Blog :: 04-2014

Millennium Tower Boston Development Update

Burnham Building Retailer Announced

Primark, one Europe's largest clothing retailers, is planning to open a flagship store in the historic Burnham building, the former headquarters of Filene's at the corner of Washington and Summer streets in Boston's Downtown Crossing.

The Dublin-based company plans to lease 112,000 square feet of space on four floors of the Burnham Building next year. Approximately 70,000 square feet of the space in the landmark property will be used for retail, and the rest for corporate offices.

Restoration and renovation of the Burnham building is part of the highly anticipated project from Millennium Partners, in which the company has planned a $689 million redevelopment plan for the vacant site of the former Filene's flagship store. Renovation of the 1912 Burnham Building began last summer.

Adjacent to the Burnham will be Millennium Tower. Millennium Tower will be a 625-foot building comprised of 442 luxury condos for sale above 95,000 square feet of additional retail space on its lower floors.

Last year, Millennium signed the advertising firm Arnold Worldwide and its sister agency, Havas Media, to occupy about 125,000 square feet in the Burnham building. Roche Bros. supermarket also signed a lease last year for 30,000 square feet of space.

Read more about retail planned for the Millennium Tower site.

View luxury condominiums for sale in Boston's Millennium Tower.

Primark coming to Boston Downtown Crossing

Millennium tower burnham building

Boston Neighborhoods: Seaport

 

About the South Boston Waterfront:

The South Boston Waterfront, known as the Seaport and Innovation District, is located just southeast across Fort Point Channel from Downtown. The South Boston Waterfront is also known as the Seaport District and includes the Fort Port neighborhood on the western edge, Fan Pier, the Seaport World Trade Center, and Boston's Marine Industrial Park to the east. The neighborhood has been quickly transforming from historic warehouses and industrial space into a vibrant creative and tech hub for the city. Boston's Innovation District is becoming a residential hub as well, with new residential developments offering South Boston Waterfront/Seaport condos and lofts for saleAmong apartment, condominium, and micro-unit options for sale, historic Fort Point hosts affordable artists' units along with market rate "loft living" opportunities in former warehouses.

Did you know? From 2000 to 2010, the number of housing units in South Boston Waterfront grew 349.6% (source: BRA).

Boston's Harborwalk is located along the piers and connects residents to the 45-mile waterfront path network. Cultural and civic institutions in the South Boston Waterfront include the Children's Museum, Institute for Contemporary Art, Bank of America Pavilion, and John Joseph Mokely United States Courthouse.

What kind of views can you expect from South Boston Waterfront and Seaport District condominiums? This view comes from an exclusive Campion and Company condominium listing at Channel Center:

 

 

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View from Channel Center Condo for Sale

 

 

Many consider the Seaport a land of commercial buildings and parking lots, but what about parks and green space? With access to Boston Harbor views and a growing number of green spaces planned for the area, South Boston Waterfront and Seaport condos for sale offer a balanced urban lifestyle. Below is a map of green space planned for Boston's Innovation District (Boston Redevelopment Authority).

 

Planned green space for South Boston Waterfront (Boston Redevelopment Authority)


 

 

 

View Boston Seaport Real Estate for Sale  |  View Boston Waterfront Real Estate for Sale

Read Boston Magazine's Rise of the Seaport District

 

 

Beacon Hill Townhouses for Sale: The Benjamin Mansion

New Kitchen Renovation at The Benjamin Mansion - 74 Beacon Street, Beacon Hill, MA

Before the Beacon Hill home's redesign, the kitchen was located on the garden level. The new kitchen, now located on the dramatic parlor level, seamlessly connects to the grand dining and living rooms with direct Boston Public Garden views.

View the Listing.

