Name Change for Downtown Crossing Development
Originally posted in Boston Business Journal by Thomas Grillo, Real Estate Editor
The developer of a condominium tower in Boston’s Downtown Crossing has changed the name of its project to Millennium Place and plans to start marketing the units this fall.
Once known as Hayward Place, the $220 million, 15-story residential tower, is under construction by Millennium Partners on lower Washington Street. When the development open next year at the site of a former parking lot, it will feature 256 one, two- and three-bedroom units with asking prices starting at $500,000 to $2.8 million for penthouse suites. Occupancy is slated for fall 2013.
“We decided that Millennium has a very good name and we want everyone to take advantage of some of the things we’ve done well in town and the name Millennium Place does that for us,” said Joseph Larkin, principal. “This building will be the best of its generation.”
Larkin said the lender, HSBC (NYSE: HBC), the New York-based corporate bank, is in for 50 percent, while Millennium is a 50 percent equity partner.
Kevin Ahearn, president of Otis & Ahearn, said he expects the condos to sell. He said condo sales are up 21 percent from last year in the downtown and inventory levels are at all-time lows. “They are coming in at the perfect time,” he said. “It’s the first condo project since the W Hotel & Residences opened a few years ago and Millennium won’t have any competition from new developments.”
Millennium is also the local developer with Vornado Realty Trust (NYSE: VNO) on the former Filene’s site, where they plan to build a 600-foot tower, filled with apartments and condominiums.
Millennium is not the only developer to build in Downtown Crossing. Last fall, the Kensington Investment Co. broke ground on a $170 million luxury high rise on Washington Street. The 27-story tower will include 381 new rental housing units with an open air heated pool, landscaped terrace, and a fitness facility. Not far away on Stuart Street, AvalonBay Communities (NYSE: AVB) is planning an apartment tower in the city’s Theatre District.