown Crossing northbound platform and also a bunch of hallways and rooms connect to the station underneath Franklin St into the basement of the parking garage/33 Arch. Anyone know the history of them or what they connect to?
Click to expand...

SM -- at one time in the past before there was such a thing as the DTX, the Washington St/ Concourse and pedestrian-mostly streets, etc., -- several of the great department stores connected directly to the Washington Street subway platforms

The two biggies were of course the Jordan Marsh basement and the iconic Filene's Basement -- your hallways are undoubtedly remnants of other similar connections
 
Looks topped out when compared with this render:
8YxOUeE.png

GiYhwnU.png

kmtPwkJ.png
 
kjdonovan said:
Looks topped out when compared with this render:
8YxOUeE.png

GiYhwnU.png

kmtPwkJ.png
Click to expand...

I'm fairly sure that render is out of date. Newer renderings lack the setback on the right.

From the first page:
3.jpg


Addendum: Also, for what it's worth, I would expect the crown/mechanicals to be steel construction, not concrete. We may very well be close to done with pouring concrete.
 
kjdonovan said:
Looks topped out when compared with this render:
8YxOUeE.png

GiYhwnU.png
Click to expand...

The key is -- can you see anything in the pix indicating that its there and ready for a celebration

I looked at the most recent pix and didn't see anything different than the standard view of the construction

I'm sure that the Millennium folks will take full advantage to promote the topping of what at least for a while will be the 3rd tallest structure in Boston
 
eswwaa said:
Nearly sold out, better act quick...

http://www.boston.com/real-estate/n...N/story.html?p1=story_hp#sthash.3M0p7Pc5.dpbs
Click to expand...

It says here:

"The developer plans to hold a “topping off” ceremony on Thursday to highlight the progress of construction on the 60-story tower in Boston’s Downtown Crossing. The occasion traditionally marks the last beam raised, or in this case the “final concrete pour topped by a flag,” according to a press release touting the event."
 
Smartiro said:
It says here:

"The developer plans to hold a “topping off” ceremony on Thursday to highlight the progress of construction on the 60-story tower in Boston’s Downtown Crossing. The occasion traditionally marks the last beam raised, or in this case the “final concrete pour topped by a flag,” according to a press release touting the event."
Click to expand...


I thought that the tower was supposed to have about 55 floors.
 
It's fun reading this thread while looking at it
21234691609_0a7f8fdd04_b.jpg


21410649552_f37764d073_b.jpg


It's a shame my camera lens is so tiny and flattens everything out. It actually appears dramatically closer then this in real life.
 
I know this got a tax break, but how much revenue will it generate once completed?
 
In the pictures the floor they are on is even with the top of the yellow screen so the slanted roof wouldnt be able to work yet. Theyre probably on the last floor but still need to add the slant whether its concrete, steel, or just glass that makes that happen well find out soon.
 
I'm excited but at the same time slightly bummed out this ones almost topped out...

That bring said I think it will land just above where the yellow screen currently sits.
 
12345 said:
I know this got a tax break, but how much revenue will it generate once completed?
Click to expand...

It got more than a tax break... it's BRA property because the eminent domain taking happened. Type 1 Franklin St. into City assessing page and you'll see.

That said, isn't it "merely" a question of:

--the annual property tax generated by all 450 condo units
--any new state and federal income taxes generated by incoming residents having to declare Mass. residency and/or US citizenship, with attendant tax liabilities
--the mortgage interest on all the mortgages that have been originated, and the economic multiplier effect from that income being spent by the mortgage co. employees
--the income taxes paid by all the construction workers, and the economic multiplier effect from some of their income being spent at nearby businesses
--the income taxes paid by all the condo salespeople and any other similar agents retained by the developer, and the economic multiplier effect of some of their income being spent at nearby businesses
--the economic multiplier effect from all the residents' disposable income that will be spent at nearby businesses
--the income tax paid by all building management/concierge/etc., and the economic multiplier effect from them spending their wages at nearby businesses
--the annual alcohol, sales, business taxes to be generated by the sushi restaurant
--the income tax paid by all sushi restaurant employees and their economic multiplier effect from them spending their wages at nearby businesses
--the annual alcohol, sales, business taxes to be generated by the Roche Bros. annex and the health club
--the income tax paid by all Roche Bros. annex and health club employees and their economic multiplier effect from them spending their wages at nearby restaurants


The property taxes alone will probably average $20k/yr (assuming $1.75 million average condo value) x 450 units equals $9 million.

So even after the construction workers and mortgage loans related income finally tapers off... who knows? As you can see, it's both a massive massive number and a number that is open to widely divergent projections based on how you calculate economic multiplier effect...
 
12345 said:
I know this got a tax break, but how much revenue will it generate once completed?
Click to expand...

We can get a ballpark estimate of the residential portion.

The residential tax rate is $12.11 per $1000 in valuation per year. According to the Millenium website there are approximately 450 units. The 1brs start at $925k, 2brs at $1.625M and 3brs at $3.2M. Assuming there's an even mix of all bedroom types, that's $862.5M of units in the building (wow!). The city then gets $12.11 per $1000 of that per year, which comes out to about $10.4M/year.

There will be units that are owner-occupied, which means they get a ~$1700 discount on their property taxes. Also, the City of Boston usually assesses properties at a discount to their market value, so who knows what these units will be assessed at in reality.

My guess is it will be somewhere in the $9-9.5M/year range.
 
I should note, I presume that when the tax breaks on the commercial portion of the property expire, then the commercial condos will revert back to private ownership instead of being held by the BRA....
 
Wanted to put some of the negative speculation about height to rest, so I took these tonight with my cell phone. The highest lit up floor is the "top out" floor. The mechanical top should make a substantial impact and truly separate MT from the rest of the financial district towers.



 
Status
Not open for further replies.

Back
Top