Archive for the 'Housing and Urban Development' 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

The Element, Allston's exciting new eco-friendly community. Located at 86 Brainerd Road, the luxury building is the first available for occupancy in a 6-building group called the Green District.

Leasing began less than a month ago and the 100-unit complex is almost sold out – only 14 units remain. Clearly the Element is living up to expectations as Boston’s newest and most exciting apartment community complex. “I’ve been in the complex quite a few times since leasing began and they have quite the crew working diligently to prepare for the initial July 1st move-ins,” says Boston Realty Advisors rental agent Jon Biliouris. “The entire project is moving at an impressive pace without compromising quality, and the developers [The Mount Vernon Company] are really setting a new standard for housing in the entire city.”

Careful construction and environmentally ethical design are evident throughout the building. Gorgeous designer kitchens boast granite countertops and top of the line stainless steel/energy efficient appliances. All units have individually controlled air conditioning.

Apartments at the Element feature large, super-insulated windows.

The building is insulated with an energy-efficient material called Icynene. This innovative soy-based material helps reduce noise transmission. Recycling chutes on each floor encourage residents to reduce waste. Naturally, the Element is also LEED certified.

In addition to the luxury amenities and eco-conscious features, the Element is unique in that it has offers residents a private theatre, fully-equipped fitness center, parking garage, and a common event room with kitchenette.

Atop the building sits a 2,000 SF recycled grass roof deck with lounge furniture. Here, residents can get to know each other by taking yoga classes or tending the communal vegetable garden.

This exciting, pet-friendly building is available for occupancy starting July 1st, so there is still a chance you could be one of the first lucky occupants. Stop by the leasing office at 1302 Commonwealth Avenue today or call 617.651.3500.

The Element is part of a larger overall Green District, a massive $125 million project with six buildings comprised of 500 environmentally conscious units along Brainerd Road in Allston.

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

As I am sure many of you have read, Boston is undergoing several transformations throughout several of its neighborhoods. Some are undergoing new additions, while others are getting renovated.

Here is an inside look with David Manfredi, principal of Elkus Manfredi Architects, whose firm happens to be one of which that is highly involved with several current/upcoming projects.

"Given all the development in places like Dudley Square, the Fenway, and the South Boston Waterfront, how do you expect the design and atmosphere of the city to change in coming years?

We’re very fortunate, planners and architects especially, to be in Boston. There is activity here, and there are large parts of the country where there’s not nearly as much activity. What’s exciting is that we have this incredible waterfront that sits right next to our downtown, and there is a lot of development there now. It’s not like we’re building at the edges; we’re building so close to the heart of everything." ...Read more HERE (photo credit boston.com) 

Boston Realty Advisors (BRA) was featured in the July 15th, 2011 issue of The Real Reporter because they are currently handling two exciting listings in Back Bay that will prove to be great rehabilitation projects. 

493-497 Commonwealth Avenue

Formerly the JS Waterman Funeral Home, BRA's listing at 493-497 Commonwealth Avenue has been out of use for several years, and is finally going to be brought back to life.  It is a 19,500 building currently in "shell condition."  This makes the building a blank canvas.  It may possibly become a residential space, but the central location could make for great offices or other forms of commercial space.  The building is right on the edge of Kenmore square, which is a great area and will soon benefit from major improvements to Boston's Green Line.  Boston Realty Advisors has not announced any definite details of a deal, but whatever happens, Kenmore square will soon have a new great space.

463 Beacon Street

Just a few blocks away, this beautiful building is currently a 20-room lodging house offering nightly and weekly rates.  This property may stay as is, but according to BRA founder Jason Weissman, it is possible that the space may work as a single household.  He also told The Real Reporter that converting the space to condominiums could be a viable and possibly more valuable solution.  The building has 2,400 square feet of frontage on Beacon street, easy access to Massachusetts Avenue and a slew of prestigious Universities, and six parking spaces in the rear.

Interested in these listings or looking for more information on buying or renting real estate in the Boston area?  Contact Boston Realty Advisors today!

Earlier this year, renowned economist Karl E. Case wrote a summation of the housing crisis and the 'Great Recession' in the form of a poem called, 'Reflections on the Housing Market'.

Dr. Case is the Professor of Economics at Wellesley College, a Founding Partner of the real estate research firm Fiserv Case Shiller Weiss, Inc., and he also co-developed the Case-Shiller Home Price Index, which is the most widely referenced source of housing market prices in the U.S. today.  

Dr. Case was one of the economists that predicted the current collapse of the U.S. housing bubble.  In his poem below, he writes about the early indicators of the troubles to come, the crisis as it unfolded, the effects the collapse is still having today.

He closes the poem by acknowledging that markets will correct themselves in time, no matter what, and calls for politicians to work towards a solution to the problems created by the housing bubble collapse.       

Do you agree with Dr. Case's summation?  What do you think politicians can do to 'help find solutions'?  Share your thoughts in the comment section below.  

Reflections on the Housing Market
By Karl E. Case

"For the last few years, we have shed many tears
Living through a recession.
The economy's broke and it's not a joke,
When we talk of another depression.
Fifteen million without a job,
Foreclosures and banks that fail,
401K's became 201K's,
And everything's up for sale.

How can it be? What didn't we see
That led to all of this trouble?
There is little doubt that the proximal cause
Was a bursting housing bubble.
But other than that, who can we blame?
And what do they lament?
Millions of people contributed to
This hundred-year event."

Read the full poem by Chip Case.

The collapse of the housing bubble really emphasizes the importance of  investing in a home that has intrinsic value to you and to future buyers.  If you need help finding a Boston property you can feel confident in investing in, you can rely on the experience and knowledge of a Boston Realty Advisor to help you find the ideal Boston real estate to meet your needs.

 It appears that Boston real estate developers are finally believing that the recent and expected successes of Boston luxury Condos and Boston luxury Apartments are critical to the viability of commercial development such as the blighted Downtown Crossing's "Filene's Project."

The Boston Globe Article  says it all - there is quite a bit of interest in the purchase of the Filene's development site from Vornado who stopped development due to the downturn in the market a few years ago.

This is not the case in all cities across the country and not so in all of Massachusetts or even all parts of Boston. In any case, we should be pleased that there are positive signs of recovery.

Posted by : David Friedberg, CEO - Residential Division

Last night Boston Realty Advisors' CEO David Friedberg, lobbied Congressman Barney Frank for another housing tax credit program based on the success of the First-Time Buyer Tax Credit Programs of 2009!

He also talked about a new Boston property plan for HUD (Housing and Urban Development) similar to those from the early 70's which created housing for the moderate and poor while creating 1,000's of jobs for the Bay State.