Final designs for Millennium Partners’ 1.6-million-square-foot skyscraper in Boston’s Winthrop Square call for a 691-foot structure including 500 luxury condominiums and 750,000 square feet of office space, as developers kicked off the formal review with state and city regulators.

Millennium estimates total payments of $166 million to the city of Boston to acquire and redevelop the defunct municipal garage property, including $92 million when it receives final approvals and $64 million from condominium sales. It earlier paid an initial installment of $10 million. The up-front payments are earmarked to benefit parks, public housing in South Boston and Orient Heights and a downtown planning study.

In changes to preliminary plans filed in November 2016, Millennium has increased the condo component from 460 to 500 units on the upper 26 floors while decreasing the residential space from 780,000 to 715,000 square feet. The office component has grown from 635,000 to 750,000 square feet on 20 floors.

No affordable housing is planned on-site. Millennium has selected Asian Community Development Corp. as partner on creation of 115,000 square feet of affordable housing in Chinatown, to comply with the city’s inclusionary development policy.

Located 2.3 miles from Logan International Airport, the tower is under review by the Federal Aviation Administration to gauge its effect on flight patterns. An airspace map recommends a maximum height of 710 feet above sea level for structures in the immediate neighborhood, and Millennium had originally proposed a 775-foot-tall tower. The current plan complies with the FAA guidance, Millennium said, but requires an FAA certificate following a ongoing review period.

A 12,000-square-foot Great Hall on the ground floor will create a new pedestrian connection between Downtown Crossing and the Financial District and provide event space. Millennium said it will work with the Downtown Business Improvement District on programming and waive fees for some groups that use the hall.

Plans to redevelop the property were delayed while Boston city councilors and state legislators reviewed changes to an existing law limiting shadows on Boston Common and the Public Garden generated by new development. The legislation signed by Gov. Charlie Baker in July granted Millennium a one-time exemption to the law, after Millennium agreed to contribute $125,000 a year to the Friends of the Public Garden for maintenance.

Public comment periods expire Feb. 9 with the state Executive Office of Energy and Environmental Affairs’ MEPA office and March 19 with the Boston Planning and Development Agency.