Millennium Partners recently announced plans to build a 14-story, 155-foot tall residential tower behind their Ritz Carlton Towers development, in the
Combat Zone Midtown neighborhood of Boston. In addition, there will be 19,000 square feet of retail space and parking for up to 250 cars.
The plot of land is called Hayward Place, and is currently an above-ground parking lot. Construction is expected to be completed sometime in 2008.
The developer plans to build as many as 255 “loft-style” condos (no bedrooms?), and their target market is the work-from-home professional.
Millennium Partners was given the right to build an office tower on that lot, in 2002, even though other developers had proposed turning it into badly needed housing. Now, four years later, Millennium says it won’t build an office tower, but condos, instead.
The gossip is that Millennium was given rights to build on the plot so that no other developer would build on it and have condos for sale in direct competition to Millennium.
Now that the Ritz Carlton Towers have almost sold out (many are on the resale market, in fact), Millennium won’t be competing with itself, and can build the residential tower.
I explained that poorly, but hopefully you get the idea.
More details: Lofty idea homes in on new worker – By Brett Arends, The Boston Herald
Office tower bait and switch – By Scott Van Voorhis, The Boston Herald