Winthrop Center | 115 Winthrop Square | Financial District

Johnnyrocket891 said:
I don't think Winthrop Street gets finished. Condo demand is going to plummet.
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The project was originally supposed to complete in March 2022. Let's say it resumes June 1st, having lost 3 months, essentially--and let's say that pushes its completion back to June 2022. Is it realistic to expect condo demand to remain catastrophically (for this project, at least) depressed until that time? I honestly don't know. And is the developer prohibited from scrambling to convert the use to 100% office, if indeed they are convinced the project is non-viable with any condo units?

That said, if this project does go bust, it would prove to be uniquely vexing for the present administration, given the motley assemblage of extortionists "stakeholders" who were bribed "mitigated" to the tune of many many millions of dollars when the project got approved. That's putting it cynically. Looked at more sympathetically, the project's collapse would torpedo the creation of many more badly-needed affordable housing units. That would be a sucky, cruel blow. We shall see what happens.
 
It's less likely that it would be converted to office, that market may collapse much more than the condo market. Conversion to apartments maybe? It's also possible that they just truck through. We don't know what's going to happen.
 
I dont think real world vacancies would have too much of an impact on an upscale project of this magnitude. If anything the global uncertainty would probably push more wealthy investors to the us market and theres plenty of investment to be had in these units whether anybody ever actually lives in them in the near future or not.

Unless the world is actually ending real estate and stocks always gain value over time so these would still be some sound investments to park money in until things clear out. They could probably get some steep discounts that could pay major dividends later on too when it swings back. With units like these its not about if there are actual people out there who will live in them, but about if someone will invest.
 
George_Apley said:
It's less likely that it would be converted to office, that market may collapse much more than the condo market. Conversion to apartments maybe? It's also possible that they just truck through. We don't know what's going to happen.
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Condos will be converted to apartments, not sure what will happen to the affordable units that were part of this project unless another funding source can be found.
 
George_Apley said:
We don't know what's going to happen.
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^This.

Everybody everywhere is making a lot of very certain proclamations about the future, but we really don't know what's gonna happen. There is more probably uncertainty right now about the future of normal day-to-day life than at any other point in my lifetime. Any statement about what the world is going to look like 2+ years from now is really just a guess.
 
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Not sure when dshoost88 snapped these photos, but the site appears inactive and unchanged from when I walked by on Saturday. I'm generally concerned that MP might get cold feet on this one. A large spec office and condo project seems a bit iffy right now in this environment (I'm not event factoring in Sunday night's events at this point). One thing that I was struck by on my walk: There is no sign of any COVID-19 safety protocols or signage like we are seeing at other reactivated sites around town. I'm going to be uneasy about this one until we see some real activity and progress here.
 
Truly great to see this and other large projects continue to push forward. I keep waiting to see a cancellation and so far...nothing yet. Fingers crossed.
 
Anything that broke ground is secure, it's stuff like the Fenway building over the pike that will never ever get built. That tower on comm ave in Kenmore probably won't either
 
Suffolk 83 said:
Anything that broke ground is secure, it's stuff like the Fenway building over the pike that will never ever get built. That tower on comm ave in Kenmore probably won't either
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Add the much maligned Pinnacle (Harbor Garage tower) to the list.
 
Heads up, per Steve Adams Twitter - MP has notified the BPDA that they are reducing the number or residences in Winthrop Center from 387 to 321. (662K SF reduced to 573K SF). Office space remains unchanged, but the secondary residential tower is reduced in height.

FWIW...I did take a quick spin by the site today around midday and while there were workers there, it wans't as busy as pre-COVID shutdown. It's possible they are doing the "down" portion of the "top down" construction process while they await BPDA to weight in on this change?

Photo of change below

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jdrinboston said:
Heads up, per Steve Adams Twitter - MP has notified the BPDA that they are reducing the number or residences in Winthrop Center from 387 to 321. (662K SF reduced to 573K SF). Office space remains unchanged, but the secondary residential tower is reduced in height.

FWIW...I did take a quick spin by the site today around midday and while there were workers there, it wans't as busy as pre-COVID shutdown. It's possible they are doing the "down" portion of the "top down" construction process while they await BPDA to weight in on this change?

Photo of change below

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I was waiting for the words "reduced height" and then saw it and was like welp here we go... Reducing the second tower though is a mega win architecturally. That tacked on piece of crap always brought down the whole design, plus the towers going to be like 50% less fat now and just the tower part will stick above the skyline like its supposed to.
 
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Meh. I agree that the project works better architecturally without that segment, but I still I don't think the reduction is necessarily something to be celebrated. That's 66 fewer units in the housing stock. And every condo they don't build and sell is less money for the City per the land purchase agreement.

It'll be interesting to see if there is any public opposition to this reduction. If so, some activists might find themselves tied in knots.
jdrinboston said:
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Given the way that section was always a separate distinct massing, I wonder if the project was designed from the start so that that segment could be kept or removed without complications.
 
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jdrinboston said:
Heads up, per Steve Adams Twitter - MP has notified the BPDA that they are reducing the number or residences in Winthrop Center from 387 to 321. (662K SF reduced to 573K SF). Office space remains unchanged, but the secondary residential tower is reduced in height.

FWIW...I did take a quick spin by the site today around midday and while there were workers there, it wans't as busy as pre-COVID shutdown. It's possible they are doing the "down" portion of the "top down" construction process while they await BPDA to weight in on this change?

Photo of change below

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A huge improvement aesthetically
JumboBuc said:
Meh. I agree that the project works better architecturally without that segment, but I still I don't think the reduction is necessarily something to be celebrated. That's 66 fewer units in the housing stock. And every condo they don't build and sell is less money for the City per the land purchase agreement.
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To sell even the 320 units is going to be extraordinary challenging. The high end market has already peaked and with fewer jobs in the immediate vicinity than when this was conceived due to Covid and lighter international demand this is probably the only way the project has a prayer at being viable.
 
kmp1284 said:
To sell even the 320 units is going to be extraordinary challenging. The high end market has already peaked and with fewer jobs in the immediate vicinity than when this was conceived due to Covid and lighter international demand this is probably the only way the project has a prayer at being viable.
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None of these units are going to hit the market until 2022 at the earliest. We don't know what things are going to look like then one way or another.
 
kmp1284 said:
A huge improvement aesthetically


To sell even the 320 units is going to be extraordinary challenging. The high end market has already peaked and with fewer jobs in the immediate vicinity than when this was conceived due to Covid and lighter international demand this is probably the only way the project has a prayer at being viable.
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Also per Steve Adams:

A consultant hired by @bostonplans will review the market for condo financing, according to statement from Director Brian Golden. “The approval of Millennium’s proposed changes will not go forward until that review and a public process alongside the community is complete.”
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So this would hit the payment to the City. I wonder if that freezes construction for many months, or whether the main tower still goes up while this is happening.
 
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