$500M Millennium Tower One Year Out

SAN FRANCISCO-The developer of Millennium Tower likes where it stands right now–despite the economic uncertainty. Vertical construction and sales for the 60-story luxury condominium development at 301 Mission St. began in late 2007 and the certificate of occupancy is expected this time next year.

The developer is New York-based Millennium Partners, which previously developed the Four Seasons Hotel & Residences at 735 Market. Its equity partners are Morgan Stanley and a local investor group in San Franciso called WTR that has ties back to Hong Kong. The total project cost is $500 million, including $350 million for construction, and the gross sell-out value is north of $900 million.

Richard G. Baumert, a managing partner with the Millennium, tells GlobeSt.com that overall sales to date for Millennium Tower have “surpassed all of our projections” and recently topped $200 million. His goal is to have that total up to $250 to $300 million by the time the building is ready for occupancy, so he can “pay down the construction loan” from HSBC. The longer-term goal is to have all the units sold by late 2011. Millennium’s equity partners include a local investor group in San Francisco called WTR that has ties back to Hong Kong, and Morgan Stanley.