Millennium Place Becomes Best Selling Condo As Boston Residential Boom Continues
Rooftop pools, 24-hour concierge service, and private garden terraces at your convenience. For Boston residents living in Millennium Place, c’est la vie. Quite literally, actually, since the luxury condominium building offers a social experience called La Vie, an exclusive, curated list of events that includes fine dining, social gatherings, and cultural excursions across the city. Millennium Place isn’t the only palatial property on the rise; in fact, Boston is experiencing a luxury residential boom, and it’s not slated to stop any time soon.
Property Developer Millennium Partners plans to open the 60-story Millennium Tower Boston in 2016, an even more expansive luxury residence with almost three times as many units as Millennium Place in a staggeringly tall 625-foot building. But Millennium Partners is only one of the many powerhouse developers looking to make their modern stamp on a generally historic Boston and its early 19th-century buildings. According to the Boston Globe, condo market prices set a record high in 2014. The median high went from $550,000 to $619,000, a 12% increase from 2013. Why the sudden surge in price? In the past 3 years, Boston’s population has increased by over 30,000 people, while housing inventory has hovered at historic lows. Boston’s strong economy, highly reputable universities and colleges, closely-knit neighborhoods, and international recognition have likely all contributed to the city’s popularity, and developers are aiming to stirke while the iron is hot.
Bostonians have in the past often noted downtown Boston’s quiet, sometimes desolate feel after the workday is done and all the commuters have gone home. Past 8 o’clock, the streets were empty save for gatherings around bars and restaurants. No, Boston is still not Times Square, nor should it be. However, downtown certainly has shown its potential in recent years. With the late Mayor Menino allocating tax dollars to redo sidewalks and roads, and lots of interest in the downtown Boston area, many development deals such as the Millennium projects have gone through, and many more deals are about to happen.
The Boston Redevelopment Authority estimates that the housing supply will double to more than 10,000 units within next decade, along with an increase of shops and restaurants to complement the new residents. What’s in the works? Let’s start with the BRA approved 44-unit building at India St. on The Greenway that will also include 4,000 sq ft of commercial space. In the Financial District, the yet-to-be-approved Congress Square at Congress and Water Streets promises a luxury residential component to go along with its office and retail complex.
A few blocks away (Boston doesn’t exactly have “blocks,” but we’ll call it that for now), developers have submitted plans to the BRA for a 12-story condo building on Broad Street that would turn the historic Bulfinch building into a lobby for a new building they would build from the ground up, completely demolishing the building currently adjacent to the Bullfinch. There’s also the proposed 355-foot luxury condo building at 171 Tremont Street. The current building recently sold for $16.4 million to Manhattan Development Corporation, more than 4 times what it was last sold for a decade ago. Clearly, the property’s value has skyrocketed, making it prime real estate for the future elite Boston crowd.
Whether you’re already living downtown, or making major plans to move into the heart of the city, you can expect an influx of affluent residents as new luxury properties are developed.