New Boston Luxury Real Estate Tower in the Making with Views of The CommonFebruary 9, 2015
The preliminary plans for the old Millennium Partners sales office site are being developed. It's no small task to go through the permitting and zoning process. The building site at 171 Tremont sits on a small lot with approximately 3,400 square feet per floor.
The developers include a Swiss investor with several local partners that are proposing to build a Boston luxury real estate tower on the site with one residence per floor, given the limited foot print of the site. The views of the Common will be spectacular and the Boston luxury condos, if built, will be very pricey.
However, given the shortage of Boston luxury condos inventory, you can be sure that the units will be sold out in no time, regardless of the price. Like any other new project, this Boston luxury real estate project will be marketed as the next big superlative...it will be the MOST unique, or the MOST luxurious, etc. in order for it to standout.
The permitting and zoning process is going to be rather challenging, both from the neighborhood as well as the zoning and planning board. The neighboring buildings should not be ignored, especially since their view will be somewhat obstructed. In order for the project to be financially viable given the size of the lot, the developers have to build a certain number of floors.
Elkus Mnafredi Architects is the local firm working on the plans. Knowing their track record, they will no doubt come up with a great design to satisfy both the zone and planning board, as well as the neighborhood. The project is still in the making and a few years away, but this demonstrates that Boston is attracting new developments and projects with New York prices. Buyers will soon have many more desirable choices to pick and choose.