Kitchen Features:

  • Oversized Marble Island
  • La Cornue Range
  • Top-of-the-line Stainless Steel Appliances
  • Curved Wall of Original Lead-lined glass windows overlooking the home's private outdoor patio
  • Antique In-wall Safe

74 Beacon St

74 beacon after

Complete with elevator, this 6-level Beacon Hill townhouse features a grand double parlor, 6 bedrooms, au-pair suite, gym, wine cellar, private garden, two spacious roof decks and heated infinity rooftop lap pool. A true gem among historic Boston properties, this unparalleled home includes one deeded outdoor and one garage parking space.

 

Click Here to View all Beacon Hill Townhouses for Sale

Click Here to View all Back Bay Townhouses for Sale

Boston Real Estate: Selling in the Suburbs vs. Selling Downtown

 

Boston's Best Real Estate Agents From the Official Blog of Boston's Top 20: Showcasing  the Top 20 Real Estate Agents in Massachusetts based on Monthly Closed Volume

From the Official Blog of Boston's Top 20: Showcasing  the Top 20 Real Estate Agents in Massachusetts based on Monthly Closed Volume

 

 Viewpoints: Selling in the Suburbs vs. City

C.S. Lewis once wrote, "what you see and hear depends a good deal on where you are standing." Touché. It is this sentiment that inspires Viewpoints, a recurring series of posts where we'll feature experts with different perspectives answering the same questions.

Today we compare the experience of selling a home in the suburbs versus the city. We think our two experts know a little something about this. Matthew Montgomery is a Senior Associate at Hammond Residential Real Estate. Tracy Campion is the  founder of Campion and Company. Each of them topped our January list for their respective regions.

 

 

Where do you conduct the majority of your business?

Matthew Montgomery: Our team focuses on the Newton/Brookline markets but within our market we work diligently to keep our clients and inventory base intentionally diverse.
Tracy Campion: With offices in the Back Bay and South End, Campion and Company conducts the majority of our business in the downtown Boston area.

 

What is the average list-to-sale time in your market?

MM: It really depends on the price point. Under $1.2M when a property is properly exposed it should take 4 - 6 days to get a property under agreement. Over $1.2M it is really unpredictable. Some properties move very quickly while others can take several weeks or even a month or more. Pricing strategy is very important as is aggressive marketing with a continued push even after the first few weeks a property is active.
TC: Recently, luxury condominiums (both in brownstones and full-service buildings) have been moving very quickly because of the lack of inventory. In the last few months, for example, we have seen a number of properties receive multiple bids immediately after they go live. We are also starting to see activity pick up regarding the sales of single-family townhouses. Of course, actual days on market depends on a number of factors, including price point and the availability of some key features.

 

How would you describe current inventory levels in your market?

MM: In the lower price points the inventory is extremely limited. As you move into the mid/high range there is more inventory and we are just starting to see more high end property come onto the market.
TC: Inventory is now very limited, particularly on the high-end (due in part to increased buyer traffic downtown and the city's limited development opportunity). In turn, the general scarcity of available homes has pushed the citywide price index to new highs.

 

What are three things you often hear buyers say they're looking for?

MM: A good deal/value, a property in move-in condition, a specific location or neighborhood.
TC:  Luxury condominium buyers often seek out single-floor living, elevator access and parking (especially garage parking). The availability of outdoor space, such as a terrace or balcony, is also preferred. Those interested in purchasing a single-family property typically have similar preferences for garage parking, elevators and outdoor space. Many of our buyers also desire an urban lifestyle and are attracted by the unbeatable proximity to a host of cultural, shopping and dining options, as well as more manageable commutes.

 

What are three reasons clients frequently give for selling their homes?

MM: Downsizing, upsizing, relocating.
TC: Job relocation, trading up within the city, moving to the suburbs (especially after having children). Another key reason: taking advantage of the current seller's market since prices are at an all time high in the neighborhoods in which we conduct most of our business.

 

How would you characterize the residential market in 2013?

MM: Insane and unpredictable.
TC: The luxury condominium market in Boston has shown increased activity over the last 12 months after steady, progressive median price increases and relatively small declines during recession years.

What is your outlook for 2014 based on the first quarter?

