BRA Selects $1B Millennium Plan for Winthrop Garage Site

The Great Hall at the base of the 55-story 115 Winthrop Square tower. Credit: Handel Architects LLP

BOSTON—After vetting six proposals for the Winthrop Square Garage site, the Boston Redevelopment Authority has selected New York City-based Millennium Partners’ more than $1-billion mixed-use plan. Millennium is offering to pay the city nearly $151 million for the property. The BRA says it will now begin negotiations with Millennium Partners, the developer of the recently completed $700-million 60-story Millennium Tower condominium tower in Boston, for the sale of the Winthrop Square Garage site at 115 Winthrop Square. Millennium is proposing a mixed-use 55-story, 750-foot “hybrid” high-rise tower with 14 stories of office space and 36 residential floors to be built atop the multi-story centerpiece of the project—the 65-foot high Great Hall. The Great Hall is projected to be a public gathering place totaling almost 13,000 square feet. “Over the past several months the BRA has facilitated the process for the redevelopment of Winthrop Square, and we are eager to see this site serve as a hub for arts, culture, housing, and innovation,” says Boston Mayor Martin Walsh. If Millennium secures all necessary approvals, the entire project has 482,800 square feet of office space, 300 residential units, 31,250 square feet of retail and dining, restricted parking for 550 vehicles below grade and space for a 14,620 square foot “Accelerator.” The project totals approximately 1.04 million rentable square feet. The BRA reports that Millennium has submitted a purchase price offer of $100 million, along with an offer of up to approximately $50.8 million based on the square footage of residential space of the building. Millennium officials could not be reached for comment at press time. In its April 21 ^st proposal to the BRA, Christopher M. Jeffries, founding partner and chairman of Millennium Partners, stated, “The project will be a market leader in sustainability and resiliency and be designed to meet the more extreme climatic conditions anticipated in the future. We will explore a host of measures in the initial design process, from chilled beams in the office areas to heat exchangers between uses, a high-performance façade, variable refrigerant flow, displacement ventilation systems, greywater systems, thoughtful daylighting, operable windows, smart metering, master switches and more.” Millennium states it plans to secure a LEED Platinum rating for the project. It would be Boston’s second residential tower to achieve that rating. Among the consultants hired for the project include Handel Architects LLP of New York City and Suffolk Construction Co. of Boston, who will be the general contractor. Among some of the project benefits include the creation of approximately 3,000 construction jobs as well as Millennium’s contribution of $25 million for the creation of affordable housing in Chinatown. Millennium proposes to partner with the Asian Community Development Corporation on an affordable housing strategy to meet the project’s Inclusionary Development Policy obligations. In March, the BRA issued a Request for Proposals for the redevelopment of the Winthrop Square Garage site in the city’s Financial District. On April 21, the BRA received proposals from six firms for the redevelopment of 115 Winthrop Square. The plans included proposals that contemplated high-rise towers anchored by new residences, offices, hotel rooms and retail shops. Most involved mixed-use developments. “The review process for the disposition of the Winthrop Square Garage site has been and will continue to be thorough by engaging multiple city departments,” says BRA Director Brian Golden. “Today’s announcement is an important milestone in the process, and we look forward to working through the next steps of the negotiations phase.” As part of the next phase, financial services firm Ernst & Young will assist the BRA and the City of Boston with an independent financial analysis of the project. The other five firms that submitted proposals on April 21 for the Winthrop Square redevelopment project were: HYM Investment Group, Trans National Group, Accordia Partners, Trinity Financial and a joint venture of Lendlease Development, Hudson Group North America and Eagle Development Partners. Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.