The Boston Redevelopment Authority (BRA), after reviewing a number of proposals, has entered into negotiations with real estate developer, Millennium Partners, to build a $1 billion multi-purpose project in downtown Boston on the Winthrop Square Garage site located at 115 Winthrop Street.
According to the BRA website, Millennium Partners was selected “based on their proposal’s strength in five key areas.”
- The developer and architect, Handel Architects, have a proven track record of successful projects.
- Millennium’s proposal will be LEED Platinum certified for “sustainability and environmental sensitivity.”
- The project will create a “nearly 13,000-square-foot multi-story ‘Great Hall’ that will serve as a cultural and commercial center” as well as “14 stories of office space and 36 residential floors atop the 65-foot high Great Hall.”
- The project will include an “innovation accelerator” to promote start-up businesses.
- The developer estimates the project will “create nearly 3000 construction jobs and, eventually, 2,200 office jobs, 390 retail and restaurant jobs, and 82 [jobs] in building management and operations…”
Millennium also plans to work with the Asian Community Development Corporation to create affordable housing in Chinatown.
The developer has offered to buy the property for $100 million as well as an additional $50.8 million depending based on eventual “square footage of residential space.”
BRA has retained the CPA firm, Ernst& Young, to conduct an independent financial review of the project prior to the finalization of the development and construction contract.
This project is another example of sophisticated, well-planned, well-managed projects that are enabling municipalities to construct large projects on-time and in-budget.
Boston does not want another “Big Dig” debacle.
Source—
BRA, City of Boston to begin negotiations with Millennium Partners for redevelopment of Winthrop Square Garage, Boston Redevelopment Authority, August 3, 2016.