MM: Significant competition in the lower price points and some selected values to be found in the $1.3M - $1.8M price range.
TC: With overall improvements in the economy, relatively low interest rates and the growing trend to move downtown (from young professionals to empty nesters), going forward we expect increasing buyer traffic and demand for Boston's luxury product.

 

 

Thanks to Matthew and Tracy for sharing their views. Their answers add some context to general trends, like low inventory. Interesting that the inventory crunch is not as tight for the high price point in the suburbs, whereas buyer traffic and Boston's limited development opportunities have made such city listings scarce. I also find the buyer profiles intriguing because they offer unique and qualitative snapshots of market activity.

 
 
Read additional blog posts from Boston's Top 20  
 
View Campion and Company Realtors Featured as Boston's Best Real Estate Agents
 
 
 
 

Millennium Tower Boston Construction Update

Construction Progress: Millennium Tower Boston

March 2013: Burnham Building Coming into its Shell:13264441225_62efd647d8_c

March 2013: Millennium Tower Foundation Work:010_zpsaeabf03f

September 2013: Millennium Tower Boston Groundbreaking:Millennium Tower Groundbreaking

 

About Millennium Tower Boston:

Millennium Tower Boston follows Millennium Partners' success in the development and marketing of One Charles, the Ritz-Carlton Hotel and Residential Towers at 1, 2 and 3 Avery Street, as well as Millennium Place. The Tower will continue to reinvogorate Downtown Boston with a new level of luxury residential condominium offerings, dynamic street-level retail and innovative office space.

Millennium Tower will consist of 450 luxury residences and 95,000 square feet of additional retail space on its lower floors. Along with the additional retail space in the adjacent Burnham Building, the site will be home to a Roche Brothers Supermarket. In September, Millennium partners announced the agreement with Roche Brothers and the coming of this first large-scale grocery store to be built in Downtown Crossing to serve the growing neighborhood.

Campion and Company Exclusive Listings: Elegant Residence at Mandarin Oriental Boston

Tracy Campion of Campion and Company Fine Homes Real Estate presently is marketing one of these spacious, elegant Mandarin Oriental homes: Unit W10-A, a 3,609-square-foot corner residence, listed at $6,900,000.

Click here to view this and other Mandarin Oriental Boston condos for sale.

 

BH Mandarin w10a

DETAILS

Address: Residences at the Mandarin Oriental, 776 Boylston St., Unit W10-A, Back Bay

BR/BA: Three-plus bedrooms, three-and-a-half baths

Size: 3,609 square feet

Age: 2008; recent updates

Price: $6,900,000

Taxes: $67,015

Condo fee: $6,275 per month (includes heat)

Features of building: Premier 14-story brick, limestone and glass mixed-use building with 50 magnificent residences, 136 guest rooms and a dozen suites within the Mandarin Oriental, Boston, complex, which includes shops and restaurants; large, elegant fireplaced lobby finished with exotic woods and polished stone; concierge desk with 24-hour staffing, doorman; valet parking; luxurious spa and fitness center open to residents and hotel guests; pet-friendly.

Features of unit: Corner unit meticulously finished with high cove ceilings with crown molding, recessed lighting, abundant glass windows, fine millwork; gas fireplace in family room; gourmet eat-in kitchen; lavish en suite baths; two deeded parking spaces, one valet, the other self-park.

Close by: Shops, restaurants and galleries at Prudential Center, Copley Place, Newbury and Boylston streets; Symphony Hall, Museum of Fine Arts, Boston Public Library; easy access to MBTA Green Line at Copley station and Orange Line, commuter rail and Amtrak at Back Bay station; easy access to Massachusetts Avenue, Storrow Drive, Route 90.

Contact: Tracy Campion, 172 Newbury St., Suite 3, Boston, MA 02116. Phone: 617-236-0711. Email: tcampion@campionre.com

Read more: Back Bay condo at Mandarin is elegant | Boston Homes Prime Real Estate Boston MA