Archive for the 'Downtown Crossing' category

Photo Credit: boston.curbed.com

The “power-house” development firm, Millennium Partners LLC,  is right back to work in Downtown Crossing, with the Boston Redevelopment Authority granting approval on its plans to build a whopping 55-story residential skyscraper in the heart of downtown Boston.  Located at the former Filene’s site on Washington Street, the new development is expected to cost an estimated $620 million to build. Construction is set to begin within the next year, with delivery slated for the 2016-2017 rental and sales peaks.  The ambitious project, totaling 500-600 rental units, takes a giant leap forward with this new approval from the city with the key involvement of Millennium Partners LLC.

Long referred to as the “Burnham Building restoration project,” the city of Boston had met with developers and planners for years in hopes of turning the site into something beneficial to the Downtown Crossing area. Previously, the site had been under agreement with developers from Vorando -- a New York based real estate investor -- but plans for the 39-floor project they envisioned never got off the ground; efforts to reenergize the development also fell silent.

Enter Millennium Partners!  Millennium Partners LLC is no stranger to the Boston development arena, Millennium Partners had already built the Ritz-Carlton, Boston Common hotel and residences, and now, it is currently constructing Millennium Place, a 15-story full-service luxury residence. The level of new construction and redevelopment in the Downtown Crossing area is unprecedented, and as city planners hope, will add new residents and business opportunities to the city for years to come.

When completed, the 55-story, 606-foot building will become the third tallest standing structure in the city of Boston, behind only the John Hancock tower at 790 feet, and the Prudential Building at 751 feet.  In addition to the 500-600 residential units planned in Millennium Tower, the developers also intend to fully restore the 100 year old “historic” Burnham Building and use 230,000 square feet of the first several floors for commercial and retail space.  The site will also feature a “Shopper’s Park” and outdoor amphitheater to energize pedestrian activity in the neighborhood.

Related Listings
Luxury Apartments in Boston

(Graphic Rendering of the Kensington)

In October of 2011, Kensington Investment Co. Inc. and National Development broke ground on their planned 27-story residential tower at Washington and La Grange Streets, now being called The Kensington, in the Downtown Crossing neighborhood of Boston, between Chinatown and the Theater District.  The estimated $172 million project encompassing more than 345,000 square feet, will introduce 385 brand new apartments to the already increasing rental housing market of the downtown Boston area.  The Kensington project joins the ranks of several other new construction projects in the immediate area; such as the nearly completed Millennium Place that will all be ready for occupancy starting in the late 2013 rental season.   

In addition to the units on the above floors, the development will have 4,000 square feet put aside during construction to leave available for future retail and commercial space.  The Kensington apartments will sit on top of what used to be the Gaiety Theater, once home to cinematic, burlesque, and vaudeville performances until its demolition in 2005.  The partners behind this bold new construction have also planned to reserve space for the display of old artifacts from the Gaiety Theater for exhibition purposes.

Related Rental Listings and Residential Availability:
Boston Luxury Apartments

Unlike many cities in the United States at this time, consumer belief in the Boston rental market is at an all time high.  Investors and developers believe that Boston is uniquely primed for such expansion because of the many university and graduate students who chose to remain in the Boston area well after they graduate their degree programs.  It is this reason, above all, that the demand for apartments by men and women in the age group, Generation Y, that is driving this increased growth in the Boston rental market.   

For more information regarding rental housing in Boston’s Downtown Crossing, please contact me. I can assist you with finding an apartment in Downtown Crossing.

Jonathan Goldman, Residential Leasing Associate
T: 617 850 9614
email: jgoldman@bradvisors.com

(Sketch of Millennium Place's exterior)

The latest in a series of brand new construction projects that have seemingly invaded the Boston area within recent years, Millennium Place is the newest addition to the multi-million dollar projects slated for release within the coming months in the Downtown Crossing neighborhood.  Originally named Hayward Place, the $220 million project will be adding another 256 rental units to the notoriously low inventory of the Boston market just in time for the rental season of 2013.  The 15 story residential structure, which has since been renamed, Millennium Place earlier this year is underdevelopment by Millennium Partners on lower Washington Street, and will feature one, two, and three bedroom units.

