Millennium Partners selected to construct Winthrop Square tower

In an official release today, the Boston Redevelopment Authority (BRA) and the City of Boston announced that Millennium Partners has been selected as the developer of the 115 Winthrop Square site and that negotiations for sale of the site will commence imminently; the following is a link to the release. Millennium Partners proposes to construct a 55-story, 750-foot tall tower containing 36 upper floors of condominiums across 612,000 square feet, 14 floors of office space across 442,400 square feet and a 65-foot high, 13,000 square foot ground-floor public "Great Hall" lined with three levels of retail. A 14,620 square foot startup accelerator would be built on the tower's second floor. Millennium Partners' tower would cost a total of approximately $1.02 billion to build. Per Millennium Partners' proposal submission, the firm has access to the approximately $331 million of equity required to develop the tower without a financial partner; the following is a link to the proposal submission. Construction of the tower could commence in summer of 2017, with initial occupancy in summer of 2020.

Millennium Partners was one of six contestants who vied to develop 115 Winthrop Square, the site of the long-shuttered Winthrop Square Garage, in response to a Request for Proposals (RFP) issued in March 2016; the following is a link to more information about the RFP and the six proposals submitted. Millennium Partners submitted a purchase price offer of approximately $150.8 million paid to the city to acquire the 115 Winthrop Square site, the highest offer received. The next highest offer was for $100 million; the following is a link to all six price offers for site acquisition. Per the BRA and the City of Boston's official release, Millennium Partners was selected based upon the following factors:

• Longstanding collaboration between the firm and Handel Architects, who designed Millennium Partners' RFP submission in addition to Millennium Tower and multiple other Millennium Partners projects
  

• Sustainable and environmentally-friendly design, as evidenced by the submission's targeted LEED Platinum certification. If achieved, Millennium Partners' tower at 115 Winthrop Square would be Boston's second LEED Platinum residential tower, the first being Atlantic Wharf.

• Public space improvements anchored by the ground-floor "Great Hall," which would host arts performances and community events and would be lined with multiple retail options.

• Dynamic uses in Downtown Boston including residential units, retail, office space and a startup accelerator.

• Benefits to the local economy including:
• Nearly 3,000 construction jobs
• Capacity for approximately 2,200 office workers and 390 retail and restaurant jobs
• Creation of approximately 82 building management and operations jobs
• Partnership with the Asian Community Development Corporation (ACDC) for and contribution of $25 million towards creation of new affordable housing in Chinatown.

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