Millennium’s condo project could be litmus test for downtown Boston’s luxury market
Originally Posted on Boston Business Journal by Thomas Grillo
The Hub’s newest condominium project since the real estate crash cooled luxury sales is testing the market.
Millennium Partners, the New York‐based developer with offices in Boston, is aggressively marketing Millennium Place, a 15‐story glass‐and‐steel condo complex at the former Hayward Place parking lot on lower Washington Street. The 256‐unit luxury project will offer one‐, two‐, and three‐bedroom units from 775 to 2,360 square feet, priced from $550,000 to $3.5 million.
Anthony Pangaro, principal of Millennium Partners/Boston, isn’t talking and did not return calls seeking comment. But Millennium’s marketing staff is betting that sales will go a lot quicker than the competition at 45 Province in Downtown Crossing, the W Hotel and Residences in the Theatre District and the Back Bay’s Clarendon which opened as downtown’s high‐end condo market started to tank more than three years ago. Those three high‐profile projects have yet to sell out.
Selling brokers, who always are optimistic, say the Millennium project is poised to enjoy better timing. There’s a shortage of inventory in the downtown, they say, and the mix of amenities and pricing already has attracted buyers almost a year before the project is scheduled to open.
“They’ve got a very sophisticated showroom where you can see model floor plans,” said Michael Doherty, a broker with Citylife Real Estate. “They’ve done an amazing job of putting it all together.”