Back in January 2013, I shared a post reviewing my tour of new developments planned or underway in Boston’s downtown district where I had the opportunity to get a glimpse of what will be a new life for Downtown Crossing. It’s a year-and-a-half later and Downtown Crossing has a new attitude and fresh appeal! What was for years a predominantly commercial area is transforming into a full-blown neighborhood. In fact, this neighborhood—between the Boston Common and the Financial District—has become one of the most vibrant, growing and hot areas of the city.
Fabulous new restaurants and unique shops are popping up; developers are meeting demand for housing with both high-end, luxury condos and rental apartments; the flagship Walgreens has opened complete with a sushi bar, natural foods and nail salon; the neighborhood’s world-class theaters, such as the Paramount, have been modernized; and technology start-up tenants are bringing a younger workforce to the area. Millennium Place, the highly-touted, ultra-chic 15-story luxury condo community on Washington Street sold out only four months after its opening in October, 2013 (with sales ranging from $550,000 to $3.35 million), adding 256 residences to the neighborhood. The quick sell-out and the high price per square foot—approximately $948 on average (which may include some re-sales) with 39% of the 2014 closings in the range of $1,000 to $1,435 per square foot—are a testament to the project’s huge success due to a great product and excellent timing.
The newest project that promises to have the greatest impact on the rejuvenation of Downtown Crossing, though, is Millennium Tower. Located at the site of the former Filene’s Department Store, this $630 million project consists of the landmark 1912 Burnham Building and a dramatic, new, mixed‐use 60-story tower that will rise 625 feet into the Boston skyline and house 442 luxury condo residences (ranging from one- to four-bedrooms) on the 10th through 60th floors, along with additional retail space on its lower floors. The full-service residence at Millennium Tower will offer five-star living, premium luxury amenities, valet garage parking, stellar views, and the unique La Vie® program, such as the one at Millennium Place, that will bring the building’s residents together for exclusive gatherings, excursions and cultural events. Set to open in 2016, Millennium Tower is within easy walking distance to all five MBTA “T” lines and South Station, Beacon Hill, the Back Bay, hospitals, theaters and museums.
Adding to the excitement of the neighborhood is the Roche Bros. supermarket that will be moving in to the first floor of the Millennium Tower complex. Already under construction, it will be the first large-scale supermarket to serve the growing neighborhood when it makes its scheduled grand opening in early 2015. And, it’s what will legitimize Downtown Crossing as a full-fledged residential neighborhood and add to its appeal as a 24/7 place to live.
The future is certainly bright for Downtown Crossing! In fact, this evolving neighborhood is becoming increasingly attractive to many of my clients including young professionals, investors (some of whom are looking to house their college-age children) and empty nesters who are ready for a new, urban lifestyle.
Have you visited Downtown Crossing recently? Chime in with your thoughts on the neighborhood’s revival. Want a tour of the neighborhood? Would you like to learn more about the residential options here? Contact me to stay in the know about Millennium Tower and why people love living in this rejuvenated area of Boston.