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New Plan Revealed for Boston's Downtown Crossing

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Millennium Partners, the firm that took the development reigns from Vornado Realty Trust on the Downtown Crossing project earlier this year, revealed its vision for the property this week.

As expected, Millennium has proposed significantly expanding the residential portion of the development, to 500 units from the previously planned 163 units, Boston.com reports. The firm has also halved the amount of office space at the building to 200,000 sq. ft. from the original 500,000 sq. ft. and cut down somewhat on planned retail space as well. It now wants to add 230,000 sq. ft. of shops and restaurants to the project, instead of almost 300,000 sq. ft.

And the hotel component has been cut out of the picture altogether.

What's more, Millennium's new plan calls for the glass tower to reach 606 feet in height, making it rival some of Boston's tallest buildings. According to Boston.com:

The building, about 55 stories, would become a new center of gravity in the city's downtown, where few new skyscrapers have been built in recent decades.

The new Downtown Crossing would cost $615 million to build. The plan is now awaiting approval from the Boston Redevelopment Authority.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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