Averaging 690 feet tall, 345 residential units and a healthy mix of commercial and retail elements, these 8 proposals for the Winthrop Square garage parcel represent one of the next new developments in Downtown Boston. In continuation of the recent trend to build up, all of the proposals are tall. Steve Belkin originally called for a 1000 foot tower at the site. His latest rendition is a more modest 740 feet. The current location sports an ugly parking garage, albeit low-profile. Among the bids is Millennium Partners who are nearing completion of Millennium Tower just a few blocks away. Millennium Tower is the first of the uber-residential towers being built in Boston. Demand for luxury condos in [Downtown] Boston is significant; Evident from the ~415 units sold in the Tower over the last 18 months. Supply is still much below a healthy average, even in light of Boston’s recent development boom, given many of these projects will be completing in the next 2-4 years. They will all be selling pre-completion which offers an interesting opportunity to, in essence, purchase a real estate option in Boston with around 20% down, prior to completion. If you’re interested in a specific development or to find out more about pre-sale opportunities, feel free to reach out. I’m always happy to chat.
Aside from the residential portion of these buildings, I’m most excited for what commercial or retail space will be developed at the Winthrop Square site. With such a limited footprint to work with [in Boston], it’s important to take this opportunity to create spaces that will help activate the neighborhood. This particular block is predominantly commercial and adding retail + housing will help to keep the area alive after 6PM. Boston is in need of a true urban neighborhood and this project conveniently positions itself between the Downtown Crossing and Broad Street residential corridors of Boston’s Downtown/Financial Districts. Hotel components will also help to create more of a 24/7 atmosphere. I’m really looking forward to seeing who will be handed the reins of this parcel. Stay tuned!