Millennium Tower Boston, the new residential skyscraper rising on the former Filene’s site in Downtown Crossing, is 70 percent sold, developers Millennium Partners announced. The total volume is more than $650 million since the sales office opened four months ago. Approximately 75 percent of sales have been to local buyers, the developers said.
"We’re very, very happy," said Richard Baumert, partner at Millennium Partners.
Designed by Blake Middleton of Handel Architects, the tower comprises 442 units, mixed between one-, two- and three-bedrooms, ranging from 821 square feet to 12,846 square feet for the 60th floor penthouse unit. Prices start at $1.15 million. Price per square foot for the units which have already sold ranges from $1,100 to $2,300, Baumert said, averaging more than $1,500 for the sales to date.
Units that have sold are spread fairly evenly throughout the building and among the higher-floor "grand residences" as well as the lower-floor "city residences," Baumert said. The top five floors of the building are designated as "penthouse" units. Three of the penthouse units are under agreement, though not the very top floor, a floor through unit being marketed as raw space for $37.5 million, though Baumert said the group is currently in discussions with several parties interested in the space.
The majority of the buyers have been current Boston-area residents, with a mix of urban professionals from the finance, medical and academic sectors as well as returning empty nesters.
"It’s always been our sense that this is a project that would appeal to local buyers," said Baumert. "We’ve seen great activity from the MetroWest, and that would be the suburban buyer looking for a pied-a-terre in the city."
Of the many amenities included in the project, the 2-story club, which includes a restaurant and in-house meal service overseen by James Beard-award winning chef Michael Minna, has been "one of the bigger draws," Baumert said.
The development of the overall project is set to proceed in stages. Some office space in the historic Burnham Building next door on the former Filene’s site is already filled in, with global communications agency Havas moving its Boston headquarters into the building last year. Grocery store Roche Bros. is set to open in the Burnham Building this spring, with Irish retailer Primark set to open its first American location in the fall. Residential move-ins to Millennium Tower are set to begin in summer 2016; despite this winter’s snow, construction remains on schedule, Baumert said.
Combining sales at Millennium Tower Boston and the group’s other luxury apartment project on Washington St., Millennium Partners has sold nearly $1 billion in sales in downtown Boston over the past 18 months, accounting for more than 20 percent of the gross dollar volume for condos in the city.
Steve Adams contributed reporting to this article.
Correction: The sales volume figures mentioned above constitute 20 percent of the volume for the city of Boston in the relevant time period, not just the downtown Boston market. The article has been changed.
