Millennium Selling 256 Hub Condos

Originally posted on the BostonHerald.com by Greg Turner

Millennium Partners is building a 15‐story barometer of the luxury condo market in downtown Boston.

The developer officially starts selling Millennium Place condos next week, flooding the market with 256 swank residences ranging in price from $550,000 for one‐ bedrooms facing a courtyard to $3.5 million for penthouses with rooftop terraces.

“Being basically the first condo project in the ground (since the recession) and having availability is probably going to work out great for Millennium,” said Michael DiMella, managing partner at Charlesgate Realty Group. “But it’s still a lot of units, so it will be an interesting sign to see how buyers react.”

Monday’s opening of a sales office and model unit on Tremont Street — a block away from the Millennium Place construction site at Washington and Avery streets — comes amid a tight supply.

“There’s a ton of demand and there’s no inventory,” said Jason Gell, broker‐owner of Boston’s Luxury Properties, who has told several would‐be buyers to be patient.

About 680 luxury condos are available across the midtown market, according to local real estate service Link. That’s down sharply from a year ago.

Millennium built the Ritz‐Carlton condo towers in 2001 and aims to amp up the amenities at the new building that bears its name, said executive Richard Baumert.

Millennium Place, about a year away from completion, will offer 24‐hour concierge and valet parking, a screening room and fitness center run by Sports Club/LA. A residents‐only dining room will be served by a restaurant that will also be open to the public.

“This is going to be the best‐run residential building in Boston,” Baumert said.