    •    256 Rental units
    •    Expected Fall 2013
    •    Sports Club/LA fitness center on-site
    •    Private screening theater
    •    Children’s Room daycare facility
    •    Private garden green for residents

The 390,000 square foot endeavor will also include 125 individual underground parking spaces, and will retain nearly 10,000 square feet street level retail space reserved for shops and businesses.  The once vacant parking lot will now be a new destination for home owners and businesses in the area that Mayor Thomas Menino has been trying to breathe new life into for over a decade.  Since 2002, the Downtown Crossing area has seen record transformation and investment; which is a miracle to say the least for an area that during the 1970s, used to be dominated by strip-clubs, bars, and other less than savory businesses. 

Millennium Place takes joins others in a sea of new construction projects in the neighborhood, standing opposite the Millennium Partners built Ritz-Carlton Boston Commons Hotel, and will be joined by the current Kensington project; which will add another 381 rental units to the growing area within the next year or so.  Despite these tumultuous economic times felt by many, investors and entrepreneurs continue to invest in the Boston area, and developers will continue to provide new and luxurious housing to a market that remains competitive and ever-growing.  Downtown Crossing is just one example of a Boston neighborhood that is expanding to meet the demands of new tenants in a city where housing is always in demand!

Related Property Listings and Immediate Availabilities:
Millennium Place Boston

For more information regarding rental housing in Boston’s Downtown Crossing, please contact me. I can assist you with finding an apartment in Downtown Crossing:

Jonathan Goldman, Residential Leasing Associate
T: 617 850 9614
email: jgoldman@bradvisors.com
 

The Residence at the Ritz boston luxury condos supplies the penultimate living experience in the downtown Boston area. Among the most well-known of Boston's luxury apartment buildings, the full service package at the Residence at the Ritz luxury condos -- located within the Ritz-Carlton Boston Commons Hotel at Downtown Crossing -- towers above its rivals. 

The accommodations promote city living at its absolute best; located just minutes away from Boston’s Beacon Hill and Back Bay neighborhoods, these stylish modern units are situated perfectly in the downtown Boston area, granting access to the theater district, 5-star restaurants, exclusive shops and boutiques, and unparalleled views of the city.  If you’re seeking to own or rent a piece of the legendary hotel chain or just looking to indulge in Boston's historic luxury apartments, no alternative comes close to matching the lavish lifestyle offered by this collection of Boston luxury condos, available at the Residence at the Ritz Towers.  

Boasting over 300 condominium style homes in spectacular one, two, three, and four bedroom floor plans, the Residence at the Ritz luxury apartments and condos come with only the finest in modern urban luxury amenities.  The residents have full access to the 100,000-square foot luxury sports and fitness center, the Spa which offers body treatments, massages, facials, and other beauty services, and the exquisite dining experience that is the hotel’s new exclusive restaurant, The Artisan Bistro. Among its most famous of residents, former Boston Red Sox All-star Manny Ramirez made his home at Ritz during his tenure with the team.

The Ritz-Carlton, the gold standard of luxury hotel living in Boston, has become a hallmark of Downtown Crossing since 2001, located just adjacent to the city's beautiful Boston Commons. Originally situated on the corner of Newbury Street and Arlington Street in downtown Boston, and one of the first few luxury condominiums to open in the United States, The Ritz-Carlton became known as the hotel of kings, movie stars, and corporate leaders. The Ritz-Carlton attributes its many years of success and customer loyalty to the philosophy of its one-time President Horst Schulze, who believed the company should aspire to the mission of “ladies and gentlemen serving ladies and gentlemen.”

Related Property Listings:
Ritz-Carlton Boston Luxury Apartment and Condo Listings
Availability at the Ritz-Carlton, Boston

The Millennium Partners-owned Ritz-Carlton Boston Commons Hotel will soon be joined by the Kensington project, which will add another 381 luxury rental units to the Boston area within the next year, and the Millennium Place development, which will bring another 256 luxury apartment and condo units to Downtown Crossing. Despite the economic landscape, investors and entrepreneurs continue to invest in the Boston area, with new, luxurious housing alternatives augmenting the already flourishing market. Downtown Crossing is just one neighborhood in Boston that's expanding to meet the demands of new tenants with an eye for luxury living.

The Renaissance continues in Downtown Crossing, with $3.2 million in city funds slated for improvements in the area, including sidewalk repairs, new illuminated street signs, street repaving, and bike racks.

“It’s time for us to go back into the Downtown Crossing area and do some reinvestments there, because things are changing and new businesses keep wanting to come there,” Mayor Thomas M. Menino is quoted by the Globe.

In addition, developers in the area are expected to make $10 million in privately funded improvements, including a new entryway for the MBTA station at Franklin and Washington Streets.

Over the next four years, 1,200 housing units will be built in and around Downtown Crossing, drawing some 3,000 residents to the area.

In the same vein of revitalization, a total of ten new restaurants have recently opened or are on the horizon. Back Deck, a collaboration of Bradley Fredericks of Fajitas and Ritas fame and acclaimed chef Paul Sussman, opened earlier this summer on West Street.

407 Washington Street is a 7-story, 25,616 SF mixed-use development opportunity. 

This is an opportune time for investors to capitalize on Downtown Crossing. Boston Realty Advisors has been retained as the exclusive agent for the sale of 407 Washington Street, located in the heart of Downtown Crossing directly across from the Millennium Tower project. Although historically occupied by retail users, 407 Washington is fully permitted and approved for 8,000 SF of retail and 14 residential units. Its current unoccupied status allows for easy renovations. For more information about this offering, please visit 407Washington.com.

• Downtown Crossing to get $3.2m face lift (Boston Globe)
• Boston's Downtown Crossing to get $3.2M touch up (Boston Business Journal)

The infamous Filene's site (Photo credit: Boston.com).

A tower with retail stores, office space, and hundreds of residences is slated to grace the former Filene’s site. Millennium Partners, developers of the nearby Ritz Carlton Hotel and Towers, will team up with existing owner Vornado Realty Trust of New York, with Millennium taking a more active role. Vornado has left the site idle since summer of 2008 due to a lack of financing and subsequently revoked construction permits.

According to Philip Aarons, a founding partner at Millennium, the original Filene’s building will be renovated with construction of a 500 to 600-foot tower next door. This project will cost roughly $500 million, as opposed to the originally planned $750 million project, which included a hotel.

Construction could potentially start this time next year.

For more on this story, see the Boston Globe and the Boston Business Journal.

Related Listings:
Boston Commercial Real Estate

Located in the heart of Downtown Crossing, these dramatic lofts in the converted Edison Electric Building deliver luxury features with an industrial touch. 42 Chauncy Street is tucked away, but moments from the action on Washington Street, Financial District, the Boston Common and Chinatown. The lobby, which leads to the elevator, is discreet but modern. Each of the 23 units have taken a unique transformation, from 17"ceilings to state-of the art kitchens, floor-to-ceiling custom closets, contemporary lighting, 14 foot windows, and mezzanine style living areas and bedrooms. A Penthouse unit also boasts an outdoor roofdeck.

If downtown loft living in a striking and unique condo without the extra condo fees associated with high-rise buildings is what you're seeking, 42 Chauncy is the perfect home.

Current Unit Pricing:
$830,000 - 2226 SF, 1 bed / 2 bath
$999,000 - 2450 SF, 2 bed / 2.5 baths
$1,000,000 - 2847 SF, 4 bed / 1.5 baths (private roofdeck)

For more information and to see the lofts at 42 Chauncy, please contact Paul Santucci 617-694-0004, paul@bostonlofts.com

For detailed unit pictures and information, visit: http://bostonlofts.com/Showcase_Listings/details.aspx?ListingID=568929